Features
Germain Shed for Sale
Live Nation has put the Germain Amphitheatre in Columbus, Ohio, up for sale just days after announcing the possible sale of Verizon Wireless Music Center in Noblesville, Ind.
Live Nation spokesman Uri Bolger confirmed to Pollstar that real estate firm CB Richard Ellis is handling the sale of the, 20,000-capacity shed, which reportedly has struggled since the opening of the city’s 20,500-capacity Nationwide Arena, Value City Arena at Ohio State University and 2,300-capacity Lifestyle Communities Pavilion.
"We are continually evaluating our real estate holdings on a national basis and our decision to look into a sale at this time is based on a number of factors," Bolger said in a statement. "Whether a sale is completed or not, we are committed to the 2007 concert season and will continue to bring the fans the same great music and customer service."
The move follows the same scenario as the Verizon Wireless Music Center, where the property the sheds sit on could be worth more than the venues themselves.
CB Richard Ellis broker John Hall told the Columbus Dispatch the Germain shed is "an expensive parking lot" and the best use for the land, estimated to be worth more than $500,000 an acre, "is certainly not an amphitheatre."
The Columbus shed, originally known as Polaris Amphitheatre, hosted about 20 concerts this year including