Planet Oasis / Arcadia Lawsuit settled – Delaware County Ohio

 In 1031, Columbus, Commercial, development, net lease, nnn

The Court of Common Pleas of Delaware County, Ohio has chosen a winner in the year-old dispute between Tony and Alex Sekulovski’s Blue Horseshoe Ventures’ project named Arcadia and David Glimcher’s Blue Horseshoe Development and their proposed name for what’s essentially the same project, Planet Oasis.

Frankly though, little is settled. Although we now know that David Glimcher won’t be involved in the project, but how will that change the situation given that it was David who had the development experience.

Is it still going to move forward? Is it still going to be the 350 acres in Berkshire Township in Delaware County? The revised plans were to be released in December 2018 so what happened? True, they submitted a draft MOU (Memorandum of Understanding), but they haven’t, to the best of my knowledge, started the traffic impact study. It’s appears to me that they are still a long ways off, if it ever gets built at all. Plus, there haven’t been any announcements from the county or the township.

Sure, I’d like to see this happen. I’m sure I’m joined by the entire group of Columbus commercial real estate agents, brokers and Realtors. Nothing like the opportunity for a few more deals, which we don’t have enough of it in Central Ohio.

For me personally, I specialize in 1031 uplegs. Your listing agent, wherever you are in the country, sells your multifamily or multitenant retail, office, etc., downleg (the relinquished property) and then come to me to find you the upleg (replacement properties) wherever it happens to be located.

One of the big fears with trading out of multi-tenant, whether it be retail or apartments, into single tenant is the risk of losing that tenant and then having no income until you get it retenanted.

What might work well for you is exchanging into multiple single tenant, absolute net, national credit properties, thereby diversifying your risk.  I wrote absolute net, not triple net. The difference being with absolute net, there are no day to day landlord responsibilities.  There are plentiful opportunities that are truly absolute net such as Dollar Generals, C-stores, such as 7 Eleven, Circle K, Kum & Go, Quick trip, Quickstop, RaceTrak, Wawa and several others. We look for a national credit, corporate location or a corporate guaranteed lease and possibly even a very large franchisee such as Mac Stores out of Canada who operates around 825 Circle Ks.

If you have any questions, feel free to call me, Scott Harris, at 614-905-6614. You’ll get me on the other end of the line, not voicemail or an assistant.

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