TOLEDO, OHIO — Hunt Mortgage Group has provided a $9.7 million Freddie Mac loan for the acquisition of Jamestown of Toledo Apartments. Constructed in 1965, the 204-unit multifamily property comprises 19 buildings. The property features a mix of one-, two- and three-bedroom units. Jamestown Apartments 17 LLC, an entity fully owned by Watermark Partners Fund IV LLC, was the borrower. Watermark is a Michigan-based firm that owns and operates multifamily properties throughout the Midwest.
CLEVELAND — KeyBank Real Estate Capital has originated a $125 million CMBS loan for the refinancing of Griffin Capital Essential Asset REIT II, a four-property commercial real estate portfolio. The properties total 2.7 million square feet and include two industrial buildings and two office buildings. The properties are located in Columbus, Ohio; Chicago; Las Vegas; and Birmingham, Ala. Randy Martin of Cleveland-based KeyBank originated the 10-year loan. In addition to KeyBank’s loan, Bank of America NA provided $125 million in CMBS financing.
MICHIGAN, INDIANA AND OHIO — Global Net Lease Inc., a real estate investment trust focused on the acquisition of net lease industrial properties, has acquired five industrial assets representing approximately 1.4 million square feet for $83 million. Three of the buildings are located in Michigan with one in Indiana and one in Ohio. The properties are leased to Contractors Steel Co., a steel service supplier. The industrial buildings included in this transaction comprise all of Contractors Steel Co.’s facilities and also house the company’s offices, central inventory and processing depot.
DUBLIN, OHIO — Colliers International has brokered the sale of Stoneridge Medical Center in Dublin for $2.3 million. The 46,500-square-foot medical office building is located at 4015-4059 W. Dublin Granville Road. Current tenants include OSU Obstetrics and Gynecology and OSU Radiology. Jaimine Johnson, Christopher Potts, George Stecz and John Underman of Colliers represented the seller, LNR Partners. A Columbus, Ohio-based real estate investor was the buyer.
LONDON, OHIO — Marcus & Millichap has brokered the $1.1 million sale of a 6,790-square-foot property net leased to Advance Auto Parts in London, about 25 miles southwest of Columbus. The property is located at 246 Lafayette St. The tenant recently exercised an early lease extension. Nathan Coe and Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer was not disclosed.
LOVELAND, OHIO — MCR has acquired the 84-room Hilton Garden Inn Cincinnati Northeast in Loveland, about 20 miles northeast of Cincinnati. The purchase price was not disclosed. Located near I-275, the hotel features free Wi-Fi, a fitness center, indoor pool, business center, restaurant, convenience store and two meeting rooms. MCR will also manage the property.
DAYTON, OHIO — CBRE and Newmark Knight Frank have brokered the sale of the 130 Building in downtown Dayton for an undisclosed price. The 23-story, 336,000-square-foot office building is located at 130 W. Second St. The buyer, Brian Lash, plans to add a number of amenities to the property, including a fitness center, co-working spaces, a banquet hall and additional meeting space. Matt Arnovitz of CBRE and Jim Vondran and Keith Yearout of NKF represented the seller, Titan Capital Investment Fund.
OXFORD, OHIO — Marcus & Millichap has brokered the $1.2 million sale of a Verizon Wireless store located at 4965 College Corner Pike in Oxford. The 1,800-square-foot property, constructed in 2016, is leased to Verizon for 10 years. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap arranged the transaction on behalf of the seller, an Arizona-based merchant developer, and secured the buyer, an Ohio-based 1031 exchange investor.
TOLEDO, OHIO — Toledo-based healthcare REIT Welltower Inc. (NYSE: WELL) has entered into an 80/20 joint venture with ProMedica Health System to acquire Quality Care Properties (NYSE: QCP) for nearly $2 billion in cash. The joint venture will acquire the real estate of QCP’s principal tenant, HCR ManorCare, the nation’s second-largest nursing home chain. Toledo-based HCR ManorCare filed for Chapter 11 bankruptcy in March after struggling to pay rent to QCP, which owns nearly all of the facilities in which HCR ManorCare operates. QCP won a court approval earlier this month to acquire HCR ManorCare out of bankruptcy. QCP itself is a spin-off of healthcare REIT HCP (NYSE: HCP), which created the company in 2016 specifically to remove HCR ManorCare’s 320 properties from its portfolio. As part of the transaction, ProMedica has agreed to buy the operations of HCR ManorCare, making the nonprofit healthcare organization a national U.S. healthcare provider. “This acquisition will enable ProMedica to expand their service offering beyond acute care hospitals to include home health, post-acute care and residential memory care,” says Tom DeRosa, CEO of Welltower. The HCR ManorCare chain has more than 50,000 employees providing services in 450 assisted living facilities, skilled nursing and rehabilitation …
CANTON, OHIO — Marcus & Millichap has negotiated the $2.3 million sale of a McDonald’s ground lease in Canton. The 4,673-square-foot property, built in 2014, is located at 4643 Belden Village St. The ground lease is for 20 years. Erin Patton, Scott Wiles and Craig Fuller marketed the property on behalf of the seller, a local developer. The buyer, a private investor, was completing a 1031 exchange.