COLUMBUS, OHIO — Colliers International has negotiated the sale of Cambridge Apartments in Columbus for $2.1 million. The apartment building, located at 3170 Cleveland Ave., includes 66 units. Will Mathews, Russ Williamson, Carter Brehm, Tyler Hague and Jack Maloney of Colliers represented the seller, AMG Mario LLC. Ravi Chenna, a private buyer, purchased the asset.
HARTVILLE AND NORTH ROYALTON, OHIO — The Boulder Group has arranged the sale of two single-tenant properties net leased to CVS Pharmacy in Ohio for $5.2 million. The properties are located at 600 W. Maple St. in Hartville, about 15 miles north of Canton, and 8001 W. 130th St. in North Royalton, about 15 miles south of Cleveland. CVS has approximately five years remaining on its leases, which expire in January 2023. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate investment company. The buyer was a Southeast-based real estate partnership.
COLUMBUS, OHIO — Shake Shack has unveiled plans to open at Easton Town Center in Columbus in early 2019. The burger restaurant, which also serves chicken sandwiches, fries and shakes, will occupy 3,523 square feet. The space will feature an outdoor patio and seating for more than 100 people. Tabletops will be made from reclaimed bowling alley lanes in keeping with Shake Shack’s commitment to green architecture and eco-friendly construction. Easton Town Center is a $225 million mixed-use complex from Steiner + Associates.
CLEVELAND — Rose Community Capital has provided a $16.1 million 221(d)4 loan for the rehabilitation of Fenway Manor in Cleveland. The 143-unit affordable housing property was originally constructed in 1923 as a residential hotel and rehabbed in 1974 for low-income seniors. Plans call for a new roof, windows, elevators, entrance, HVAC, flooring and paint. Individual units will be updated with new kitchens, bathrooms, flooring, paint and doors. The borrowers included Orlean Company and Renewal Housing Associates. Rose Community Capital is the financing arm of Jonathan Rose Cos.
CINCINNATI — Columbia Pacific Advisors LLC has provided a $25 million bridge loan primarily for the acquisition of a nine-property, 435-unit multifamily portfolio in Cincinnati. Kentucky-based Blue Tide Partners was the borrower. A portion of the loan proceeds will be used to refinance existing debt on nine similar properties totaling 212 units in Cincinnati that Blue Tide acquired in 2014 and 2015. Together, the 18-property portfolio is 55 percent occupied.
ORANGE VILLAGE, OHIO — AC Hotel Cleveland Beachwood will open at the new Pinecrest development in Orange Village, a suburb of Cleveland, this August. The 145-room hotel, designed by Meyers + Associates Architecture, will be owned and operated by DelMonte Hotel Group. The hotel will include a cocktail bar, library, business center, fitness center and ballroom. Pinecrest is an 80-acre, mixed-use project that includes apartment and office space.
CRIDERSVILLE, OHIO — Industrial Property Brokers (IPB) has arranged the sale of the former Endless Endeavors Antiques & Collectibles building in Cridersville in northwest Ohio. The sales price was not disclosed. The buyers, a group of local investors, plan to build a $5 million facility for sports shooting known as Black Rifle Shooting Center. Originally built in 1997 as an entertainment site with a car museum, restaurant and merchandising space, the 63,742-square-foot building sits on nine acres and is currently vacant. The property features 200 car parking spaces, five drive-in doors and 3,450 square feet of office space. Tim Echemann of IPB represented the buyer, M&S Land Development Group LLC, as well as the sellers, Don and Mona Miller.
JACKSON TOWNSHIP, OHIO — Industrial Commercial Properties LLC has begun development of a new headquarters and distribution center for ComDoc in Jackson Township, about 12 miles south of Akron. ComDoc is a subsidiary of Global Imaging Systems, a Xerox company. The 107,500-square-foot facility will be located on 12 acres on Pittsburg Avenue. The property will feature 32,500 square feet of office space and 75,000 square feet of distribution space. ComDoc plans to consolidate four northeast Ohio facilities at the new headquarters, which is slated for completion in the spring of 2019. M.E. Osborne Building Co. is the general contractor for the project.
MIDDLETOWN, OHIO — The Opus Group has unveiled plans to construct a 612,730-square-foot, speculative warehouse in Middletown, about 38 miles north of Cincinnati. The property will feature a clear height of 36 feet, 40 dock doors, 79 trailer positions and 410 car parking spaces. Construction is expected to begin in June with completion slated for May 2019. Opus Development Co. is the developer and Opus Design Build is the design-builder. Opus AE Group is the architect of record and structural engineer. The project is a joint venture with Founders Properties LLC. Norm Khoury and John Gartner of Colliers International will market the property for lease.
YOUNGSTOWN, OHIO — The 125-room DoubleTree by Hilton Youngstown Downtown has opened in northeastern Ohio. Marshall Hotels & Resorts manages the 12-story hotel, while Pan Brothers Associates Inc. owns the property. Located at 44 E. Federal Plaza, the property was formerly known as the Stambaugh Building, an office building that opened in 1907. Hotel amenities include a business center, fitness center, Hilton’s Made Market and 5,300 square feet of meeting and event space. Guests can also dine at the Bistro 1907 restaurant.
