HUDSON, OHIO — Industrial Realty Group (IRG) has begun the redevelopment of the 1.4 million-square-foot former headquarters campus of fabrics retailer Joann in Hudson, located roughly midway between Cleveland and Akron. The 130-acre campus currently features industrial and office space, as well as undeveloped land. IRG plans to redevelop the campus to support uses such as corporate headquarters, distribution, research and development, manufacturing and retail, through both ground-lease and build-to-suit opportunities. In addition, the company will rebrand the campus as Hudson District and has tapped CBRE as the leasing agent. Joann filed for Chapter 11 bankruptcy in 2024 and earlier this year announced that it would begin closing all its retail stores.
COLUMBUS, OHIO — ACRES Capital has provided a $72 million loan for the refinancing of the GVX Portfolio, a collection of three multifamily properties in Columbus. The assets include 8 on the Park, Midpoint East and Midpoint West. The portfolio features 347 units and 51,138 square feet of retail space that are part of a larger development known as Grandview Crossing. Thrive Cos. was the borrower.
By Brooke Jacobsen, Colliers The Greater Cincinnati and Northern Kentucky office market is weathering the post-pandemic era with surprising nuance. While national headlines continue to focus on uncertainty and high vacancy, the local market is quietly seeing stable, albeit selective, activity, especially in healthcare and specialized user segments. After a slow winter, leasing activity across the region began to thaw in the second quarter of 2025. Year-to-date net absorption remains slightly negative, but market sentiment is gradually shifting, particularly among small to mid-size tenants. Most of the deal activity is coming from users in the 2,500- to 5,000-square-foot range, with several groups focused on healthcare and logistics services. Cincinnati’s Class B and C office space is seeing an unexpected level of demand, driven by affordability, location flexibility and users with highly specific space needs. Medical office continues to stand out as one of the most active sectors. Demand is strong across both urban and suburban submarkets, with notable traction in Cincinnati submarkets. Much of the recent healthcare-related activity has come from specialty practices, private groups and regional health systems looking to reposition their outpatient services. While Northern Kentucky offers value, many users are choosing to locate on the Cincinnati side …
COLUMBUS, OHIO — O’Connor Capital Partners has acquired full ownership of Polaris Fashion Place, a shopping mall in Columbus. The seller was locally based Washington Prime Group, according to The Columbus Dispatch. As part of the acquisition, O’Connor will assume full operational control of the property, overseeing day-to-day management, leasing and operations. O’Connor has been a longstanding investor in the center for more than a decade. Polaris Fashion Place, which totals nearly 1.3 million square feet and opened in October 2001, is home to more than 160 national and local retail, dining and entertainment tenants. The lifestyle center comprises both enclosed and open-air components.
CHAGRIN FALLS, OHIO — The Cooper Commercial Investment Group has brokered the $8.8 million sale of the Winbury Professional & Medical Center in the Cleveland suburb of Chagrin Falls. The 54,505-square-foot medical office building features landscaped grounds, private entrances and a conference room. Dan Cooper of Cooper Group represented the seller, a local real estate investment group out of Cleveland. The private West Coast-based buying group purchased the asset at 98 percent of the list price and $168 per square foot.
COLUMBUS, OHIO — The Cooper Commercial Investment Group has brokered the $3.2 million sale of a single-tenant restaurant property occupied by Buffalo Wild Wings within the Easton retail corridor in Columbus. Dan Cooper of Cooper Group represented the seller, a private investment group out of West Virginia. The buyer purchased the asset at a cap rate of 5.85 percent, 98 percent of the list price and $413 per square foot. The all-cash transaction closed in approximately 40 days. Buffalo Wild Wings has 10 years remaining on its lease with a rental increase in 2030. The property was renovated in 2020.
CLEVELAND — CBRE has opened its new 17,500-square-foot office on the eighth floor of Oswald Tower at 950 Main Ave. in Cleveland’s Flats neighborhood. The firm has relocated from the second floor of the same building, where it provides leasing and property management services. The new office is part of CBRE’s Workplace360 program, which features innovative technology and a variety of collaborative spaces designed to support hybrid working. CBRE has opened more than 100 Workplace360 offices across the globe. CBRE has been an anchor tenant at the Cleveland office tower since the property was built in 2013.
CHICAGO AND CINCINNATI — JLL Capital Markets has secured $64 million in refinancing for TradeLane Properties’ Midwest Light Industrial Portfolio, a collection of 13 industrial assets totaling 1.1 million square feet across metro Chicago and Cincinnati. The properties are fully leased to 17 tenants, with industries ranging from automotive and food users to manufacturing, distribution, e-commerce and pharmaceuticals. Lucas Borges and Ethan Habecker of JLL secured a floating-rate, five-year loan through a regional bank. JLL’s wholly owned internal derivatives team, Kensington Capital Advisors, assisted TradeLane with the execution of an interest rate hedge to assist with managing the borrower’s exposure to floating interest rate risk.
COLUMBUS, OHIO — Marcus & Millichap has brokered the $2.5 million sale of a 25,360-square-foot industrial property in Columbus. Located at 2536 Creekway Drive, the asset is fully leased to Service Partners under a new triple-net lease with 2.5 percent annual increases through May 2029. The tenant, a subsidiary of TopBuild Corp., occupies both bays of the facility, which was built in 1988 on 1.5 acres. Service Partners relocated to the site in summer 2024 from Mansfield, Ohio. Nathan Pealer of Marcus & Millichap represented the seller, an entity doing business as RM-USE LLC. The property sold for 99 percent of the asking price.
CANAL WINCHESTER, OHIO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.1 million acquisition loan for a medical office property located at 9695 Basil Western Road in Canal Winchester, a southeast suburb of Columbus. The building is home to MedVet, which operates a 24-hour emergency vet. Chad O’Connor of MMCC arranged the financing with a credit union on behalf of the private borrower. The 10-year loan features a 6.5 percent interest rate, 30-year amortization period and 60 percent loan-to-value ratio.
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