WEST CHESTER TOWNSHIP, OHIO — Marcus & Millichap has brokered the sale of a Texas Roadhouse ground lease in West Chester Township, about 25 miles north of Cincinnati, for $2.5 million. The 7,163-square-foot net leased property is located at 7309 Kingsgate Way and has a 15-year ground lease. Craig Fuller, Erin E. Patton and Scott Wiles of Marcus & Millichap marketed the property on behalf of the seller, a local private developer. An out-of-state buyer completing a 1031 exchange was the purchaser.
LAKEWOOD, OHIO — Hunt Mortgage Group has provided a $6 million Freddie Mac loan for the refinancing of Harbour View in Lakewood, about seven miles west of Cleveland. The 131-unit apartment property is located at 1370 Sloane Ave. Built in 1971, the nine-story building is currently 98 percent occupied. The borrower, Harbour View Associates Ltd., has invested more than $1 million in capital improvements to the property over the last five years. The 10-year loan features a 30-year amortization schedule.
CLEVELAND, OHIO — Bellwether Enterprise Real Estate Capital LLC has arranged a $57 million loan for the refinancing of One Cleveland Center in Cleveland. Renovated in 2011, the property includes 543,945 square feet of Class A office space, along with a 1,100-square-foot attached parking garage. The 31-story building features an on-site café, dry cleaning service, security and an underground pedestrian connection. Jim Doyle and Ross Halloran of Bellwether arranged the 10-year CMBS loan on behalf of the borrower, Optima 1375 II LLC. Rialto provided the loan, which was used to refinance both the building and parking garage as well as fund tenant improvements.
TROTWOOD, OHIO — Marcus & Millichap has brokered the sale of a retail building net leased to Walgreens in Trotwood, about 10 miles northwest of Dayton, for $3.8 million. The 14,866-square-foot property is located at 5271 Salem Ave. Walgreens has more than 11 years remaining on its lease. Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Medi Vakili of Investment Property Group represented the buyer, a private trust.
MAYFIELD HEIGHTS, OHIO — Mohr Capital has acquired a 460,000-square-foot net leased office building in Mayfield Heights, a suburb of Cleveland, for $52 million. Rockwell Automation Inc., a provider of industrial automation and information products, fully occupies the property on a triple net lease. The location serves as the second largest employment center for Rockwell, with close to 2,000 employees involved in the company’s architecture and software operating branch. The building was constructed as a build-to-suit for Rockwell in 1995. Rodrigo Godoi of Mohr Capital represented the Dallas-based real estate investment company in the transaction. Normal Rockwell Ohio LLC was the seller.
COLUMBUS, OHIO — Hunt Mortgage Group has provided a $7.6 million Fannie Mae loan for the acquisition of Sutton Square Apartments in Columbus. The 202-unit apartment property is comprised of 29 two-story buildings. Built in 1968, the community is currently 95 percent occupied. The 15-year loan features a 30-year amortization schedule. Hamilton Sutton Square LLC was the borrower.
HOFFMAN ESTATES, ILL. AND CINCINNATI — Sears Holdings Corp. has announced that 64 Kmart stores and 39 Sears stores will close nationwide between March and early April of this year. Sears had previously unveiled an effort to close unprofitable stores and “right size” store footprints. Eligible associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores. Liquidation sales will begin as early as Jan. 12 at the stores set to close. The company is closing three Kmart stores and three Sears stores in its home state of Illinois. For a full list of store closings, click here. Meanwhile, Cincinnati-based Macy’s has also announced the planned closure of 11 stores, four of which were previously disclosed. With these closures, the retailer will have completed 81 of the approximately 100 planned store closures announced in August 2016. The company intends to close approximately 19 additional stores as leases or operating covenants expire or sales transactions are completed. Including the newly announced stores, Macy’s has closed 124 stores since 2015. A majority of the Macy’s stores closing in early 2018 are located in California and Florida. A full list is available here. …
ELYRIA, OHIO — Dougherty Funding LLC has provided a $2.7 million loan for the refinancing of Midway Mall in Elyria, about 30 miles southwest of Cleveland. The retail center encompasses 585,606 square feet of gross leasable area. The mall is approximately 80 percent occupied by 75 tenants, and is comprised of a mix of national, regional and local tenants. Elyria Realty LLC, Midway CH LLC and Midway Nassim LLC were the borrowers. Dougherty served as lead lender and is servicing the loan.
STOW, OHIO — Home2 Suites by Hilton Stow Akron has opened in Stow, just north of Akron. The 85-suite hotel features fully equipped kitchens, complimentary Internet, a laundry and fitness area, indoor pool, outdoor patio and complimentary breakfast. The property, located at 4097 Bridgewater Parkway, is owned by Dave Patel and managed by Shree Dav Partnership LLC.
MACEDONIA, OHIO — Mumford Co. has arranged the sale of the Motel 6 in Macedonia, about 23 miles southeast of Cleveland. The sales price was not disclosed. Built in 1990, the 121-room hotel features Wi-Fi and guest laundry. George Arvanitis and Steve Kirby of Mumford Co. represented the seller, Shahil LLC. Macedonia Hospitality LLC purchased the property.