Ohio

KRA Management Acquires Office Tower in Downtown Cleveland

by Kristin Harlow August 14, 2018

CLEVELAND — KRA Management has acquired the Galleria and Tower at Erieview in downtown Cleveland. The purchase price was not disclosed, but local media report the sales price was approximately $17 million. The property includes a 760,339-square-foot office tower and a 93,663-square-foot retail center. The 40-story property is the fourth-tallest building in Cleveland and features amenities such as a 40,000-square-foot YMCA fitness facility. The retail portion of the property includes a two-story retail center and a food hall. Bryan Rosenberg, Patrick Shields, Jaime Fink, Jeffrey Bramson, John Merrill and Doug Rodio of HFF represented the seller, RAIT Financial Trust of Philadelphia, and procured the buyer. Last summer, the Tower was 45 percent leased while the Galleria was 60 percent leased, according to the Plain Dealer. KRA Management is a family-owned and operated real estate development and property management business that was founded by James Kassouf.

August 14, 2018

Leasing Activity Midwest Office Ohio

NRP Group Relocates Headquarters to Downtown Cleveland

by Kristin Harlow August 10, 2018

CLEVELAND — The NRP Group has relocated its headquarters to the Halle Building at 1228 Euclid Ave. in downtown Cleveland. The developer, builder and manager of multifamily housing was previously based in Garfield Heights, Ohio, a southern suburb of Cleveland. The company now occupies the entire fourth floor, or 43,000 square feet, of the 380,000-square-foot Halle Building. Approximately 130 employees have moved to the new headquarters. NRP Group has 700 employees nationwide and has delivered more than 33,000 residential units in 15 states.

August 10, 2018

Development Industrial Midwest Ohio

Contegra Begins $82M Expansion of Walgreens Distribution Center Near Toledo, Ohio

by Kristin Harlow August 8, 2018

PERRYSBURG TOWNSHIP, OHIO — Contegra Construction is underway on an $82 million expansion of a Walgreens warehouse and distribution center in Perrysburg Township, about 12 miles south of Toledo. Completion of the 380,000-square-foot expansion is slated for summer 2019. The facility currently totals 650,000 square feet. Approximately 680 workers are employed at the site. Contegra will use tilt-up concrete panels to complete the project, which will feature 40- and 50-foot clear heights, 40 new dock doors, an automated storage and receiving system and conveyers. The new portion of the facility will be fully climate-controlled. Other features include LED lighting and break room and office spaces. Walgreens owns the facility.

August 8, 2018

Acquisitions Industrial Midwest Ohio

Marcus & Millichap Brokers $7.1M Sale of Warehouse in Fairfield, Ohio

by Kristin Harlow August 8, 2018

FAIRFIELD, OHIO — Marcus & Millichap has brokered the $7.1 million sale of a 158,500-square-foot industrial warehouse in Fairfield, about 25 miles north of Cincinnati. In a simultaneous transaction, Packaging Corp. of America has signed a 10-year lease at the property. Sean O’Brien of Marcus & Millichap marketed the property on behalf of the seller, a private investor. A REIT purchased the asset, which is located at 3840 Port Union Road.

August 8, 2018

Acquisitions Midwest Office Ohio

Cantor Fitzgerald, Rodin Global Acquire 241,493 SF Office Building in Columbus for $46.9M

by Kristin Harlow August 7, 2018

COLUMBUS, OHIO — Cantor Fitzgerald Investors LLC and Rodin Global Property Trust Inc. have acquired a 241,493-square-foot office building in the Easton submarket of Columbus for $46.9 million. The Class A property is fully leased through September 2032 to Comenity Servicing LLC, a subsidiary of Alliance Data Systems Corp., which serves as guarantor of the lease. Constructed in 2017, the asset is part of a three-building office campus that houses more than 1,700 employees and serves as the headquarters for Alliance Data Card Services.

August 7, 2018

Acquisitions Midwest Net Lease Ohio Retail

EXP Realty Advisors Brokers $1.4M Sale of Property Net Leased to Dollar General in Amherst, Ohio

by Kristin Harlow August 7, 2018

AMHERST, OHIO — EXP Realty Advisors has brokered the $1.3 million sale of a single-tenant property net leased to Dollar General in Amherst, about 30 miles west of Cleveland. The 9,100-square-foot building is located on a 1.4-acre lot at 1651 Cooper Foster Park Road. Andrew Greenberg of EXP Realty Advisors brokered the transaction. A southern California-based real estate investor completing a 1031 tax-deferred exchange purchased the asset at a cap rate of 6.3 percent. Dollar General has 11 years remaining on its lease.

August 7, 2018

Loans Midwest Multifamily Ohio

SunTrust Arranges $20.3M Fannie Mae Refinancing of Multifamily Property in Dayton, Ohio

by Kristin Harlow July 31, 2018

DAYTON, OHIO — SunTrust Banks Inc. has arranged a $20.3 million Fannie Mae loan for the refinancing of a 300-unit multifamily property in Dayton. Built in 1988, the Class B property is located 11 miles southwest of Dayton’s central business district. Joe Markech of SunTrust originated the 12-year loan, which features a 30-year amortization schedule. Markech sourced the transaction through Michael Dury of PR Mortgage & Investments.

July 31, 2018

Acquisitions Industrial Midwest Ohio

Industrial Property Brokers (IPB) Negotiates Sale of 24,000 SF Warehouse in Piqua, Ohio

by Kristin Harlow July 31, 2018

PIQUA, OHIO — Industrial Property Brokers has arranged the sale of a 24,000-square-foot manufacturing and warehouse facility in Piqua in western Ohio. The price was not disclosed. The property is located at 9700 Looney Road. Innovated Technologies LLC, an equipment manufacturing and automation systems maker, purchased the building with plans to relocate from Sydney, Ohio, after tenant improvements are completed. Clear heights at the property range from 13 to 18 feet. Other features include four drive-in doors, two docks and 1,400 square feet of office space. Tim Echemann of Industrial Property Brokers arranged the transaction. Unity National Bank was the seller.

July 31, 2018

Acquisitions Hospitality Midwest Ohio

Marcus & Millichap Brokers $6.2M Sale of Comfort Inn & Suites in West Chester, Ohio

by Kristin Harlow July 25, 2018

WEST CHESTER, OHIO — Marcus & Millichap has brokered the $6.2 million sale of a Comfort Inn & Suites in West Chester, about 20 miles north of Cincinnati. The 92-room hotel is located at 5944 W. Chester Road. Alexandre Duong and Andrew Bankhurst of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also represented the buyer, a limited liability company.

July 25, 2018

Acquisitions Midwest Ohio Retail

Cooper Group Brokers $2.9M Sale of Retail Property in Aurora, Ohio

by Kristin Harlow July 20, 2018

AURORA, OHIO — The Cooper Commercial Investment Group has brokered the $2.9 million sale of an 8,460-square-foot retail property in Aurora, a suburb of Cleveland. Tenants include Kay Jewelers, Mattress Warehouse and Samurai Japanese Steak House. The outparcel is part of Marketplace at Four Corners, a nearly 1 million-square-foot regional shopping center. Dan Cooper of Cooper Group represented the seller, a Florida-based private investment group. An East Coast-based private investment group purchased the asset.

July 20, 2018

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