CINCINNATI — BWE has provided a $14.5 million Fannie Mae loan for the acquisition of Page Tower, a 169-unit affordable housing building in Cincinnati. The 14-story property was constructed in 1971. Amenities include a community room, mail room and central laundry area. The first floor features 7,500 square feet of commercial space. Victor Agusta Jr. of BWE originated the seven-year loan, which features 24 months of interest-only payments and a 35-year amortization. The property includes a 100 percent Section 8 HAP contract for four years.
CINCINNATI AND BOISE, IDAHO — Cincinnati-based The Kroger Co. and Boise, Idaho-based Albertsons Cos. Inc. have announced plans to sell an additional 166 grocery stores to C&S Wholesale Grocers in a divestiture package. This marks an amendment to an existing agreement with the buyer, which will now acquire a total of 579 stores in a $2.9 billion deal. The original divestiture package was announced in September of last year, in connection with a proposed merger between Kroger and Albertsons. In February, the Federal Trade Commission (FTC) sued to block Kroger’s $24.6 billion acquisition of Albertsons (which was originally announced October 2022), citing anticompetition concerns. The FTC alleged in a press release that a merger between the companies would create a “monopoly” as well as “lead to lower quality products and services” and threaten “the ability of employees to secure higher wages, better benefits and improved working conditions.” The deal would mark the largest supermarket merger in U.S. history, with Kroger and Albertsons operating thousands of stores nationally. Colorado and Washington also filed measures at the state level to block the merger. The companies hope to assuage the concerns of federal and state antitrust regulators with the enhanced divestiture package. According to …
COLUMBUS, OHIO — Fashion retailer Express Inc. (OTCMKTS: EXPR) has filed for Chapter 11 bankruptcy protection and announced plans to close 107 of its 602 stores. The Columbus-based company’s portfolio includes apparel brands such as Bonobos, Express and UpWest Express. As part of the proceedings, 95 stores under the company’s Express banner will be shuttered alongside all 12 of its UpWest Express locations. Express has been battling with soft consumer demand due to slowing spending patterns and increased price sensitivity in discretionary categories, according to Reuters. Further details on the specific locations set for closure were not provided, but closing sales at the impacted locations are anticipated to begin tomorrow, April 23. Business at all other brick-and-mortar locations and online is expected to continue as usual. Express concurrently announced that it has received a non-binding letter of intent from a consortium of investors led by WHP Global to acquire a substantial majority of the company’s retail stores and operations. The investment group includes an indirect subsidiary of Simon Property Group and Brookfield Properties. WHP Global, which purchased a controlling stake in the parent company of Toys ‘R’ Us in 2021, has held 7.4 percent ownership in Express Inc. since January 2023. …
WEST CHESTER, OHIO — Graycor Construction Co. has completed a 125,000-square-foot Bass Pro Shops Outdoor World store in West Chester near Cincinnati. The store is located at 5951 Bass Pro Drive at the intersection of I-75 and Allen Road. The development includes a fire watch tower, archery range, aquarium, exterior decorative water feature and boat showroom. Torgerson Design Partners was the architect. Graycor has now completed seven Bass Pro Shops.
MENTOR, OHIO — The Cooper Commercial Investment Group has arranged the $2 million sale of a single-tenant property occupied by Starbucks in Mentor, a northeast suburb of Cleveland. Constructed in 2022, the building features a drive-thru. Dan Cooper of Cooper Group represented the seller, a private investment group based in Ohio. The 1031 exchange buyer purchased the asset at a cap rate of 5.74 percent. There are approximately eight years remaining on the 10-year lease.
COMMERCIAL POINT, OHIO — Colliers has brokered the sale of Rickenbacker Exchange Building 2 in metro Columbus for $94.1 million. The 1.2 million-square-foot distribution center is located at 521 Exchange Way in Commercial Point. VanTrust Real Estate developed the building, which was fully leased to Hanesbrands Inc. prior to its completion in 2022. The property, located within the 875-acre Rickenbacker Exchange at Commercial Point industrial park, features a clear height of 40 feet, four drive-in doors, 120 docks and 728 parking spaces. Alex Cantu and Alex Davenport of Colliers brokered the transaction. VanTrust sold the asset to W. P. Carey Inc.
By Dan Wendorf, JLL The industrial landscape in Columbus is not just thriving — it’s breaking records. As highlighted in JLL’s fourth-quarter 2023 Columbus Industrial Insights Report, 2023 marked another milestone year for the market. With over 19 million square feet under construction and surpassing 2022’s nearly 7 million-square-foot total, Columbus has solidified its position as a national industrial hub. The report also showed total vacancy increased 3.8 percent year over year due to 15.7 million square feet of speculative completions, which finished the year at 30 percent leased. Although a modest uptick, Columbus continues to diversify its industrial scene from exclusively being known as once a “logistics and parcel delivery hub” to now being recognized for its growth in advanced manufacturing and data centers. As exemplified by investments from Facebook, Google and Meta, the market has evolved into a multifaceted industrial powerhouse. In particular, investments in microchip factories have stimulated the need for additional warehousing from suppliers, and this trend is expected to continue in the coming year. This article explores how Columbus has become a key player in industrial development, factors motivating businesses to move their operations to central Ohio and what’s in the pipeline to keep an …
CLEVELAND — Namdar Realty Group and Mason Asset Management have acquired 200 Public Square, a 1.3 million-square-foot office tower in Cleveland. Originally built for BP America in 1985, the building has undergone recent improvements. The buyers aim to enhance the property’s appearance, amenities, atrium and aging infrastructure. The building currently has 357,767 square feet of available office space being marketed for lease by Colliers. Chase Johnson and Caleb Riebe of Cushman & Wakefield arranged $45.7 million in acquisition financing through a life insurance company.
BRYAN, OHIO — SVN Wilson Commercial Group has arranged the sale of a Sheperd Storage facility in Bryan, a city in northwest Ohio. The sales price and buyer were undisclosed. The two-building property features 98 indoor units with four outdoor parking spaces. The 12,000-square-foot facility sits on a five-acre site with room for expansion. Ryan Mitchell of SVN Wilson Commercial Group represented the seller, Charles Sheperd.
COLUMBUS, OHIO — IRA Capital has acquired a 237,000-square-foot life sciences campus consisting of four buildings in the Easton submarket of Columbus. The purchase price was undisclosed. The property is near I-270, the John Glenn Columbus International Airport and across from Easton Town Center, the 1.7 million-square-foot retail destination. The buildings are mostly leased to biopharmaceutical company Sarepta Therapeutics and houses the company’s Gene Therapies Center of Excellence. Sarepta specializes in genetic medicines for rare diseases and has four FDA-approved drugs treating Duchenne Muscular Dystrophy. IRA closed the acquisition on an all-cash basis.
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