Author Topic: Columbus: Eastland Developments and News  (Read 1400 times)

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Offline Columbo

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Columbus: Eastland Developments and News
« on: June 05, 2014, 11:58:32 AM »
Eastland Mall looks like its getting new ownership.  The current owners - Glimcher Realty Trust - announced in April they reached an agreement with the mortgage holder for the property to sell it via online auction in June (more about that at http://www.bizjournals.com/columbus/blog/2014/04/eastland-mall-for-sale-with-glimcher-setting-june.html).

Eastland Mall is one of the three malls developed in the 60's by Cleveland developer Richard Jacobs.  However, unlike the other two malls, Northland and Westland, Eastland is still viable retail-wise.  According to the above linked report, Eastland's 616,000 square feet of in-line retail space is 92 percent occupied.  The sale includes a JCPenney anchor store and a closed former Lazarus/Macy's anchor store.  The total occupancy of the space for sale falls to 76 percent when the former Macy's space is included - it moved into the former Kaufmann's anchor space at Eastland when Macy's and Kaufmann's merged in 2006.  The Sears anchor store at Eastland and the newer Macy's anchor store (formerly Kaufmann's) are not part of this sale because those anchors own these spaces.

Basically, Glimcher is selling because they are underwater in its mortgage.  The current mortgage is for $40 million.  The June online auction will start at $9 million.  That auction ended yesterday with an unknown bidder offering $18 million.  But that $18 million bid was rejected by the mortgage holder (more about this at http://www.bizjournals.com/columbus/news/2014/06/05/18m-bid-for-eastland-mall-rejected-by-loan.html.

According to Glimcher's agreement with the mortgage holder, the alternative to the auction not yielding a buyer is for Glimcher to turn over the property to the mortgage holder.  So unless another auction is scheduled, it looks like that's what will happen.
« Last Edit: August 30, 2016, 11:48:52 AM by Columbo »
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Offline Columbo

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Re: Columbus: Eastland Developments and News
« Reply #1 on: May 22, 2015, 09:08:12 AM »
Eastland Mall, the last of Columbus' three 1960's/70's directional malls (i.e. Northland, Westland, Eastland) was in the news last year when its mortgage holder took ownership of it from long-time owner Glimcher.  Now, the mortgage holder has sold Eastland to an overseas buyer:

Eastland Mall sold to overseas buyer
By Brian R. Ball, Columbus Business First
May 19, 2015, 4:16pm EDT


Eastland Mall has quietly been sold for $9.7 million, or about half what was offered for the aging southeast Columbus shopping center last year.  The South Hamilton Road mall was put up for sale in an online auction in late March, but details weren't disclosed at the time.  Newly filed public documents revealed the cash price, but not the buyer.

Fred Meno, CEO of Asset Services at Fort Worth, Texas-based Woodmont Co., which handles leasing and property management property at Eastland, declined to name the new owner but said the investor is from the Middle East.  Woodmont is retaining its roles at Eastland under the new ownership.

MORE: http://www.bizjournals.com/columbus/news/2015/05/19/exclusive-eastland-mall-sold-to-overseas-buyer.html
« Last Edit: August 30, 2016, 11:52:50 AM by Columbo »
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Offline Columbo

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Re: Columbus: Eastland Developments and News
« Reply #2 on: May 22, 2015, 09:08:36 AM »
This news of Eastland Mall's sale plus recent news that one of its three remaining anchor stores is set to close makes one wonder if Eastland will go the way of Northland and Westland.

Here is the link to news of J.C. Penney closing at Eastland.  Once J.C. Penney closes, Sears and Macy’s will be the anchor stores left at the mall.  The former Lazarus store has remained empty since Macy's purchase of it.

Eastland's 240,652 square feet of in-line retail space was about 24 percent empty in late February, according to Business First.  In the WOSU piece linked above, local retail expert Chris Boring questions whether Eastland can survive.  He thinks a redevelopment of the site is more likely, adding “I think Northland could be a blueprint for what happens at Eastland".
« Last Edit: May 22, 2015, 09:08:54 AM by Columbo »
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Offline Columbo

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Re: Columbus: Eastland Developments and News
« Reply #3 on: August 30, 2016, 12:11:29 PM »
We already had Northland and Westland threads in this section - and a Southside thread was recently added when news warranted one.  Well, now it looks like current news warrants the creation of an Eastland thread.  Below is a recent article from the Dispatch about attempts to revive the Eastland Mall area.  Above are some past articles about the sale of Eastland Mall that were originally posted in the Columbus Retail News thread:


East Side neighborhood leaders urge reviving Eastland Mall area
By Mark Ferenchik, The Columbus Dispatch
Monday, August 22, 2016 - 5:10 AM


In December 2007, the city of Columbus completed a revitalization plan along Hamilton Road near Eastland Mall.  It called for landscaping and architectural improvements to make the aging area more attractive and safe for commercial, office and residential uses even as stores were leaving.  The plan suggested better lighting, niche hotels and the recruitment of government office tenants for Eastland Mall.  ...  But nothing much came of it.  The Great Recession began the month the plan was finished. National restaurants such as Olive Garden closed.  The mall's J.C. Penney store closed in May 2015.  The Kohl’s store across Hamilton Road closed in 2012.  The Fort Rapids Indoor Water Park near the Hamilton Road/Interstate 70 interchange closed in February.
( . . . )
Now that there seems to be an economic uptick, Ava Johnson, who leads the Greater South East Area Commission, thinks it would be a good time to return to the plan to rejuvenate the area.  So does Quay Barnes, who leads the Mid-East Area Community Collaborative.  She’d like the city to put the same effort into revitalizing the Eastland Mall area as it did to improve Morse Road and the old Northland Mall area.
( . . . )
The city plans to spend $20.2 million to upgrade Hamilton Road between Interstate 70 and Refugee Road: $16 million for construction, $2.2 million for design work and $2 million for right-of-way acquisition.  Sidewalks, median islands, pedestrian signals, curb extensions and street lights would be installed with construction to begin in 2018.

MORE: http://www.dispatch.com/content/stories/local/2016/08/22/east-side-neighborhood-leaders-urge-reviving-eastland-mall-area.html
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Offline Columbo

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Re: Columbus: Eastland Developments and News
« Reply #4 on: September 26, 2016, 09:10:54 AM »
The Fort Rapids Indoor Water Park near the Hamilton Road/Interstate 70 interchange closed in February.

Fort Rapids heads to auction, its future as water park doubtful
By Marla Matzer Rose, The Columbus Dispatch
Thursday, August 25, 2016 - 5:24 AM


Columbus’ only indoor water park soon will go up for auction.  But even the company that’s marketing it has doubts about whether the property has a future that involves water slides and inner tubes.

Fort Rapids Indoor Waterpark Resort on the East Side, which has been closed since early this year, is to go on the auction block in the fall with a minimum bid price of $3 million.  That’s a fraction of what was spent to turn the hotel into a water park and resort in 2005.
( . . . )
The Fort Rapids business has been challenged virtually from the beginning, after original investor Platinum Lodging spent about $40 million to overhaul the property — formerly the Holiday Inn Columbus East — and add the 60,000-square-foot water park.

MORE: http://www.dispatch.com/content/stories/business/2016/08/25/1-fort-rapids-heads-to-auction-in-october-its-future-as-water-park-doubtful.html
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Offline Columbo

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Re: Columbus: Eastland Developments and News
« Reply #5 on: January 31, 2017, 02:48:43 PM »
Eastland Mall tenants fret with Macy's departure
By Marla Matzer Rose, The Columbus Dispatch
Updated: January 6, 2017 - 12:39 PM


Eastland Mall is a survivor.  It has outlived Northland and other older malls, despite losing chain stores to newer malls and more upscale neighborhoods.  The departure of its Macy's store, announced late Wednesday, will be a blow, one local retail veteran says, but one that won't sink the mall.

"I don't think it's going to become another Westland," said Columbus retail expert Chris Boring. "I think you'll continue to see national tenants leaving over time, but my impression is the mall still could be profitable and serve a purpose for tenants and customers."

Boring points out that the current owner, an unidentified investor reported to be based in Dubai, bought the 240,000-square-foot mall at auction in 2015 for $9.7 million.  That's a third of what former owner Glimcher Realty Trust paid for the mall in 2003.

MORE: http://www.dispatch.com/content/stories/business/2017/01/06/eastland-mall-tenants-fret-with-macys-departure.html
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Offline Columbo

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Re: Columbus: Eastland Developments and News
« Reply #6 on: January 31, 2017, 02:48:59 PM »


Public hearing set on city's plan for $20 million in improvements to Hamilton Road corridor
By Mark Ferenchik, The Columbus Dispatch
Updated: January 17, 2017 - 4:29 PM


Community leaders and Columbus officials hope that a $20 million investment into the Hamilton Road corridor between Interstate 70 and Refugee Road will help revive the area near Eastland Mall.
( . . . )
In 2007, the city finished a revitalization plan for the corridor that included new landscaping, better lighting, niche hotels and government-office tenants for the mall.  But the Great Recession made mincemeat of those plans.  The Kohl's store closed in 2012, and the mall's J.C. Penney store shut down in 2015.  Sears remains open, but Macy's announced that it is closing its mall store by spring, another blow to the mall and the remaining retailers who worry about their futures.
( . . . )
Proposed improvements to Hamilton Road include adding curbs, sidewalks and shared-use bicycle and pedestrian paths, plus upgraded traffic signals and signs, stormwater improvements and trees. ... The plans mirror the nearly $30 million in improvements the city made to Morse Road in the Northland area a decade ago.

MORE: http://www.dispatch.com/news/20170114/public-hearing-set-on-citys-plan-for-20-million-in-improvements-to-hamilton-road-corridor/1
« Last Edit: January 31, 2017, 02:49:46 PM by Columbo »
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Offline GCrites80s

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Re: Columbus: Eastland Developments and News
« Reply #7 on: January 31, 2017, 03:04:39 PM »
It's not worth it if you ask me. That area simply can't be made walkable and traffic counts are the lowest they've been in decades. And they aren't going up any time soon.

Offline Columbo

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Re: Columbus: Eastland Developments and News
« Reply #8 on: June 07, 2017, 09:33:26 AM »
Some possible good news that the Fort Rapids water park and 340-room hotel could reopen following a $2.55M sale to a Los Angeles buyer:

http://www.bizjournals.com/columbus/news/2017/04/06/fort-rapids-water-park-could-reopen-following-2.html
Great things are not done by impulse, but by a series of small things brought together. -- Vincent van Gogh (1853-90)

Offline Columbo

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Re: Columbus: Eastland Developments and News
« Reply #9 on: June 07, 2017, 09:33:58 AM »
But bad news for Eastland Mall, as Sears will reportedly close their store there.  Sears is the last remaining anchor store at Eastland:

http://abc6onyourside.com/news/local/sears-and-kmart-closing-72-stores-including-2-in-columbus
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Offline ink

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Re: Columbus: Eastland Developments and News
« Reply #10 on: June 07, 2017, 10:24:38 AM »
And with one announcement, there are no anchors left at any of Columbus' original directional malls.

Offline Toddguy

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Re: Columbus: Eastland Developments and News
« Reply #11 on: June 07, 2017, 12:38:56 PM »
Well good riddance to the one at Westland. With Sears gone they can level that decaying dump and at least have a chance to redevelop something in that place and with all of the land available to do so. I would rather have an empty space that can be developed rather than that decaying hulk that is just a reminder of failure. Maybe something similar to what happened at Northland can happen now. At least there will be possibilities now.

Great Western killed the Broad street retail strip...
Westland killed Great Western...
Tuttle, the closure of the nearby manufacturing plants, and changing demographics and retail patterns killed Westland.

Time for something different. That is a lot of space(what, 50 or 60 acres?)and right at a major freeway interchange.
« Last Edit: June 07, 2017, 12:42:00 PM by Toddguy »

Offline Columbo

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Re: Columbus: Eastland Developments and News
« Reply #12 on: June 07, 2017, 03:12:43 PM »
Well good riddance to the one at Westland. With Sears gone they can level that decaying dump and at least have a chance to redevelop something in that place and with all of the land available to do so. I would rather have an empty space that can be developed rather than that decaying hulk that is just a reminder of failure. Maybe something similar to what happened at Northland can happen now. At least there will be possibilities now.

Great Western killed the Broad street retail strip...
Westland killed Great Western...
Tuttle, the closure of the nearby manufacturing plants, and changing demographics and retail patterns killed Westland.

Time for something different. That is a lot of space(what, 50 or 60 acres?)and right at a major freeway interchange.

Totally agree with your assessment about Sears closing at the Westland Mall site.  I also just posted this news in the separate Westland development thread at https://www.urbanohio.com/forum2/index.php/topic,3337.msg857967.html#msg857967.  Please continue any Westland discussion over in that thread.
Great things are not done by impulse, but by a series of small things brought together. -- Vincent van Gogh (1853-90)

Offline Columbo

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Re: Columbus: Eastland Developments and News
« Reply #13 on: June 07, 2017, 03:12:51 PM »
Great things are not done by impulse, but by a series of small things brought together. -- Vincent van Gogh (1853-90)

Offline Columbo

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Re: Columbus: Eastland Developments and News
« Reply #14 on: June 08, 2017, 11:26:16 AM »
Central Ohio's go-to retail analyst Chris Boring gave his opinion of the future of Eastland Mall after its last anchor store (Sears) closes in this interview with Business First:

http://www.bizjournals.com/columbus/news/2017/06/07/here-are-eastland-malls-options-after-sears.html


Unfortunately, the full interview only available for subscribers.  But here is a synopsis of his feelings about Eastland Mall:

“This isn’t another Westland,” said retail analyst Chris Boring of Columbus-based Boulevard Strategies.  “It’s in better shape than people think.  It still has several national retailers and the east side is under-stored.  It’s one of the few under-stored areas around town.”

Columbus-based Victoria’s Secret and Bath & Body Works remain in the mall as does Foot Locker, its Lady and Kid offshoots, Champs Sports, Lids, Spencer’s and Claire’s.  Other tenants include local apparel and accessories shops and food and service providers.  While that might not be a draw to shoppers outside the Eastland/Hamilton Road area, there still is need and appeal for those who are in that neighborhood, he said.

Boring noted that the $9.7 million price tag the new owners of Eastland paid in 2015 is to the property’s benefit as well.  Since more than 70 tenants remain, the current returns are probably ok for this investment price.

As for the four empty anchor stores, Boring said not to expect a large retailer to fill those spaces.  "Department stores are shrinking, not growing.  That doesn’t mean those spaces have to stay empty, though.  You’re seeing malls bring in non-retail uses."  Offices, fitness centers, schools, storage facilities, churches, event spaces and even data centers are among the uses Boring said he’s seen for abandoned anchor buildings.  “For some malls, demolition is the best option.  I don’t think that’s the case with Eastland.”
Great things are not done by impulse, but by a series of small things brought together. -- Vincent van Gogh (1853-90)

Offline Columbo

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Re: Columbus: Eastland Developments and News
« Reply #15 on: August 12, 2017, 11:21:36 AM »
An earlier article about this psychiatric hospital development is at https://www.bizjournals.com/columbus/news/2017/07/24/mount-carmel-picks-for-profit-joint-venture.html


Mount Carmel-Acadia psychiatric hospital will go in next to shuttered Fort Rapids Water Park
By Carrie Ghose, Staff Reporter - Columbus Business First
August 10, 2017, 2:45pm EDT


The private developer of a planned Columbus psychiatric hospital in a joint venture with Mount Carmel Health System chose a site along Interstate 70 next to the defunct Fort Rapids Water Park on the city's east side.

Acadia Healthcare Company Inc. is developing the $26 million, 64,300-square-foot, 80-bed hospital that will quadruple the Mount Carmel hospital system's inpatient behavioral health capacity.

MORE: https://www.bizjournals.com/columbus/news/2017/08/10/mount-carmel-acadia-psychiatric-hospital-will-go.html
Great things are not done by impulse, but by a series of small things brought together. -- Vincent van Gogh (1853-90)

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