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Writer's pictureColliers | Columbus

THE WEEKLY REVIEW | July 12, 2024


Keeping up with CRE trends is as easy as 1-2-3 with our weekly piece! The Weekly Review is a new blog series that will be released every Friday. The market is constantly growing and adapting to new ventures and ideas, and our goal is to provide up-to-date information into what is happening in both the Columbus and U.S. markets, as well as the commercial real estate industry as a whole. As stories evolve, the Weekly Review will continue to follow along and update our clients and community.


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1

Stag Industrial Inc. paid $20.25 million for the Canal Winchester property, which is located at 6215-6275 Winchester Blvd. The seller, Tenby Partners, bought the property for just over $1 million in June 2021. The site includes a nearly 150,000-square-foot warehouse that was built on roughly 10.8 acres. It was built the same year that Tenby Partners acquired it.“


“Stag also owns an adjacent industrial site located at 6260-6320 Winchester Blvd. That 23-acre property, which includes a more than 263,000-square-foot warehouse, was acquired for $75.2 million in September 2021. The company paid the same price for a 553,000-square-foot warehouse at 5080 Gender Rd. in Canal Winchester that same month. In addition to those sites, Stag's other industrial holdings in Franklin County include 200 McCormick Blvd., 5330 Crosswind Dr. and 1585-1605 Westbelt Dr. in Columbus; 4251 Leap Road in Hilliard; and 5830 Green Pointe in Groveport. It also owns about 15 acres of land off Norton Road and Crosswind Drive in Columbus, according to property records.”


2

“Columbus Business First is proud to announce the 2024 Building Columbus Awards, highlighting projects that elevate the city's skyline, preserve historic buildings across Central Ohio, create much needed housing and contribute to the community's growth. Commercial real estate is at the heart of our coverage and in 2023 we created an awards program to recognize high-profile projects. And this year, we added a reception to shine a spotlight on the companies and institutions that made them happen.”


“Commercial real estate projects in the office, industrial, multifamily, retail and hospitality segments were eligible to compete. Eligible projects had to be completed in 2023 or through June 7 of this year. We received dozens of nominations this year and are honoring 25 projects as well as architect of the year and developer of the year. An awards reception will be held on Sept. 10 from 4 p.m. to 6 p.m. at the Hilton Columbus Downtown and the honorees will be highlighted in a special issue of Business First on Sept. 13."


3

“The U.S. hotel market hasn't seen as much distress as was widely expected coming out of the pandemic — especially given how significantly the hospitality industry was hammered in 2020 — but a number of properties and owners are having to contend with foreclosure, receivership or distress sales brought on by challenges to the sector. One of the more prominent recent examples is a nearly 3,000-room hotel complex in San Francisco that has seen its value degrade more than 65% since 2016, the San Francisco Business Times reported. Park Hotels & Resorts Inc. (NYSE: PK), the former owner of the two-hotel property, stopped making loan payments and handed the keys back to the lender last year. A receiver was appointed in October.”


“The CMBS delinquency rate for lodging properties rose slightly in June, to 6.32% from 6.22% a month prior, according to Trepp Inc. It's up more significantly on an annual basis, with the delinquency rate for the sector at 5.35% in June 2023. Michael Bellisario, senior research analyst at Baird, said distress right now is most commonly seen in hotel markets that have yet to recover from the pandemic, in addition to older properties in need of updates.”





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