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DevelopmentMidwestMultifamilyOhio

NRP Group Breaks Ground on 336-Unit Apartment Development in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — The NRP Group has broken ground on OSU East, a 336-unit apartment development in Northwest Columbus. The project marks NRP Group’s first market-rate community in Columbus. The 27.5-acre development site on West Dublin Granville Road will also include 138 for-sale townhomes developed by M/I Homes of Central Ohio LLC. OSU East will consist of 11 three-story buildings with a mix of one-, two- and three-bedroom homes. An 11-foot-wide bike path will be installed along the project’s frontage in coordination with the city. Amenities will include a clubhouse, fitness center, business pod with coworking space, volleyball and bocce courts, an outdoor grill area, pool, courtyards and a package delivery room. Carlyle Group provided equity, PNC Bank provided financing and the City of Columbus served as a partner throughout the entitlement and development process.

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AcquisitionsIllinoisMidwestOhioRetailWisconsin

Quantum Brokers Sale of 67,000 SF Retail Portfolio Across Three Midwest States

by Kristin Harlow

ILLINOIS, OHIO AND WISCONSIN — Quantum Real Estate Advisors Inc. has brokered the sale of a five-property retail portfolio totaling roughly 67,000 square feet. The centers are located in Aurora, Illinois; Milford and South Lebanon, Ohio; and Appleton and Kenosha, Wis. Dan Waszak and Brett Berlin of Quantum represented the seller, a private syndicator based on the East Coast. The buyer was a global real estate investment manager focused on acquiring niche property types, including essential service retail.

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Market ReportsMidwestMidwest Market ReportsMultifamilyOhio

The Queen City: New Luxury Renters Are Driving Investor Sentiment 

by Kristin Harlow

By John Schenk and Parker Gilmore, CBRE For two decades, Cincinnati did not see many new apartment projects built compared with its peer cities, with annual deliveries trickling along at roughly 965 units between 2000 and 2020, while merchant builders showed a preference to Columbus or Indianapolis for their predictability.  But 2021 marked the beginning of a breakout period as a favorable macroeconomic backdrop, along with surging national and regional appetite, conditioned a thunderstorm of new development at the record-breaking tune of over 3,000 units per year.  A combination of economic growth, demographic shifts, refreshed renter expectations and institutional capital interest has positioned Cincinnati as one of the Midwest’s most compelling multifamily investment stories as of late. The numbers tell a story of Midwestern confidence. Cincinnati recorded nearly $943 million in multifamily sales volume for 2025, representing 7,381 units traded — a dramatic increase from 2024’s $517 million and 2023’s $314 million. Blended pricing reached approximately $122,834 per unit with transaction counts on the rise as investors sought exposure to the fundamentals Cincinnati offered so well.  Behind the surge in transaction activity is a fundamental shift in how developers, investors and residents are viewing the Queen City’s investment potential. A …

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DevelopmentHealthcareMidwestOhio

Cleveland Clinic Breaks Ground on $322M Expansion of Avon Campus

by Kristin Harlow

AVON, OHIO — Cleveland Clinic has broken ground on a $322 million expansion of Cleveland Clinic Avon Hospital and the Richard E. Jacobs Health Center. The multi-phase project will significantly increase the size of the campus, increase capacity across emergency, inpatient and outpatient services and introduce new capabilities and modernized facilities. Key components of the project include the expansion of the emergency department, expansion of imaging services, an expanded Cancer Center, growth of surgical services, expansion of the Richard E. Jacobs Health Center for increased outpatient care, increased medical-surgical capacity with additional inpatient beds, growth of the Intensive Care Unit and construction of a parking garage. Upon completion, the project will add roughly 250,000 square feet of clinical space across the hospital and health center. Avon Hospital opened in 2016 as a five-story, 126-bed facility. The Richard E. Jacobs Health Center, opened in 2011, currently provides advanced specialty and primary care, an outpatient surgery center, a chemotherapy infusion center, an imaging center and a large physical therapy area with two pools for aquatic therapy. The expansion is slated for completion in 2029. HKS architects designed the buildings in collaboration with Cleveland Clinic Buildings + Design and key clinical stakeholders. Gilbane …

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AcquisitionsIndustrialMidwestOhio

Brennan Investment Group Buys 140,000 SF Industrial Facility in Dayton, Ohio

by Kristin Harlow

DAYTON, OHIO — Brennan Investment Group has purchased a 140,000-square-foot industrial facility in Dayton within the Springboro South submarket. The property sits minutes from the I-75 and Austin Landing interchange. Constructed in 2000 on approximately 12 acres, the modern precast facility includes 125 parking spaces with the flexibility to accommodate future trailer parking if needed. At closing, the property will be fully leased under a long-term net lease to Killer Brownie, an Ohio-based dessert manufacturer.

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AcquisitionsMidwestOhioRetail

Hendon Properties Acquires 734,199 SF Shopping Center in Parma, Ohio

by Kristin Harlow

PARMA, OHIO — Hendon Properties, in a joint venture with Axiom Realty and Peaceable Street Capital, has acquired The Shoppes at Parma in the Cleveland suburb of Parma. Anchor tenants at the 734,199-square-foot shopping center include Walmart Supercenter, Burlington, Dick’s Sporting Goods and grocer Marc’s. The deal includes six outparcels with a variety of tenants such as Crumbl Cookies, T-Mobile, Five Guys Burgers & Fries and Panera Bread. Opened in 1956, the property was formerly known as Parmatown Mall. The asset marks the fifth acquired by The Hendon Properties Opportunity Fund, which now totals more than 1.3 million square feet in its portfolio.

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IndustrialLife SciencesMarket ReportsMidwestMidwest Market ReportsOhio

Cincinnati: A Market Defined by Industrial Strength, Life Sciences Growth 

by Kristin Harlow

By Kimm Lauterbach, REDI Cincinnati Shaped by its strong German heritage, brewing tradition and historic role as the nation’s pork-processing capital, earning the nickname “Porkopolis,” the Cincinnati region has long been defined by industry, entrepreneurship and innovation. That legacy of reinvention has transformed Cincinnati into one of the Midwest’s most resilient and strategically positioned economic development markets. Anchored by a diverse economy, a central location within a one-day drive of nearly 60 percent of the U.S. population and a growing concentration of advanced industries, the region is experiencing sustained investment across industrial and life sciences. Unlike many peer markets that are dependent on a single industry, Cincinnati benefits from a balanced economic base led by advanced manufacturing, life sciences, aerospace and aviation, food and beverage and logistics.   For the first quarter of 2026, REDI Cincinnati has welcomed the highest number of site visits since our inception. Industrial powerhouse  Industrial real estate remains the strongest-performing commercial sector in the Cincinnati market. Cincinnati’s industrial vacancy rate stood at approximately 5.4 percent during the first quarter of 2026, according to Cushman & Wakefield, reflecting a healthy and balanced market despite significant inventory growth over the last several years.  Positive absorption has continued, …

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AcquisitionsHealthcareMidwestOhio

Marcus & Millichap Brokers $9.9M Sale of Cincinnati Medical Office Building

by Kristin Harlow

CINCINNATI — Marcus & Millichap has brokered the $9.9 million sale of a 26,107-square-foot medical office building in Cincinnati. Constructed in 2008, the property at 8099 Cornell Road is fully leased to Ortho Alliance MSO LLC/Beacon Orthopedics & Sports Medicine Ltd. under a double-net lease with approximately five years remaining. Recent capital improvements include a new roof, HVAC and elevator upgrades, an MRI suite and a physical therapy facility. Frank Roti, Thomas Heitzman and Brett Rodgers of Marcus & Millichap, in association with Michael Glass, the firm’s Ohio broker of record, represented the seller, a private group of investors. The team also procured the buyer, a national REIT.

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DevelopmentIndustrialMidwestOhio

Opus Breaks Ground on 898,500 SF Canal Crossing Commerce Center in Suburban Columbus

by Kristin Harlow

CANAL WINCHESTER, OHIO — Opus has broken ground on Canal Crossing Commerce Center, an 898,500-square-foot, three-building speculative industrial facility on 72 acres in the Columbus suburb of Canal Winchester. The project site is three miles from I-270, five miles from Rickenbacker International Airport and 10 miles from downtown Columbus. The project is expected to create more than 400 jobs. Opus is investing more than $4 million in public infrastructure improvements, including allocating 9 acres to the Ohio Department of Transportation for the future US 33-Bixby Road interchange. All three buildings are designed for flexibility to accommodate a single user or multiple tenants. Building A will be a 398,600-square-foot, cross-docked building with a clear height of 36 feet, 107 dock doors, 262 vehicle parking spaces and 114 trailer stalls. Building B will total 297,975 square feet with a clear height of 32 feet, 59 dock doors and 305 vehicle parking spaces. Building C will total 201,925 square feet with a clear height of 32 feet, 45 dock doors and 247 vehicle parking spaces. All three buildings will feature four drive-in doors and multiple speculative office spaces. Opus is the developer and design-builder. Red Architecture is the architect, and Kimley-Horn is the …

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DevelopmentIndustrialMidwestOhio

Peak Construction to Build 305,480 SF Spec Industrial Building in Union, Ohio

by Kristin Harlow

UNION, OHIO — Scannell Properties has selected Peak Construction Corp. to build Interstate Aviation Hub in Union near Dayton. The 305,480-square-foot speculative industrial building will feature a clear height of 36 feet, 34 docks, two drive-in doors, 2,755 square feet of office space and parking for 130 cars and 83 trailers. The project team includes architect Ware Malcomb and civil engineer Arcadis. Completion is slated for the second quarter of 2027.

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