COLUMBUS, OHIO — Home furnishings retailer American Signature Inc. (ASI) has filed for Chapter 11 relief in the United States Bankruptcy Court for the District of Delaware. Founded in 1948, Columbus-based ASI is the parent company to Value City Furniture and American Signature Furniture, which operate more than 120 stores across 17 states. ASI expects to enter into a stalking horse asset purchase agreement under which, subject to court approval, ASI Purchaser LLC will acquire substantially all of the company’s assets and assume certain related liabilities. As part of the proceedings, the company also plans to lay off roughly 326 employees and close its Columbus headquarters. Value City Furniture and American Signature Furniture stores and websites are expected to remain open and will continue to fulfill customer orders and provide ongoing customer service throughout the court-supervised process. Prior to the Chapter 11 filing, certain Value City Furniture and American Signature Furniture stores commenced store closing sales and are offering deep discounts while merchandise lasts. ASI has secured approximately $50 million in debtor-in-possession financing from Second Avenue Capital Partners LLC. Subject to court approval, this financing will support certain operations and the company’s efforts to maximize value through the Chapter 11 cases …
CINCINNATI — CBRE has negotiated the sale of the Sawyer Point Building, a 182,700-square-foot office building in Cincinnati’s central business district. Matrix Holdings LLC purchased the property from Colonial Life & Accident Insurance Co. CBRE’s Steve Timmel, Will Roberts, John Eckert and Travis Likes represented the seller. Building amenities include a rooftop deck, two-story atrium, fitness center, conference center, electric vehicle charging stations, a self-service Company Kitchen market and a 100-stall, underground parking garage. Originally built in 1916, the four-story property was converted into office use in 2001 and underwent renovations from 2020 to 2024.
CINCINNATI — Real Capital Solutions (RCS) has acquired First Financial Center, a 31-story office tower located at 255 E. Fifth St. in downtown Cincinnati, for $59 million. The 551,836-square-foot property includes 523,213 square feet of office space and 28,623 square feet of retail space. The acquisition also includes a seven-story, 1,233-space parking garage. First Financial Center is 91.7 percent leased to 17 tenants, including three headquarters users that collectively occupy 65 percent of the building’s leased space. Those include First Financial Bank, Dinsmore & Shohl LLP and Chemed Corp., which recently signed a 10-year renewal. More than 75 percent of the leased space is occupied by financial and legal services firms. The acquisition price represents a discount of more than 75 percent to estimated replacement cost.
WHITEHALL, OHIO — Merchants Capital has secured $152.3 million in total financing for The Aries Lofts, a 315-unit affordable housing community in Whitehall developed by LDG Development LLC. Merchants Capital secured a $42.7 million Freddie Mac Forward TEL permanent loan, a $60 million tax-exempt construction loan and an $8 million equity bridge loan provided by Merchants Bank. As the syndicator, Merchants Capital provided $41.6 million in 4 percent low-income housing tax credit equity. LDG Development received Brownfield Remediation Funds from the Ohio Department of Development for environmental remediation of the project site, formerly the Wirthman Brothers Junkyard. The City of Whitehall awarded a 15-year payment in lieu of taxes agreement, granting a Community Reinvestment Area tax exemption. The Franklin County Economic Development & Planning Department also awarded a grant. Additional project financing included a bridge loan from The Affordable Housing Trust for Columbus and Franklin County as well as a partnership through a capital lease with the Columbus-Franklin County Finance Authority. Upon completion, The Aries Lofts will set aside 66 units for families earning 50 percent of the area median income (AMI), 183 units at 60 percent AMI and 66 units at 70 percent AMI. The project will feature one-, …
By David Goldfisher, The Henley Group Secondary and tertiary office markets across the Midwest, including Chicago, Minneapolis, Madison, Milwaukee, Cleveland, Cincinnati, Columbus and St. Louis, are facing mounting pressure. While each city has its own challenges, a common theme is clear — vacancies remain high and liquidity is thin. Tenant shuffling One of the defining dynamics today is tenant reshuffling rather than net growth. As leases expire, employers frequently move from one building to another, seeking modernized space and stronger amenities. Renovating in place is disruptive and costly, while relocating allows businesses to upgrade with minimal operational downtime. This “musical chairs” effect highlights a deeper structural issue. There are only so many large anchor tenants in Midwest cities and few new entrants are seeking major blocks of space. There is more repositioning for existing tenants than attracting new ones. Flight to quality Landlords and developers are competing to deliver amenities that encourage office attendance and support talent retention. Modernized lobbies, tenant lounges and flexible collaboration areas have become standard expectations. Hines’ upgrades at Chicago’s 333 West Wacker Drive and 601W Cos.’ reinvestment in the Old Post Office demonstrate the scale of investment required. But not all landlords can compete. With …
WESTFIELD TOWNSHIP, OHIO — Stonemont Financial Group has completed the lease-up of Westfield Commerce Park in Westfield Township near Akron following a full-building lease with B’Laster Holdings. The tenant, a specialty chemical manufacturer headquartered in Valley View, Ohio, has extended its lease to occupy the entire 450,112-square-foot speculative facility. Completed in June 2023, Westfield Commerce Park features a clear height of 36 feet, cross-dock configuration, 500 car parking spaces and 130 trailer stalls. Stonemont served as the developer and owner of the project, with Pinnacle Bank and PCCP serving as debt and capital partners. Joe Messina and David Stecker of JLL handled leasing and represented Stonemont, which has developed more than 3.5 million square feet of industrial space across Ohio.
STRONGSVILLE, OHIO — Dick’s House of Sport has opened at SouthPark Mall in Strongsville, marking the first location of the retailer’s experiential concept in greater Cleveland. The two-level, 100,000-square-foot store transforms the former Sears anchor space into a destination for sports enthusiasts. Dick’s House of Sport offers customers the opportunity to try, practice and play in-store. The location features a rock-climbing wall, outdoor field, batting cages and golf simulators. Attached to the store is a field that will be used for open play, clinics, league space and as an ice rink in winter months. Dick’s Sporting Goods relocated from its former 55,000-square-foot location within the center. Owner Spinoso Real Estate Group acquired SouthPark Mall in 2021.
COLUMBUS, OHIO — Reynolds Asset Management, in partnership with Triangle Capital Group, has acquired Edgewater Landing, a 724-unit multifamily community in Columbus. The transaction marks the firm’s sixth acquisition in Ohio. Reynolds plans to invest more than $15 million in improvements to the property, which is located at 4592 Channing Terrace. The capital improvement program will focus on curb appeal, roofing, building systems, electrical and mechanical upgrades as well as interior renovations. George Skaff and Carter Stephens of Newmark represented the undisclosed seller.
COLUMBUS, OHIO — CBRE has arranged the sale of One Easton Oval and Two Easton Oval, two Class A office buildings totaling 252,500 square feet in Columbus. IMC Management LLC purchased the assets for $17.5 million. CBRE’s Steve Timmel, Will Roberts, Collin Wheeler and Aaron Duncan represented the undisclosed seller. Wheeler and Duncan will handle marketing and leasing efforts. Originally built in 1995 and 1998, the buildings are located within the Easton Oval Office development, a master-planned business park adjacent to Easton Town Center. The properties were 60 percent occupied at the time of sale.
PAULDING, OHIO — Marcus & Millichap has negotiated the $2.9 million sale of Whispering Pines, a 48-unit multifamily property in Paulding, about 64 miles southwest of Toledo. All but one of the units are two-bedroom floor plans. The property also includes 67 self-storage units. Teddy Kenny, Aaron Kuroiwa and Austin Meeker of Marcus & Millichap represented the seller, Covington Properties LLC, and procured the buyer, Colarusso Properties LLC. The buyer plans to implement professional third-party property management and complete a value-add strategy by renovating unit interiors and improving operations at the property, which was built in 1989.
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