REBusinessOnline

Commercial Real Estate Fundamentals Stay Steady in Akron, Ohio

By Jerry Fiume, SVN Summit Commercial Real Estate Advisors You’ve heard it before. In Akron, everything is earned, and nothing is given. No quote better represents the fabric of the City of Akron, Summit County and Northeast Ohio. Aside from an unstoppable work ethic, the other key characteristic of our marketplace is one of steady consistency. Our pricing is steady, our cap rates are steady and our opportunities are steady. With that said, there is a renaissance underway in our area. Akron …

Simi Capital Sells Industrial Property in Columbus for $6.1M

COLUMBUS, OHIO — Simi Capital has sold a 15-acre industrial property located on Stelzer Road in Columbus for $6.1 million. The institutional buyer plans to continue utilizing the property for industrial parking. Shortly after acquisition of the site, Simi secured the property’s entitlement for industrial use and arranged a long-term lease with CMH Parking and Repair. Simi paid $4.2 million for the site. Ryan Crossley of Kooperman Mentel Ferguson Yaross served as legal representation for …

First National Realty Partners Acquires 111,152 SF Shore Center Plaza in Euclid, Ohio

EUCLID, OHIO — First National Realty Partners has acquired Shore Center Plaza in Euclid near Cleveland for an undisclosed price. The 111,152-square-foot shopping center is 94 percent occupied and anchored by a 47,348-square-foot Dave’s Supermarket. Other tenants include Dollar Tree, Citi Trends, Aaron’s, Little Caesar’s and Burger King. Seller and broker information was not

PCCP Provides $31M Bridge Loan for Refinancing of Apartment Complex in Columbus

COLUMBUS, OHIO — PCCP has provided a $31 million bridge loan for the refinancing of The Residences at the Sutton in Columbus. The newly built, 100-unit apartment complex is located in the Short North Arts District. Floor plans range from studios to two-bedrooms. Amenities include a courtyard, fitness center, yoga room and resident lounge. Columbus-based developer, owner and operator The Pizzuti Cos. was the

Demand Rises for Convenient, Quality and Affordable Retail in Cleveland

By Catherine Lueckel and Allison Giomuso, Matthews Real Estate Investment Services In nearly every major metro in the Midwest, the most active retailers expanding, leasing or developing involve grocers, discounters and drive-thru tenants. Most of the activity in the Midwest is reflective of the broader trend in shifting consumer demands, away from wants and more toward needs and services.  Discount retailers  It’s no surprise that discount retailers rose in popularity among shoppers …

MAG Capital Partners Acquires Northern Ohio Industrial Property in Sale-Leaseback

MANSFIELD, OHIO — MAG Capital Partners LLC has acquired a three-building industrial property in Mansfield, about midway between Columbus and Cleveland. The purchase price for the sale-leaseback transaction was not disclosed. The 257,622-square-foot property sits on 23 acres at 150 E. Longview Ave. The seller, Nanogate North America, was recently acquired by Techniplas, a provider of highly engineered technical solutions for the automotive, transportation and industrial sectors. Jonathan Wolfe …

Stull Woodworks Acquires 46,000 SF Industrial Facility in Troy, Ohio

TROY, OHIO — Stull Woodworks, a family-owned architectural millwork company, has acquired a 46,000-square-foot industrial facility in Troy, nearly 20 miles north of Dayton. The property, located at 155 Marybill Drive, is roughly three times the size of Stull’s current headquarters in Troy. Tim Echemann of Industrial Property Brokers represented both Stull and the undisclosed seller. Stull plans to be up and running in the new facility by the end of October. Stull produces architectural …

MAG Capital Partners Acquires 483,048 SF Ohio Industrial Property in Sale-Leaseback

LANCASTER, OHIO — MAG Capital Partners LLC has acquired a 483,048-square-foot industrial property in Lancaster, about 30 miles southeast of Columbus. The purchase price was undisclosed. MAG Capital Partners acquired the facility in a sale-leaseback transaction with the tenant, The Babcock & Wilcox Co., a fully owned subsidiary of the publicly traded energy and environmental technologies giant Babcock & Wilcox Enterprises Inc.Located at 2600 E. Main St., the property primarily …

FM Capital Arranges $4.5M Loan for Refinancing of Apartment Community in Lorain, Ohio

LORAIN, OHIO — FM Capital has arranged a $4.5 million loan for the refinancing of Pinebrook Tower Apartments in Lorain, about 30 miles west of Cleveland. Located at 1235 Shaffer Drive, the apartment community includes 168 units along with a swimming pool and tennis courts. Noam Temchin and Jonathan Kramer of FM Capital arranged the 10-year loan on behalf of the borrower, Rokhel Investment Group Holding LLC. Sabal provided the

Stage Equity Partners Acquires 15,100 SF Medical Office Building Near Toledo, Ohio

PERRYSBURG, OHIO — Stage Equity Partners LLC has acquired a 15,100-square-foot medical office building in Perrysburg, about 10 miles southwest of Toledo. McLaren St. Luke’s fully occupies the building under a long-term lease. McLaren St. Luke’s is a local hospital and a subsidiary of McLaren Health Care Corp., one of the largest healthcare systems in the Midwest. Built in 2018, the Perrysburg property was designed for McLaren St. Luke’s primary care practice, including its sole …

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