REBusinessOnline

Waypoint Residential Acquires Four Multifamily Properties in Midwest

ILLINOIS, KANSAS AND OHIO — Waypoint Residential has acquired three multifamily properties and one student housing property in the Midwest. Neither the purchase price nor the sellers were disclosed. The properties include the 196-unit Legacy at Poplar Creek in Schaumburg, Ill.; the 70-unit Two Itasca Place in Itasca, Ill.; the 184-unit The Attleigh in Columbus, Ohio; and the 500-bed Rockland West near the University of Kansas in Lawrence. Dan Price leads Waypoint’s acquisitions in the …

Strong Fundamentals Are in Place for Cincinnati’s Multifamily Market

The strength of the national multifamily market has been driven by a number of factors, especially job and wage growth.  Nationally, annual job growth has been 1.5 percent and annual wage growth has been 2.9 percent, according to the U.S. Bureau of Labor Statistics. Another factor affecting the multifamily market is homeownership. In the United States, homeownership  reached 65 percent in 2008, dropped to 60 percent in 2015 and rebounded to 65 percent at the end of 2017, according to the …

Affiliates of Phoenix Investors Acquire Three Industrial Properties in New York, Connecticut and Ohio for $12.8M

PAWCATUCK, CONN., DELAWARE, OHIO and POUGHKEEPSIE, N.Y. — Affiliates of Phoenix Investors have acquired three industrial properties totaling 1 million square feet in Pawcatuck, Delaware and Poughkeepsie. The sales price was $12.8 million. The seller was Industrial Realty Group. The properties range in size from approximately 250,000 to 450,000 square feet. The occupancy rate across the portfolio averaged 65 percent and included a diverse roster of 20 tenants at the time of sale. Phoenix …

Kroger to Open its Second Restaurant This Fall in Metro Cincinnati

ANDERSON TOWNSHIP, OHIO — The Kroger Co. has unveiled plans to open its second Kitchen 1883 restaurant this fall. The standalone restaurant and patio will be located in Anderson Township, a neighborhood in greater Cincinnati. Kitchen 1883 features a menu inspired by American and international flavors, handcrafted cocktails and a community-centered atmosphere. The restaurant will operate for lunch and dinner daily along with brunch on the weekends. The first Kitchen 1883 opened in Kentucky in …

Marcus & Millichap Arranges $1.3M Sale of Office Building in Newark, Ohio

NEWARK, OHIO — Marcus & Millichap has arranged the $1.3 million sale of an office building occupied by the Social Security Administration property in Newark, about 40 miles northeast of Columbus. The 7,818-square-foot property is located at 125 Derby Downs Road. The facility was constructed in 2007 as a build-to-suit for the Social Security Administration. Justin Fenn and Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. …

Cincinnati’s Over-the-Rhine District Makes Way for Larger Office Developments

Cincinnati’s Over-the-Rhine (OTR) neighborhood has come a long way since it served as the location for gritty scenes in movie director Steven Soderbergh’s 2000 film Traffic. Gone are the 500 vacant buildings and 700 vacant lots. The disadvantage of having the highest crime rate in the city is no more. Thanks to efforts by prominent Cincinnati companies such as Kroger Co. and Procter & Gamble, as well as the Cincinnati Center City Development Corp. (3CDC), efforts to revive the …

CBRE Provides $13.6M Refinancing for Multifamily Property in Downtown Cincinnati

CINCINNATI — CBRE Group Inc. has provided a $13.6 million HUD loan for the refinancing of The Reserve at 4th and Race, a luxury apartment property in downtown Cincinnati. The 15-story property features 88 residential units in addition to office space. The former Federal Reserve Bank of Cleveland, built in 1927, was converted into multifamily and office space in 2012. Mark Tran of CBRE originated the 40-year loan, which is fully

Marcus & Millichap Arranges $9M Sale of Office Building in Miamisburg, Ohio

MIAMISBURG, OHIO — Marcus & Millichap has arranged the $9 million sale of PNC Bank Office Building in Miamisburg, about 45 miles north of Cincinnati. The 68,000-square-foot office building, located at 3385 Newmark Drive, serves as offices for PNC’s mortgage division. PNC has occupied the property since 2004. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap marketed the property on behalf of the seller, a private investor. A New York-based private investor was the …

Marcus & Millichap Arranges Sale of 24-Unit Apartment Building in Cleveland

CLEVELAND — Marcus & Millichap has arranged the sale of The Esmond in Cleveland for an undisclosed price. The 24-unit apartment building is located at 4806 Euclid Ave. in the Midtown neighborhood. John Eisenmann, who built the renowned Cleveland Arcade, originally constructed the building in 1898. The building has historically been a popular residence for artists, musicians and other creative professionals. William Koontz, Charles Gagliano, Michael Barron, Daniel Burkons and Joshua …

Red Roof to Open New Headquarters in Ohio

NEW ALBANY, OHIO — Red Roof has unveiled plans to open a new, 43,000-square-foot corporate headquarters in New Albany, about 15 miles northeast of Columbus. The office, located at 7815 Walton Parkway, will house 150 corporate employees. The company plans to expand its portfolio of sub-brands, including Red Roof Inn, Red Roof PLUS and The Red Collection. The St. Clair Hotel in Chicago, The Red Collection’s flagship location, is scheduled to open this

Content Partners