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THE WEEKLY REVIEW | November 18, 2022


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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New Development - Honda’s New Plant Announces Construction Team

Three companies will work together to build Honda’s battery plant. Turner Construction (New York-based), Yates Construction (Mississippi-based) and Kokosing (Central Ohio-based) have developed a new enterprise jointly called TYK.


Turner is no stranger to Honda as it built the Marysville Plant in 1982 and the East Liberty Auto Plant in 1989. Honda’s new battery plant is projected to be completed by the end of 2024 with production starting in early 2025. Bob Nelson, American Honda Motor Co. Inc. executive vice president stated, “Building the next generation of electrified Honda vehicles is a huge undertaking and we are pleased the construction of the new joint venture battery plant will be led by local companies and employ a significant number of Ohioans to construct this new facility.”




2

Office & Medical - Second Half of CoverMyMeds Campus Sells for $118M

Mk 2 Property Company LLC bought the second phase of the CoverMyMeds Franklinton campus. The company has a comparable name to the entity that secured the first half of the campus for $120 million last year, Mk 1 Property Company LLC. Bonnie Meibers from Columbus Business First reported on this saying, “The buyers in that deal were Qatar First Bank, now known as Lesha Bank, and Northern Virginia-based Golden Eagle Group Inc., which lists the John Street property on its website. Golden Eagle last week announced it had acquired the second phase.”



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Retail - Embracing Rightsizing by Resizing

Resizing stores to incorporate small formats has been increasing in the retail market. The new formats can target certain demographics and focus on a specific user experience. These stores can also “serve as fulfillment centers for click-and-pay shopping and as a location for returns, all while fostering brand awareness and customer engagement.”


Globe St. confirmed from a report from Placer.ai. An example of a smaller-footprint retail resizing would be Target. “Target, known for its super-sized stores, operates over 150 small-format stores, and 25 of which are located on or near college campuses and cater specifically to students. These campus-oriented Target stores range from around 13,000 sq. ft. to 40,000 sq. ft. and carry products a typical college student might need – grab-and-go food, dorm room furnishings, toiletries, and school supplies. Additionally, they serve as e-commerce pickup points for students.”

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