Kevin James, a VP with Cassidy Turley, says that Colfax consolidated the Cord stores, and these remaining properties were vacated. The sites include a 10,933-square-foot store at 4784 N. High St. in Columbus; a 4,320-square-foot store at 4949 Tuttle Crossing Blvd. in Dublin, OH, a 10,000-square-foot store that includes drive-thru service at 2014 Baltimore-Reynoldsburg Rd. in Reynoldsburg; and a 7,200-square-foot store at 631 E. Aurora Rd. in Macedonia, OH. Also available is the Dividend Drive property, which includes 17,700 square feet of office and 19,500 square feet of warehouse. James is joined in the representation by senior associate Micha Bitton, associate Kevin McGrath and SVPs Mike Hurd and Rick Trott.
James tells GlobeSt.com that his company's Distressed Asset Services practice group, involved in these properties, has been very active lately. "I think in the past three-four months there's definitely been an increase in defaulted and bankrupt properties. I think most people thought it was going to start last year, but it's really starting in Q1 2010. Everyone was trying to get extensions, plus opinion of value takes about six months," he says.
Cord started in 1954, and was one of the biggest camera retailers in the Midwest. However, the firm reportedly ran into defaults on equipment leases, and vacated the Dividend Drive property for a smaller building.
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