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  • Halle Smith

THE WEEKLY REVIEW | March 1, 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

“Macy’s Inc. said Tuesday it will close 150 ‘underproductive locations,’ including shuttering approximately 50 by the end of the year. The New York City-based retail giant (NYSE: M) said the closures, to be completed by the end of 2026, will leave it with 350 locations.”


“Macy's did not specify which stores will shutter. The retailer operates three stores in Central Ohio: one at Easton Town Center, one in Polaris Fashion Place and one in the Mall at Tuttle Crossing. The company plans to continue with its expansion of small-format stores. Macy’s also said it plans to open about 15 Bloomingdale’s stores and at least 30 new luxury Bluemercury brand stores, along with about 30 remodeled Bluemercury stores, in new and existing markets over the next three years. Macy’s called the plan to shutter Macy’s stores part of its “Bold New Chapter” plan, from which the company expects $600 million to $750 million in proceeds through 2026 after the closings.”


2

“BBI Logistics paid $36.3 million for its new office at Astor Park, Pizzuti Co.'s mixed-use development near Lower.com Field. Fast-growing BBI will more than double its office footprint when it moves from a nearly 50,000-square-foot space at 80 E. Rich St. to 120,000 square feet in the new Astor Park office building.”


“BBI Logistics founder and CEO Brent Bosse previously told Columbus Business First the company would own the office building in a condo structure with Pizzuti Cos. The company did not respond to a request for comment on the completed sale. The sale was recorded on the Franklin County Auditor's site Feb. 22. It shows that an LLC tied to BBI bought four office condominium units in the building. BBI will make the move later this year.”


3

“Harlem Township officials have been discussing how best to preserve their quiet, rural way of life ever since Intel announced plans to build its massive chip manufacturing site just east of the Delaware-Licking County border two years ago.”


“And now, the township and its closest municipality — the city of Westerville — are announcing plans to merge. Ultimately, according to Ohio law, a majority of voters in each community must agree. ‘What this means for both communities will be discussed in a series of public meetings. And today, Westerville officials will be given packets of information with details to prepare them for future City Council meetings,’ said Christa Dickey, city spokeswoman.”





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