Ohio

Boulder Group Brokers $2.8M Sale of Property Net Leased to CVS in Cleveland Heights, Ohio

by Kristin Harlow October 12, 2018

CLEVELAND HEIGHTS, OHIO — The Boulder Group has brokered the $2.8 million sale of a single-tenant property net leased to CVS Pharmacy in Cleveland Heights, an inner-ring suburb of Cleveland. The 10,159-square-foot building is located at the intersection of Monticello Boulevard and Noble Road. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate investment company. A West Coast-based real estate partnership purchased the asset. CVS has five years remaining on its lease, which expires in January 2023.

October 12, 2018

Acquisitions Midwest Ohio Retail

Encore Brokers $1.9M Sale of Rite Aid-Occupied Property in Cleveland

by Kristin Harlow October 10, 2018

CLEVELAND — Encore Real Estate Investment Services has brokered the sale of a single-tenant retail property occupied by Rite Aid in Cleveland for $1.9 million. Rite Aid has three years remaining on its 20-year lease at the 11,180-square-foot property. Brandon Hanna, Brent Hanna and Deno Bistolarides of Encore represented the seller in the transaction. Neither the buyer nor the seller was disclosed.

October 10, 2018

Acquisitions Midwest Mixed-Use Ohio Retail

DealPoint Merrill Acquires Former Sears Store Near Cleveland, Plans $70M Redevelopment

by Kristin Harlow October 9, 2018

RICHMOND HEIGHTS, OHIO — DealPoint Merrill has acquired the former Sears store at Richmond Town Square Mall in Richmond Heights, about 13 miles northeast of Cleveland. The 248,000-square-foot Sears store has been vacant since March 2017. DealPoint Merrill plans to redevelop the store into a $70 million project featuring a 375-unit luxury apartment property, a 98-key hotel and 8,000 square feet of restaurant space. Joseph Khouri of CBRE brokered the sale of the Sears store. Sears was the seller. DealPoint Merrill previously purchased the former Macy’s store at the mall with plans to transform it into a self-storage property.

October 9, 2018

Leasing Activity Midwest Ohio Retail

PEBB Enterprises Completes Lease-up of Redeveloped Sugarcreek Plaza in Dayton, Ohio

by Kristin Harlow October 8, 2018

DAYTON, OHIO — PEBB Enterprises has completed the lease-up of Sugarcreek Plaza in Dayton. PEBB acquired the retail property, formerly home to a Cub Foods grocery store, in January 2016 when it was completely vacant. PEBB renovated the façade and added 6,000 square feet of space as well as a new outparcel. The latest tenant to join the shopping center was Affordable Uniforms. Others include Bed Bath & Beyond, Buy Buy Baby and Planet Fitness. A KFC operator has signed a long-term ground lease for the outparcel.

October 8, 2018

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Provides $6M Construction Loan for Affordable Housing Project in Cleveland

by Kristin Harlow October 5, 2018

CLEVELAND — KeyBank Community Development Lending & Investment has provided a $6 million construction loan for the acquisition and rehabilitation of the Stuyvesant Motor building in Cleveland. The borrower, Woda Cooper Communities, plans to transform the historic five-story building into Prospect Yard, a 42-unit affordable housing development. The property will serve persons earning at or below 60 percent of the area median income. Constructed in 1911, the building originally housed a production plant, service center, garage and storage for Stuyvesant Motor Co. Kelly Frank of KeyBank originated the loan. CREA, Woda Group and Ohio Housing Finance Agency provided additional funding for the project. Completion is slated for May 2019.

October 5, 2018

Loans Midwest Ohio Retail

NorthMarq Arranges $7.2M Acquisition Loan for Shopping Center in West Chester, Ohio

by Kristin Harlow October 4, 2018

WEST CHESTER, OHIO — NorthMarq Capital has arranged a $7.2 million loan for the acquisition of Liberty Commons in West Chester. The 58,059-square-foot shopping center is located at 7302-7340 Yankee Road. Tenants include a chiropractor, nail salon, hair salon and wings restaurant. Noah Juran and Dale Stewart of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. A national bank provided the loan. The borrower was not disclosed.

October 4, 2018

Acquisitions Industrial Midwest Ohio

Gladstone Commercial Acquires 157,810 SF Industrial Facility Near Columbus, Ohio

by Kristin Harlow September 28, 2018

DELAWARE, OHIO — Gladstone Commercial Corp. has acquired a single-tenant 157,810-square-foot industrial facility in the Columbus-area community of Delaware. The purchase price was not disclosed. The building serves as the headquarters and primary manufacturing facility for Acoust-A-Fiber, which manufactures acoustic, thermal management solutions for the automotive industry. The property is situated on 14.7 acres at 759 Pittsburgh Drive. Robin Stolberg, Kurt Sarbaugh, Nick Foster, Ken Martin and Sam Berry of HFF represented the seller, Agracel.

September 28, 2018

Acquisitions Industrial Midwest Ohio

Signature Associates Negotiates Sale of 104,200 SF Industrial Building in Holland, Ohio

by Kristin Harlow September 28, 2018

HOLLAND, OHIO — Signature Associates has negotiated the sale of a 104,200-square-foot industrial building in Holland, a suburb of Toledo. The sales price was not disclosed. The property is located at 6145 Merger Drive. Joe Banyai of Signature Associates brokered the transaction. Honey Baked Foods Inc. purchased the building from Merger Investment Group LLC.

September 28, 2018

Acquisitions Midwest Ohio Retail

Out of the Box Ventures Acquires 733,633 SF Shopping Mall in Mansfield, Ohio

by Kristin Harlow September 26, 2018

MANSFIELD, OHIO — Out of the Box Ventures LLC has acquired Richland Mall in Mansfield, located midway between Columbus and Cleveland. Wells Fargo Bank NA sold the property for $7.4 million, according to local media. Macy’s, JC Penney, Sears and AVITA Health Systems anchor the 733,633-square-foot enclosed mall. Other tenants include Victoria’s Secret, American Eagle Outfitters, Chuck E. Cheese’s, Bath & Body Works, Champs Sports, GameStop, Lenscrafters and The Finish Line. The acquisition includes all but Sears and AVITA Health Systems, which are both separately owned. Robert Marona of Madison Marquette will market the property. Out of the Box Ventures is a subsidiary of Miami-based real estate development firm, Lionheart Capital.

September 26, 2018

Acquisitions Midwest Multifamily Ohio Seniors Housing

SLIB Negotiates $2M Sale of Skilled Nursing Community in Fremont, Ohio

by Kristin Harlow September 12, 2018

FREMONT, OHIO — Senior Living Investment Brokerage has negotiated the sale of Pristine Senior Living and Post-Acute Care of Fremont, an 82-bed skilled nursing facility, for $2 million. The three-story community is located in Fremont, approximately 40 miles southeast of Toledo. Constructed in 1965 and expanded in 1989, the 73,515-square-foot property sits on 6.8 acres. The seller was Sandusky County, which previously leased the community to Pristine Senior Living. The lease term ended and Pristine exited the Ohio market. The buyer was a New-Jersey based company with 11 other communities in Ohio. The transaction was positioned as a value-add play, as the community’s occupancy was below 50 percent at the time of sale. The new owner plans to make capital improvements to the building. The price equates to a price per bed of $24,390 and a capitalization rate of 7.04 percent.

September 12, 2018

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