NAI Ohio Equities had a strong February with more than 20 closings this month. Our office sold or leased more than 182,600 square feet, and signed or renewed leases with 15 tenants.
Our featured property this month is 895 Parsons Avenue, a 9,700 square foot freestanding building on the city’s south end nestled within the neighborhood of Schumacher Place, which sits adjacent to German Village, Merion Village, Southern Orchards, and is in close proximity to Nationwide Children’s Hospital, the largest pediatric hospital in the United States.
The building houses both a laundromat and daycare and will offer close to 2,500 square feet of space for lease. However, its significance lies in what it represents – a community that is taking shape.
Because of the area’s proximity to the hospital, which employs roughly 1,100 medical professionals and 14,000 employees, there has been a focus over the past decade on the housing stock in the area and subsequently, its revitalization. In 2014, the Parsons Avenue Redevelopment Corporation (PARC) was formed with the goal of spearheading real estate development initiatives in the area.
To that end, our NAI Ohio Equities team has played an important role in giving this half-mile stretch of Parsons Avenue new life.
“Parsons Avenue has created many opportunities for our clients, from small businesses to commercial investors, they have all become part of the story,” explained NAI Ohio Equities broker, John Mally, who has worked with several clients who have relocated to the area.
“The commercial corridor of Parsons has a lot of character and unique buildings, many of which are more than 80 or 100 years old. The neighborhoods in this area have a lot of pride, and individuals who have been working to help Parsons Avenue reach its potential for many years,” he continued.
Businesses such as Bake Me Happy, a hip, gluten-free bakery, are looking at the area’s historic buildings with fresh eyes. Bake Me Happy recently purchased 500 E. Whittier Street, the former home of the German Village Post Office, with plans to renovate and move from its current, and original location in Merion Village.
In 2016, the “historic and charming” building located at 960-968 Parsons Ave., now known as The Eisen, underwent a $600,000 renovation, creating a 13,000 square foot mixed-use development in the area, adding to the neighborhood’s walkability.
Further south, Two Dollar Radio Headquarters, moved into the Kinnear Building at 1124 Parsons Ave. in 2017 The Indie bookstore and publisher, as well as restaurant and bar, offers its patrons an intimate bookstore experience advertising a selection of “indie books, vegan food, live events, coffee, booze and chill.”
The neighborhood is forming its identity, and it’s doing so in a way that it is preserving the old while adding a touch of creative, hip, and new.
Our February transaction sheet is below.