REBusinessOnline

Blue Horseshoe Ventures Unveils Plans for $10M E-Sports Stadium at Planet Oasis Project in Ohio

DELAWARE COUNTY, OHIO — Blue Horseshoe Ventures has unveiled plans to build a $10 million stadium dedicated to e-sports at its Planet Oasis project in Delaware County. The 30,000-square-foot, multi-level arena will be designed to host every form of competitive gaming and will feature a competition stage; 50-foot LED video wall; VIP lounges; a broadcast center and production studio; gamer-inspired menu; e-sports exhibition show matches; and a vintage video game cocktail bar. The new facility …

Cleveland Industrial Market Embraces New Projects

The industrial real estate market in Cleveland has a long and storied history. The region’s market powered much of the overall growth in the early 20th century and, at that time, propelled Cleveland to the nation’s sixth largest city. The market transitioned to automotive production, which reached its peak in the 1960 and 1970s. Nearly half a million people were employed in the automotive sector during these decades, in plants operated by Ford, Chrysler and Chevrolet, or at the thousands …

KRA Management Acquires Office Tower in Downtown Cleveland

CLEVELAND — KRA Management has acquired the Galleria and Tower at Erieview in downtown Cleveland. The purchase price was not disclosed, but local media report the sales price was approximately $17 million. The property includes a 760,339-square-foot office tower and a 93,663-square-foot retail center. The 40-story property is the fourth-tallest building in Cleveland and features amenities such as a 40,000-square-foot YMCA fitness facility. The retail portion of the property includes a …

NRP Group Relocates Headquarters to Downtown Cleveland

CLEVELAND — The NRP Group has relocated its headquarters to the Halle Building at 1228 Euclid Ave. in downtown Cleveland. The developer, builder and manager of multifamily housing was previously based in Garfield Heights, Ohio, a southern suburb of Cleveland. The company now occupies the entire fourth floor, or 43,000 square feet, of the 380,000-square-foot Halle Building. Approximately 130 employees have moved to the new headquarters. NRP Group has 700 employees nationwide and has delivered …

Contegra Begins $82M Expansion of Walgreens Distribution Center Near Toledo, Ohio

PERRYSBURG TOWNSHIP, OHIO — Contegra Construction is underway on an $82 million expansion of a Walgreens warehouse and distribution center in Perrysburg Township, about 12 miles south of Toledo. Completion of the 380,000-square-foot expansion is slated for summer 2019. The facility currently totals 650,000 square feet. Approximately 680 workers are employed at the site. Contegra will use tilt-up concrete panels to complete the project, which will feature 40- and 50-foot clear heights, 40 new …

Marcus & Millichap Brokers $7.1M Sale of Warehouse in Fairfield, Ohio

FAIRFIELD, OHIO — Marcus & Millichap has brokered the $7.1 million sale of a 158,500-square-foot industrial warehouse in Fairfield, about 25 miles north of Cincinnati. In a simultaneous transaction, Packaging Corp. of America has signed a 10-year lease at the property. Sean O’Brien of Marcus & Millichap marketed the property on behalf of the seller, a private investor. A REIT purchased the asset, which is located at 3840 Port Union

Cantor Fitzgerald, Rodin Global Acquire 241,493 SF Office Building in Columbus for $46.9M

COLUMBUS, OHIO — Cantor Fitzgerald Investors LLC and Rodin Global Property Trust Inc. have acquired a 241,493-square-foot office building in the Easton submarket of Columbus for $46.9 million. The Class A property is fully leased through September 2032 to Comenity Servicing LLC, a subsidiary of Alliance Data Systems Corp., which serves as guarantor of the lease. Constructed in 2017, the asset is part of a three-building office campus that houses more than 1,700 employees and serves as the …

EXP Realty Advisors Brokers $1.4M Sale of Property Net Leased to Dollar General in Amherst, Ohio

AMHERST, OHIO — EXP Realty Advisors has brokered the $1.3 million sale of a single-tenant property net leased to Dollar General in Amherst, about 30 miles west of Cleveland. The 9,100-square-foot building is located on a 1.4-acre lot at 1651 Cooper Foster Park Road. Andrew Greenberg of EXP Realty Advisors brokered the transaction. A southern California-based real estate investor completing a 1031 tax-deferred exchange purchased the asset at a cap rate of 6.3 percent. Dollar General has 11 …

SunTrust Arranges $20.3M Fannie Mae Refinancing of Multifamily Property in Dayton, Ohio

DAYTON, OHIO — SunTrust Banks Inc. has arranged a $20.3 million Fannie Mae loan for the refinancing of a 300-unit multifamily property in Dayton. Built in 1988, the Class B property is located 11 miles southwest of Dayton’s central business district. Joe Markech of SunTrust originated the 12-year loan, which features a 30-year amortization schedule. Markech sourced the transaction through Michael Dury of PR Mortgage &

Industrial Property Brokers (IPB) Negotiates Sale of 24,000 SF Warehouse in Piqua, Ohio

PIQUA, OHIO — Industrial Property Brokers has arranged the sale of a 24,000-square-foot manufacturing and warehouse facility in Piqua in western Ohio. The price was not disclosed. The property is located at 9700 Looney Road. Innovated Technologies LLC, an equipment manufacturing and automation systems maker, purchased the building with plans to relocate from Sydney, Ohio, after tenant improvements are completed. Clear heights at the property range from 13 to 18 feet. Other features include …

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