CLEVELAND — KeyBank Real Estate Capital has provided $14.9 million in Fannie Mae financing for the acquisition of three affordable housing properties located in North Carolina, Texas and Wisconsin. One of the properties, Aspenwood Glen, is a 120-unit property in Milwaukee. The large majority of the one- and two-bedroom units at the property are reserved for tenants earning 30 to 60 percent of the area median income. John Gilmore IV and Jeff Rodman of Cleveland-based KeyBank originated the..
CINCINNATI — Kroger has opened its Culinary Innovation Center in downtown Cincinnati. Construction began on the 12,000-square-foot test kitchen and education center in March 2017. The facility will be used for accelerating product development, producing new recipes for Prep + Pared Meal Kits, exploring new restaurant concepts, hosting food tastings and focus groups and increasing associates’ culinary knowledge, according to Daniel Hammer, Kroger’s vice president of culinary development..
AURORA, OHIO — Institutional Property Advisors (IPA) has brokered the sale of Marketplace at Four Corners in Aurora for $55.7 million. The 525,708-square-foot shopping center, located at 7155-7175 Aurora Road, opened in 2002. The property was 99 percent occupied at the time of sale. Anchor tenants include Walmart, Kohl’s Dick’s Sporting Goods and HomeGoods. Scott Wiles, Erin Patton and Craig Fuller of IPA represented the Florida-based seller, which Crain’s Cleveland Business cites as an..
CLEVELAND — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Statler Arms in downtown Cleveland for $40 million. The 295-unit apartment building is located on the corner of East 12th Street and Euclid Avenue in the Theater District. The property was originally built in 1912 as the 700-room Statler Hotel. The building was then expanded in the 1930s, became an office building in the 1980s and was converted into apartments in 2000. Michael..
CINCINNATI — United Kingdom-based EG Group has agreed to acquire Kroger’s (NYSE: KR) convenience store business for $2.1 billion. Kroger’s convenience store arm employs 11,000 workers in 18 states across 66 franchise operations. The stores operate under the brands Turkey Hill, Loaf 'N Jug, Kwik Shop, Tom Thumb and Quik Stop. Kroger's convenience store business generated $4 billion in revenue, including the sale of 1.2 billion gallons of fuel, in 2016. EG Group will establish its..
KENT, OHIO — Marcus & Millichap has arranged the sale of the Discount Drug Mart Center in Kent, about 40 miles south of Cleveland, for $3.2 million. The 31,762-square-foot retail center is located at 1763 E. Main St. The property is 100 percent occupied by tenants such as Discount Drug Mart and NAPA Auto Parts. Three of the four tenants have resided at the center since its construction in 1999. Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap marketed the property on..
CLEVELAND — KeyBank Real Estate Capital has provided $161.5 million for the refinancing of a 13-property seniors housing portfolio with approximately 1,500 units in Missouri, Nebraska, New York and New Hampshire. KeyBank provided $113.25 million of debt through the Fannie Mae DUS program and $48.25 million through its balance sheet. Six of the properties were in the process of lease-up and were therefore financed through Fannie Mae’s near-stabilization program. Dirk Falardeau and David Pyc..
COLUMBUS, OHIO — Hillwood, a Perot company, has purchased TradePort I in Columbus for an undisclosed price. The 1 million-square-foot distribution center, located on 78 acres at 3780 TradePort Court, is expected to be completed soon. The building features a clear height of 36 feet, 185-foot truck courts, 102 dock doors, 400 car parks, 232 trailer spaces, LED lighting and ESFR sprinklers. The site also includes additional acreage for up to 209,188 square feet of building expansion or trailer..
COLUMBUS, OHIO — Grandbridge Real Estate Capital has arranged an $8.6 million loan for the refinancing of The Diplomat in Columbus. The property includes 34 apartment units and four retail units. The apartments include stainless steel appliances, quartz countertops, gas ranges and washer/dryer hookups. Craig Kegg and Ted Schmidt of Grandbridge arranged the fixed-rate loan through Grandbridge’s proprietary lending platform, BB&T Real Estate Funding. The 10-year loan features a 30-year..
CINCINNATI — Rainier Realty Investments LP, along with a fund managed by Continuum Investments Limited and local operator Stark Enterprises, have acquired 32 East in Cincinnati for $29.1 million. The 192,000-square-foot shopping center is 100 percent leased to tenants such as HomeGoods, Burlington, Michaels and Ulta. Florida-based PEBB Enterprises sold the asset. Rainier and Continuum established a joint venture to acquire retail properties throughout the central and southern United States...