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IndustrialMarket ReportsMidwestMidwest Market ReportsOhio

Why Industrial Users Are Taking a Closer Look at Cleveland

by Kristin Harlow

By David Stecker, JLL As advanced manufacturing reshapes industrial real estate across the Midwest, Cleveland is emerging as a quietly powerful hub — offering scalable space, a strategic location and infrastructure ideal for high-growth sectors. While other Midwest metros have gained national attention for headline-grabbing investments, Cleveland is carving out its own unique path to growth, supported by advanced industries, a skilled workforce and a strong real estate foundation. The region’s industrial market remains competitive and resilient, even amid broader economic headwinds. Despite the recent move-out of Joann Fabric’s 1.4 million-square-foot facility in Summit County, overall fundamentals remain healthy, and Class A space is in especially high demand.  For high-tech and manufacturing users seeking logistics-ready facilities in a cost-effective market, Cleveland delivers — offering the right mix of space, speed and strategic location that today’s industrial users are actively pursuing. A market of opportunity According to JLL’s second-quarter 2025 Cleveland Industrial Insights Report, total vacancy in the market sat at 3.8 percent. While this represents a slight uptick following Joann’s exit, it still signals robust market health. Class A availability is especially tight, driven by a wave of large leases signed in newly developed properties. That momentum is putting upward …

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DevelopmentIndustrialMidwestOhio

Prologis Breaks Ground on 112,320 SF Industrial Expansion for MillerKnoll in Batavia, Ohio

by Kristin Harlow

BATAVIA, OHIO — Prologis has broken ground on an expansion project for MillerKnoll at 3001 Afton Drive in Batavia near Cincinnati. The logistics project will add 112,320 square feet to the existing 617,760-square-foot warehouse and distribution facility, giving MillerKnoll the space it needs to support its growing Design Within Reach home furnishings business across North America. An estimated 30 full-time jobs will be created once the development is complete, bringing the total number of jobs at the location to approximately 150 employees. Hemmer Construction Co. is the general contractor.

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ColoradoIllinoisLoansMidwestOhioSeniors HousingTop StoriesWestern

Spectrum Retirement Receives $330M Refinancing for Seniors Housing Portfolio in Midwest, Southwest

by John Nelson

DENVER — Spectrum Retirement, a Denver-based seniors housing owner-operator, has received $330 million for the refinancing of a portfolio of eight seniors housing properties that are located across the Midwest and Southwest United States. Ryan Stoll and Taylor Mokris of BWE, a national commercial and multifamily mortgage banker, arranged the financing on behalf of Spectrum Retirement. The nonrecourse debt was structured with full-term interest-only payments and a “competitive” interest rate. “We are honored that Spectrum chose BWE to represent them in the debt capital markets for such a complex transaction,” says Stoll, national director of BWE’s Seniors Housing and Care team. “It is a privilege to partner with one of the industry’s most respected owners and operators, and Spectrum exemplifies the highest standard of excellence.” The direct lender was not released, but BWE disclosed that the lender was a “global private credit investor.” BWE also said the transaction drew interest from multiple capital sources, including agencies, life insurance companies, banks and private credit firms. The eight-property portfolio spans major metropolitan areas in four states, all of which benefit from attractive demographics and sustained demand for high-quality senior living, according to BWE. The properties include Green Oaks Senior Living and Palos Heights …

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AcquisitionsMidwestOhioRetail

JLL Brokers Sale of 386,754 SF Shopping Center in Brooklyn, Ohio

by Kristin Harlow

BROOKLYN, OHIO — JLL Capital Markets has brokered the sale of Ridge Park Square, a dual-grocery-anchored shopping center in Brooklyn near Cleveland. The 386,754-square-foot property is located at the intersection of I-480 and Ridge Road. Marc’s and Grocery Outlet are the grocery anchors. The center was 95 percent leased at the time of sale to tenants such as TJ Maxx, Ross Dress for Less, Dollar Tree, Five Below, AMC Theatres, Michaels and Ashley Furniture. Michael Nieder, Brian Page and Mohsin Mirza of JLL represented the seller, an affiliate of Zeisler Morgan Properties. The buyer was RCG Ventures LLC. The asset had never been marketed since its original development in 1989, according to Nieder.

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Leasing ActivityMidwestOfficeOhio

Jones Day Signs 382,019 SF Office Lease Renewal at North Point Tower in Cleveland

by Kristin Harlow

CLEVELAND — Jones Day, a 130-year-old global law firm headquartered in Cleveland, has signed a 382,019-square-foot office lease renewal at North Point Tower in Cleveland. Jared Friedman and David Gimple of Friedman Real Estate negotiated the 10-year lease, which includes 30,622 square feet in the 1001 Building and 351,397 square feet encompassing the entire 901 Building. Friedman represented the landlord and also provides property management services for the two-building complex.

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AcquisitionsIndustrialMidwestOhio

Partnership Acquires 177,680 SF Hilliard Commerce Center in Ohio

by Kristin Harlow

HILLIARD, OHIO — Industrial Realty Group LLC, Provider Real Estate Partners and DW Real Estate Partners LLC have acquired Hilliard Commerce Center in Hilliard, just northwest of Columbus. The 177,680-square-foot industrial property sits on 18.6 acres. The partnership plans to improve the facility with exterior upgrades, repairs to the existing structure and demolition of inefficient space. Nick Tomasone of CBRE is handling leasing.

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DevelopmentMidwestMultifamilyOhio

Milhaus, HGI Open 359-Unit Tempo Apartments in Hilliard, Ohio

by Kristin Harlow

HILLIARD, OHIO — Milhaus and Harbor Group International (HGI) have opened Tempo Apartments at TruePointe in Hilliard, a suburb of Columbus. The 359-unit luxury apartment complex offers studios, one-, two- and three-bedroom units. The development is situated near Bridge Park Dublin, Quarry Trails Metro Park and Tuttle Crossing Mall. TruePointe is Hilliard’s first entertainment hub and part of commercial real estate firm Equity’s master-planned mixed-use development. Monthly rents start at $1,544, according to the property’s website.

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AcquisitionsIllinoisMidwestOhioRetail

First Financial Bank to Acquire BankFinancial in $142M Deal

by Kristin Harlow

CINCINNATI AND CHICAGO — First Financial Bancorp. (Nasdaq: FFBC) has agreed to acquire BankFinancial Corp. (Nasdaq: BFIN) in an all-stock transaction valued at approximately $142 million. Upon completion of the transaction, BankFinancial’s consumer, trust/wealth management and selected commercial credit lines of business will be incorporated into First Financial’s respective business lines, and all BankFinancial bank employees will become First Financial associates. The merger agreement has been unanimously approved by the boards of directors of both companies. The deal is expected to close in the fourth quarter, subject to customary closing conditions, regulatory approvals and approval of BankFinancial shareholders. As of June 30, Cincinnati-based First Financial Bancorp. had $18.6 billion in assets, $11.8 billion in loans, $14.4 billion in deposits and $2.6 billion in shareholders’ equity. The company’s subsidiary, First Financial Bank, founded in 1863, provides banking and financial services to businesses and consumers. The company operated 128 full-service banking centers in Ohio, Indiana, Kentucky and Illinois as of June 30. Chicago-based BankFinancial is a commercial lender with 18 full-service banking offices located in Cook, DuPage, Lake and Will counties within Illinois. BankFinancial NA operates as a subsidiary of BankFinancial Corp.

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IndustrialMarket ReportsMidwestMidwest Market ReportsOhio

Cincinnati Industrial Sector Sees Resilient Fundamentals Amid Short-Term Headwinds

by Kristin Harlow

By Andrew Jacob, Colliers The Cincinnati/Northern Kentucky industrial market demonstrated notable resilience in the second quarter of 2025, balancing strong long-term fundamentals with cautious short-term sentiment. Amid national headlines of slowing industrial demand and heightened uncertainty, the region continues to distinguish itself with a combination of strategic location, steady demand and disciplined development. Market fundamentals At the close of the second quarter, the market’s total inventory stood at approximately 293.6 million square feet, supported by a healthy vacancy rate of 5.2 percent, which remains below the national average of 7.1 percent. Bulk warehouse asking rates have remained relatively steady at $5.95 per square foot, reflecting a market rebalancing after several years of oversupply from robust development activity.  In contrast, flex space asking rates continue to climb, now averaging $8.11 per square foot. This upward pressure is fueled by a scarcity of new supply — driven by land constraints and elevated construction costs. The market recorded 539,000 square feet of positive net absorption in the second quarter, bringing the year-to-date total to over 1 million square feet. This consistent absorption highlights enduring occupier demand despite broader caution in the national market. New construction activity continued at a measured pace, with 2 …

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DevelopmentMidwestMultifamilyOhioStudent Housing

LV Collective, Virtus Deliver 889-Bed Student Housing Property in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — LV Collective and Virtus Real Estate Capital have opened Rambler Columbus, a 407,465-square-foot student housing development in Columbus. The 379-unit, 889-bed project is a three-minute walk from The Ohio State University’s main quads. Floor plans range from studios to six-bedroom units. There are also two-level, two-bedroom townhomes. Amenities include private study spots, conference rooms, a fitness center, yoga studio, sauna, cold plunge pool, pet spa and pool deck with a Jumbotron, grilling area and firepits. An onsite coffee shop, Daydreamer Café, serves handcrafted espresso drinks, coffee, tea, pastries and snacks. The first retail tenant is Victory Lap, which offers an Ohio State-themed sports bar. Rambler Columbus features an additional 4,000 square feet of retail space. The project team included Elford Inc. as general contractor, OZ Architecture as the architect, Variant Collaborative as the interior designer, E.P. Ferris as civil engineer and Realm Collaborative as landscape architect.

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