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.
CLEVELAND — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Statler Arms in downtown Cleveland for $40 million. The 295-unit apartment building is located on the corner of East 12th Street and Euclid Avenue in the Theater District. The property was originally built in 1912 as the 700-room Statler Hotel. The building was then expanded in the 1930s, became an office building in the 1980s and was converted into apartments in 2000. Michael Barron, Joshua Wintermute and Daniel Burkons of IPA represented the buyer. According to The Plain Dealer, Millennia Cos. purchased the building from an affiliate of the California State Teachers’ Retirement System.
CINCINNATI — United Kingdom-based EG Group has agreed to acquire Kroger’s (NYSE: KR) convenience store business for $2.1 billion. Kroger’s convenience store arm employs 11,000 workers in 18 states across 66 franchise operations. The stores operate under the brands Turkey Hill, Loaf ‘N Jug, Kwik Shop, Tom Thumb and Quik Stop. Kroger’s convenience store business generated $4 billion in revenue, including the sale of 1.2 billion gallons of fuel, in 2016. EG Group will establish its North American headquarters in Cincinnati and continue to operate the stores under their established brand names. It is the company’s first venture in the United States. Kroger’s supermarket fuel centers and its Turkey Hill Dairy are not included in the sale. Kroger plans to use net proceeds from the sale to repurchase shares and to lower its ratio of net total debt to adjusted EBITDA. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Kroger, with Weil, Gotshal & Manges LLP acting as legal advisor. Morgan Stanley, Bank of America Merrill Lynch and Barclays are acting as financial advisors to EG Group, while Allen & Overy is acting as legal advisor. EG Group was founded in 2001 by brothers Zuber and …
KENT, OHIO — Marcus & Millichap has arranged the sale of the Discount Drug Mart Center in Kent, about 40 miles south of Cleveland, for $3.2 million. The 31,762-square-foot retail center is located at 1763 E. Main St. The property is 100 percent occupied by tenants such as Discount Drug Mart and NAPA Auto Parts. Three of the four tenants have resided at the center since its construction in 1999. Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company based in northeast Ohio. Russ Panowicz, also of Marcus & Millichap, secured and represented the buyer, an Indiana-based private investor.