GAHANNA, OHIO — CBRE has brokered the $3.4 million sale of a single-tenant Sheetz convenience store at 495 Crescent Circle in Gahanna, a suburb of Columbus. CBRE’s Karly Iacono represented the buyer, 495 Crescent Circle Gahanna Ohio LLC. Stephanie Beaumier of Casto acted on behalf of the seller, CP Crescent LLC. The 1031 exchange buyer completed an all-cash transaction. The asset is secured by a 15-year triple-net ground lease with Sheetz.
By Troy Gerspacher, Gerspacher Real Estate Group/CORFAC International After five straight quarters of tenants giving back more space than they took, Northeast Ohio’s industrial market is finally turning a corner. The reason isn’t a sudden rush of new demand. It’s that almost nobody built anything speculative for two straight years, so the modest leasing activity we’re seeing is enough to move the needle. A manufacturing market Northeast Ohio has never been a mega-warehouse market chasing Amazon-style fulfillment. We’re a manufacturing region. Most of the active deals are in buildings under 100,000 square feet run by regional manufacturers and smaller operators who have been here for decades. Deals aren’t driven by national logistics players making their way in because of population growth. Instead, deals are driven by suppliers to the region’s manufacturing base. Market data tells the story Data sources all point to the same fact: Cleveland’s industrial market remains very tight. Vacancy stood at 4.3 percent in the first quarter of 2026, with average asking rents around $6.70 per square foot, according to CoStar. That’s particularly notable compared with the national industrial vacancy rate, which started the year at approximately 7.5 percent. The market also recorded approximately 420,000 square …
DELAWARE, OHIO — Associated Bank has provided a $9 million loan to GTZ Properties for the development of Trailhead Crossing, a 12-acre retail property located at 1335-1131 U.S. Route 36 in Delaware, a northern suburb of Columbus. The project consists of three buildings occupied by Chick-fil-A, Chipotle Mexican Grill and Take 5 oil change. A second, three-tenant strip center will be occupied by Dunkin’, Nothing Bundt Cakes and Pacific Dental Services. The project also contains two pad-ready sites, one of which is pending sale to a national daycare company. All Phase I tenants are expected to open by spring 2027. Phase II of the development will be anchored by a big box national retailer.
CINCINNATI — The Cooper Commercial Investment Group has arranged the sale of Spring Hill Center, a 27,299-square-foot multi-tenant retail property located in Cincinnati. Dan Cooper of the Cooper Commercial Investment Group represented the seller, an Ohio-based investment group, in the transaction. The buyer was a New York-based investor. The deal closed at an 8 percent cap rate. Spring Hill Center is anchored by Dollar General.
ASHLAND, OHIO — Prudent Growth Partners has purchased Amberwood Plaza, a 25,400-square-foot neighborhood retail center located in the north-central Ohio city of Ashland, for $3.5 million. Constructed in 2006, Amberwood Plaza was 94 percent leased to 10 tenants, including Tacos and Tequila and Verizon Wireless, at the time of sale. More than 28 percent of the center’s leasable space has been occupied by the same tenants for over 15 years.
SUNBURY, OHIO — Laurel Real Estate Co. has brokered the sale of the 60-room Hampton Inn Columbus I-71 North hotel in Sunbury. Laurel represented the undisclosed seller. A private investor group acquired the hotel. The acquisition included several equity partners and an SBA 504 financing structure involving a conventional first-mortgage lender, LCNB National Bank, and a certified development company, Alloy Development Co. The SBA 504 loan program generally combines a first mortgage from a conventional lender with a second-lien loan facilitated by an SBA-certified development company, according to Laurel. The structure supports qualified small businesses making long-term investments in owner-occupied real estate and other major fixed assets. Katie Vivian of Largo Capital arranged the financing. Fusion Hotels, the buyer-affiliated hotel management platform led by Amul Patel, plans to assume management of the hotel. Fusion’s portfolio consists of 15 hotels across Ohio, Indiana and Kentucky.
By Kevin Malinowski, Colliers | Cleveland-Akron Greater Cleveland continues to strengthen its position as one of the Midwest’s most competitive business and commercial real estate markets with Ohio’s recognition as CNBC’s No. 1 “State for Business in 2026,” a distinction driven by strong infrastructure, competitive operating costs, strategic market access and a growing supply of development-ready sites. Those advantages are translating into corporate investment, job creation, real estate activity and public-private partnerships across Northeast Ohio. High-profile investments are helping fuel the region’s momentum. According to reports, Cleveland Clinic is investing more than $1 billion in healthcare, research and innovation initiatives, including construction of its new Neurological Institute on its main campus. Nearby, Canon Healthcare USA acquired a building near Cleveland Clinic’s main campus for its U.S. headquarters and operations. Sherwin-Williams recently completed its new downtown headquarters and suburban research campus. The project is widely regarded as one of the largest corporate investments in the city’s history and reflects the company’s continued presence and investment in the region. Like many other downtown office markets, Cleveland’s office sector is evolving as companies optimize workspace needs. That said, Cleveland has emerged as a notable leader for converting office to residential with projects such as …
BEXLEY, OHIO — Continental Development Ventures has opened The Fitzgerald, a mixed-use development located at 220 E. Main St. in Bexley, a suburb of Columbus. The project is the transformation of the former Trinity Lutheran Seminary apartment site, acquired from Capital University, into 226 residences above 11,000 square feet of ground-floor retail and restaurant space, 12,500 square feet of office space and a structured parking garage with 300 spaces. Amenities at the property include a fitness center, clubhouse, two outdoor courtyards and a rooftop terrace. The project reflects a multi-year public-private collaboration, including city support for the public parking garage through tax-increment financing. Coastal Ridge Real Estate is the property manager. The Fitzgerald’s dining lineup is anchored by Hudson 29 Kitchen + Drink, a concept from Cameron Mitchell Restaurants that is slated to open in spring 2027.
SOLON, OHIO — The Cooper Commercial Investment Group has brokered the $9.3 million sale of Kruse Commons, a two-building retail center in Solon, a suburb of Cleveland. Anchor tenants at the fully leased property include Panera Bread and Mitchell’s Homemade Ice Cream. Dan Cooper of Cooper Group represented the seller, an Ohio-based investment group. The sale, which closed at a cap rate of 6.79 percent, marks the second time Cooper Group has sold Kruse Commons within the past 18 months.
PIKE COUNTY, OHIO — OpenAI, the artificial intelligence (AI) platform best known for ChatGPT, has signed a 20-year lease agreement to be the customer at the PORTS-Pike Technology Campus, an AI data center redevelopment of the decommissioned Portsmouth Gaseous Diffusion Plant in Pike County, located in southern Ohio’s Appalachian region. The size and cost of the campus has not been released, but The New York Times reports that it will be among the world’s largest data centers and that the build-out could cost as much as $500 billion. SB Energy, a data center and power infrastructure company backed by Tokyo-based SoftBank Group Corp., will build, own and operate the campus. Nvidia (NASDAQ: NVDA), a hardware manufacturer of semiconductors and networking systems for AI data centers, will provide the full build-out at PORTS-Pike Technology Campus using its DSX AI factory platform — encompassing all aspects typical to an AI-ready data center, including GPUs (graphics processing units), CPUs (central processing units), servers and infrastructure software. Nvidia has secured land, power and shell (LPS) rights at the Pike County project through a partnership with SB Energy. Nvidia will immediately invest $1.5 billion in SB Energy to support the project’s build-out. SB Energy and …
