CINCINNATI — iFLY Indoor Skydiving has unveiled plans to open its first location in Ohio at Liberty Center in Cincinnati. The entertainment company will occupy 5,175 square feet upon its opening in the fall. iFLY has 67 facilities worldwide with 28 wholly owned in the United States. Liberty Center is a $350 million mixed-use property from developer Steiner + Associates.
AURORA, OHIO — PEBB Enterprises has sold Marketplace at Four Corners in Aurora, southeast of Cleveland, for $15.8 million. The 116,436-square-foot shopping center is home to tenants such as Stein Mart, Kirkland’s, Torrid, Old Navy, Party City and Gabe’s. PEBB purchased the property in 2013 when it was vacant, and has since made upgrades to the exteriors, landscaping and lighting, as well as added a new ground-up development. The property is now 100 percent occupied. The buyer was not disclosed.
NORTH CANTON, OHIO — Combi Packaging Systems LLC has signed a 156,000-square-foot lease at 6299 Dressler Road N.W. in North Canton, about 20 miles south of Akron. The facility will serve as Combi’s new corporate office and house its manufacturing, engineering and management departments. A joint venture company with 3M Packaging Systems Division and the MJ Maillis Group, Combi is a manufacturer of end-of-line packaging equipment. Herb Verderber of CBRE represented the tenant in the lease transaction. Sean Sanford of CBRE represented the landlord, One Whipple Co. LLC.
SHARONVILLE, OHIO — Cincinnati Commercial Contracting LLC has broken ground on a 27,995-square-foot build-to-suit for TNT Services and Arrow Truck Sales in Sharonville, about 17 miles north of Cincinnati. The office and retail property property, located at 11910 Mosteller Road, will include sales and administration offices, retail parts department, wash bays, degreasing, equipment and service areas for the two tenants. A groundbreaking ceremony took place on Wednesday, Feb. 14. The property is slated for completion this summer. TNT Services is a power washing company, while Arrow Truck Sales is a used truck dealer.
NELSONVILLE, OHIO — Woda Group Inc. has completed the conversion of a historic school into a 33-unit affordable housing property in Nelsonville, 60 miles southeast of Columbus. A grand opening and ribbon-cutting ceremony is scheduled for Friday, March 2. The project, which included the restoration and renovation of two buildings into one facility, will be restricted to workforce families earning 60 percent of the area median income. Original chalkboards and classroom closets were incorporated into several of the units. Woda Group repurposed the school’s original auditorium into a large community room with a kitchen, property management office and fitness center. Funding for the $9.6 million project came from Ohio historic preservation tax credits administered by the Ohio Development Services Agency; federal historic preservation tax incentives through the National Park Service; and competitive housing tax credits made available through the Ohio Housing Finance Agency (OHFA). The Ohio Capital Corp. for Housing also served as an investor for the project, providing equity in exchange for tax credits. OHFA’s Home Development Loan Program provided a bridge loan. Summit Community Bank provided construction and permanent financing.
ATHENS, OHIO — Triad Real Estate Partners has negotiated the sale of Carriage Hill Apartments near Ohio University in Athens for an undisclosed price. Built in two phases between 1967 and 1970, the student housing property features 536 beds within 337 units. The buyer, Emet Capital Management, plans to complete a substantial renovation and rebranding of the property. Columbus-based Wallick Communities was the seller.
COLUMBUS, OHIO — Dougherty Mortgage LLC has provided a $1.2 million Fannie Mae loan for the refinancing of Parkview Apartments in Columbus. The apartment property consists of 216 market-rate apartment units. Dougherty’s Minneapolis office originated the eight-year loan, which features a 30-year amortization schedule. Wolfe Diamond Loch LLC was the borrower.
CINCINNATI — Kroger has opened its Culinary Innovation Center in downtown Cincinnati. Construction began on the 12,000-square-foot test kitchen and education center in March 2017. The facility will be used for accelerating product development, producing new recipes for Prep + Pared Meal Kits, exploring new restaurant concepts, hosting food tastings and focus groups and increasing associates’ culinary knowledge, according to Daniel Hammer, Kroger’s vice president of culinary development and new business.
CLEVELAND — KeyBank Real Estate Capital has provided $14.9 million in Fannie Mae financing for the acquisition of three affordable housing properties located in North Carolina, Texas and Wisconsin. One of the properties, Aspenwood Glen, is a 120-unit property in Milwaukee. The large majority of the one- and two-bedroom units at the property are reserved for tenants earning 30 to 60 percent of the area median income. John Gilmore IV and Jeff Rodman of Cleveland-based KeyBank originated the loans on behalf of the borrower, Harmony Housing, which is a nonprofit organization dedicated to providing safe and clean affordable housing throughout the United States.
AURORA, OHIO — Institutional Property Advisors (IPA) has brokered the sale of Marketplace at Four Corners in Aurora for $55.7 million. The 525,708-square-foot shopping center, located at 7155-7175 Aurora Road, opened in 2002. The property was 99 percent occupied at the time of sale. Anchor tenants include Walmart, Kohl’s Dick’s Sporting Goods and HomeGoods. Scott Wiles, Erin Patton and Craig Fuller of IPA represented the Florida-based seller, which Crain’s Cleveland Business cites as an affiliate of MPG Development. Along with Dean Zang of IPA, the team also secured the buyer, a New York-based 1031 exchange investor. IPA is a division of Marcus & Millichap.
