Ohio

Reynolds Asset Management Acquires 432-Unit Multifamily Property in Columbus, Ohio

by Kristin Harlow February 24, 2025

COLUMBUS, OHIO — Reynolds Asset Management, in partnership with the Slabotsky Family Office, has purchased The Commons at Water’s Edge in Columbus with plans to invest over $10 million to overhaul the property. The 432-unit multifamily community features a mix of one- and two-bedroom units. Renovations are expected to begin immediately and continue through 2026. George Skaff, Carter Stephens and Julie Mickley of Newmark brokered the sale, while Henry Stimler and Ricky Warner of Newmark procured the debt.

February 24, 2025

Development Industrial Midwest Ohio

Meridian Design Build to Construct Two Spec Industrial Buildings in Columbus, Ohio

by Kristin Harlow February 24, 2025

COLUMBUS, OHIO — Hillwood has selected Meridian Design Build to construct two Class A speculative industrial buildings at its Central Columbus Commerce 71 development in Columbus. The buildings will total 624,004 square feet and will be located on a 48-acre redevelopment site at the southwest corner of Windsor and Joyce avenues. Construction is underway at the project site. The team includes Red Architecture and civil engineer Kimley-Horn and Associates Inc. Joel Yakovac and Michael Linder of Colliers are marketing the development for lease.

February 24, 2025

Acquisitions Midwest Mixed-Use Ohio

Tanger Acquires Pinecrest Mixed-Use Development in Suburban Cleveland for $167M

by Kristin Harlow February 13, 2025

ORANGE, OHIO — Tanger has acquired Pinecrest, a 640,000-square-foot mixed-use development in Orange, an eastern suburb of Cleveland, for approximately $167 million. Tanger utilized cash on hand and available liquidity for the acquisition and estimates the center to deliver an 8 percent return during the first year. Opened in 2018, Pinecrest is anchored by Whole Foods Market. Retailers include Alo Yoga, UNTUCKit, Madewell, Sephora, Warby Parker, Indochino, Willliams-Sonoma, Pottery Barn, REI and Nike. Dining and entertainment options include Shake Shack, Kitchen Social, First Watch, Firebirds Wood Fired Grill, Silverspot Cinema and Pinstripes. Tanger’s acquisition also includes the center’s residential and office components. The on-property AC Hotel is under separate ownership.

February 13, 2025

Acquisitions Midwest Office Ohio

Cooper Group Brokers $15M Sale of Enterprise Place Office Building in Beachwood, Ohio

by Kristin Harlow February 12, 2025

BEACHWOOD, OHIO — The Cooper Commercial Investment Group has brokered the $15 million sale of Enterprise Place in Beachwood near Cleveland. The 130,000-square-foot office and medical office building is positioned directly off I-271. Amenities include outdoor terraces, landscaped grounds, heated indoor parking, a café and conference room. Dan Cooper of Cooper Group represented the seller, a local real estate investment group. The private buyer purchased the asset at 98 percent of the list price and a cap rate of 8.45 percent.

February 12, 2025

Development Midwest Multifamily Ohio

Continental, Hallmark Develop 262-Unit Luxury Apartment Community in Toledo, Ohio

by Kristin Harlow February 10, 2025

TOLEDO, OHIO — Continental Real Estate Cos. and Hallmark Communities have completed development of Colony Lofts, a 262-unit luxury apartment community in Toledo. Coastal Ridge is the property manager. Amenities include a resort-style pool, grilling stations, fitness center, business center, clubhouse and coffee bar. The property also features retail spaces, electric vehicle charging stations and an onsite restaurant, the newest outpost of Central Ohio staple The Old Bag of Nails Pub. Colony Lofts is located near ProMedica Toledo Hospital and the University of Toledo. Monthly rents for studios start at $964, according to the property’s website. Residents can earn one month of free rent by moving in prior to April 15.

February 10, 2025

Acquisitions Midwest Ohio Retail

Cooper Group Brokers $7.1M Sale of Kruse Commons Retail Property in Solon, Ohio

by Kristin Harlow January 27, 2025

SOLON, OHIO — The Cooper Commercial Investment Group has brokered the $7.1 million sale of Kruse Commons in Solon, a suburb of Cleveland. The two-building retail property is anchored by Panera Bread and ice cream shop Mitchell’s Homemade. Dan Cooper of Cooper Group represented the seller, a private investment group out of the Cleveland area. A Midwest-based fund purchased the asset at full price, representing a cap rate of 6.75 percent and $276 per square foot. Kruse Commons was 78 percent leased at the time of sale.

January 27, 2025

Industrial Loans Midwest Ohio

Cronheim Arranges $5M in Financing for Chocolate Manufacturing Facility in North Canton, Ohio

by Kristin Harlow January 23, 2025

NORTH CANTON, OHIO — Cronheim Mortgage has arranged $5 million in leasehold financing for a single-tenant industrial facility in North Canton. The 220,000-square-foot property is fully occupied by Harry London Candies Inc., a subsidiary of Italian confectionary giant Ferrero. The facility was constructed in 1995 specifically for the manufacturing of chocolate and features a Fannie May & Harry London Chocolates factory store. Harry London was acquired by Ferrero in 2017, but Fannie May operates as a standalone entity and brand within the Ferrero Group. Allison Villamagna, Dev Morris and Andrew Stewart of Cronheim placed the financing with one of Cronheim’s long-standing correspondent lenders. Cronheim will service the loan, which is fully amortized over six years. The borrower was an affiliate of New York-based Sachs Cos.

January 23, 2025

Affordable Housing Development Loans Midwest Multifamily Ohio

KeyBank Provides $23M in Construction Financing for Affordable Housing Property in Trotwood, Ohio

by Kristin Harlow January 21, 2025

TROTWOOD, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $9.8 million construction loan, a $3.7 million permanent loan and $9.4 million in low-income housing tax credit financing for the construction of Jalen Lofts in Trotwood, a suburb of Dayton. The 66-unit workforce and affordable housing community will be designated for families who earn between 30 and 80 percent of the area median income. The project marks a co-developer, co-owner partnership between Pivotal Housing Partners and The Trotwood Community Improvement Corp. Jalen Lofts marks a significant milestone in the community’s efforts to rejuvenate areas adversely impacted by the 2019 Dayton tornadoes, according to KeyBank. The City of Trotwood received a most impacted and distressed (MID) area designation by HUD because of the tornado damage and was allocated $10.5 million in Community Development Block Grant Disaster Recovery funds to help rebuild rental developments. Derek Reed and David Lacki of KeyBank CDLI structured the financing.

January 21, 2025

Affordable Housing Development Loans Midwest Multifamily Ohio

KeyBank Provides $36.4M in Financing for Construction of Affordable Housing Project in Toledo, Ohio

by Kristin Harlow January 20, 2025

TOLEDO, OHIO — KeyBank Community Development Lending and Investment (CDLI) has provided a $15.5 million construction loan, a $3.2 million permanent loan and $17.7 million in low-income housing tax credits to finance the construction of The Grand and The Glen, a scattered two-site affordable housing project in Toledo. The development will bring 70 units to a vacant city-owned parcel and underutilized parking lot. The project will be designated for families who earn between 50 and 70 percent of the area median income. The Glen will comprise a four-story building with 50 units at the Southland Shopping Plaza. The Grand will feature 20 townhomes at the corner of Detroit and Grand avenues. The project will offer a mix of one- and two-bedroom apartments and three- and four-bedroom townhomes. Derek Reed and David Lacki of KeyBank CDLI structured the financing on behalf of the borrower, Pivotal Housing Partners.

January 20, 2025

Acquisitions Loans Midwest Multifamily Ohio

Berkadia Arranges $49.1M Acquisition Loan for Multifamily Property in Strongsville, Ohio

by Kristin Harlow January 17, 2025

STRONGSVILLE, OHIO — Berkadia has arranged a $49.1 million acquisition loan for Chestnut Lake in Strongsville, a southern suburb of Cleveland. The 788-unit multifamily property is located at 17721 Whitney Road and offers amenities such as an outdoor pool, playground, fitness center, hair salon and grilling and picnic areas. Robert Lipson of Berkadia arranged the Fannie Mae loan on behalf of the buyer, New Jersey-based Brookhaven Property Group. The 10-year loan featured a 5.71 percent interest rate and a 30-year amortization schedule.

January 17, 2025

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