CINCINNATI, KANSAS CITY, ST. LOUIS AND KENOSHA, WIS. — BGO Industrial Real Estate Income Trust Inc. (BGO IREIT) has acquired an indirect 34.2 percent ownership interest in a portfolio of Midwest industrial assets valued at approximately $948 million in exchange for 13 million units of its operating partnership. The purchase price of the portfolio was approximately $130 million. The portfolio consists of 29 industrial buildings totaling more than 9.4 million square feet in Cincinnati, Kansas City, St. Louis and Kenosha, Wis. Developed between 2012 and 2023, the portfolio is 90 percent leased to multiple tenants with a weighted average remaining lease term of approximately five years.
CINCINNATI — Advertising agency Curiosity has purchased a historic building near Cincinnati’s Over-the-Rhine neighborhood for an undisclosed price. The company plans to update the building, relocate its headquarters and add 32 new jobs. Founded in Cincinnati in 2012, Curiosity employs 68 full-time staff members. The building formerly served as the home of Chatfield College on Central Parkway. Cincinnati-based SHP will oversee architecture and design for the 16,200-square-foot project, which includes an expanded in-house content production studio. The Ohio Department of Development’s Ohio Tax Credit Authority approved a tax credit for the project. JobsOhio plans to provide assistance for the project after a final agreement is executed.
SPRINGDALE, OHIO — Ditsch USA has unveiled plans to expand its operations in the Cincinnati area. The expansion includes a building purchase and renovation, adding fully automated bakery production lines and increasing industrial freezer storage capacity. The pretzel manufacturer has made a commitment to bring 150 new jobs over the next three years to the area. The expansion comes nine years after Ditsch selected Springdale, Ohio, as its first location outside of Germany for its U.S. headquarters. Ditsch is converting a former Costco site in Springdale, offering future employment opportunities for production associates, maintenance technicians and line supervisors. JobsOhio, a private nonprofit economic development corporation, is planning to assist the project with talent acquisition services. The expansion was also made possible with support from REDI Cincinnati, the first point of contact for companies locating or growing in the 16-county region at the heart of southwest Ohio, northern Kentucky and southeast Indiana.
COLUMBUS, OHIO — The NRP Group has opened The Sinclair Apartment Homes, a $40 million affordable housing community in Columbus. The 180-unit property is located at 5075 Sinclair Ave. and features units for those who earn 30 to 80 percent of the area median income. The project site was the former home of live music venue Alrosa Villa, which closed in early 2020. The community consists of three four-story buildings with one, two-, three- and four-bedroom units. The Columbus Metropolitan Housing Authority helped fund the development by issuing $27.7 million in tax-exempt and taxable bonds. Tax-credit funding support from the Ohio Housing Finance Agency and Huntington National Bank also helped fund the transit-oriented project.
CARROLLTON, OHIO — Woda Cooper Cos. Inc. has broken ground on Hemming Crossing, a $12.5 million affordable seniors housing community in Carrollton, a city in eastern Ohio. The 42-unit property will offer one- and two-bedroom units for residents age 55 and older who earn 30 to 70 percent of the area median income. The three-story building will feature a community room, grandchild playroom, fitness center, patio, picnic tables and grills. The development is made possible with funding supported by Low-Income Housing Tax Credits (LIHTC) allocated by the Ohio Housing Finance Agency, which also provided an equity bridge loan. Affordable housing finance syndicator Marble Cliff Capital (MCC) provided the LIHTC investment financing. Consumers National Bank is a primary lender for the project and secondary investor through MCC. PCI Design Group is the architect, Chadan Engineering is the civil engineer and Sol Design + Consulting is the sustainability consultant. Woda Construction Inc. is the general contractor, and Woda Cooper’s management division, Woda Management & Real Estate, will oversee leasing and property management. A timeline for completion was not provided.
COLUMBUS, OHIO — Colliers Mortgage has provided a $10.8 million Fannie Mae loan for the acquisition of The View on Grant, an 86-unit apartment complex in Columbus. The property, situated in the Discovery District, is an adaptive reuse of a former five-story steel pressing factory. The community features a public café and a 43-space, automatic stacked parking garage. Zach Shope of Colliers originated the 10-year loan on behalf of the borrower, VOG Owner LLC.
CINCINNATI AND BOISE, IDAHO — Kroger Co. (NYSE: KR) and Albertsons Cos. Inc. (NYSE: ACI) have agreed to sell 413 stores across 17 states and Washington, D.C., as part of the $24.6 billion merger between the two grocery giants. The buyer is C&S Wholesale Grocers, a New Hampshire-based grocery supply company overseeing brands including Piggly Wiggly and Grand Union. According to multiple news outlets including USA Today and Crain’s, the sales price is roughly $1.9 billion. In addition to the 400-plus grocery stores, C&S will also acquire eight distribution centers and two office properties that Kroger or Albertsons operate, as well as five private label brands. No store closures are expected to occur as a result of this selloff. The brands that will change ownership include Quality Food Centers (QFC), a regional operator in the Pacific Northwest; Mariano’s, which operates 44 stores in Illinois; and Alaska-based Carrs. Kroger owns QFC and Mariano’s, while Albertsons owns Carrs after acquiring the brand from Safeway and changing the name to Carrs-Safeway. Lastly, under the terms of the agreement, C&S will receive exclusive licensing rights to the Albertsons brand name in four states: Arizona, California, Colorado and Wyoming. In addition, Kroger will divest the …
CINCINNATI — Marcus & Millichap has arranged the $1.6 million sale of a 6,640-square-foot property occupied by DaVita in Cincinnati. The net-leased building is located at 6929 Silverton Ave. near Mercy Health Hospital. Austin Weisenbeck, Sean Sharko and Daniel Chumbley of Marcus & Millichap represented the seller, a limited liability company. The asset sold to an out-of-state buyer.
COLUMBUS, OHIO — Coworking operator Workbox has opened a new location at 875 N. High St. in Columbus. Workbox’s seventh location and first in Columbus is situated at The Sutton building in the city’s Short North Arts District. Workbox is assuming operations of the space formerly managed by another coworking operator. Amenities for members include a large open kitchen, outdoor terrace, weekly food and networking offerings, multiple lounge areas, private conference rooms and phone booths. The location features over 95 office spaces, with private offices ranging from one to 10 desks. There are also floating membership and reserved desk options for those looking for individual plans. Membership pricing starts at $250 per month.
WHITEHALL, OHIO — Woda Cooper Cos. Inc. and co-developer IMPACT Community Action have broken ground on The Enclave on Main, a 102-unit affordable housing community in Whitehall, an eastern suburb of Columbus. Located at 3540 E. Main St., the project will offer one-, two- and three-bedroom layouts. Units will be restricted for residents who earn 30 to 80 percent of the area median income. There will also be several units adapted for those with mobility challenges and sight or hearing disabilities. Amenities will include a community room with kitchenette and a management office for an onsite community manager. There will also be dedicated space for assisting residents with supportive services such as case management, workforce development and employment training, emergency assistance and financial literacy to be coordinated by IMPACT. The Ohio Housing Finance Agency (OHFA) provided a tax-exempt bond issuance and allocated 4 percent Low-Income Housing Tax Credits and soft funds to the development through its bond gap financing program. Alliant Capital invested in the tax credits to provide equity financing. CF Bank will provide a permanent mortgage and construction loan, through the purchase of the tax-exempt bonds issued by OHFA. Franklin County is providing an additional soft mortgage through …