Ohio

Strategic Location, Strong Labor Force Boost Columbus Industrial Market

by Kristin Harlow October 26, 2017

The Columbus industrial market continues to thrive as a hot center for logistics, warehousing and manufacturing. Its strategic location within a one-day truck drive of 50 percent of the U.S. population and one-third of the Canadian population is an important part of this success. Other contributing factors to this success include a strong Midwestern work ethic, low cost of real estate, low taxes, low wages and minimal union activity. With a total population of about 2 million in metro Columbus, central Ohio has 86,000 employees in the manufacturing industry and 80,000 employees in logistics at 4,100 logistics companies. Positive vital signs Central Ohio’s 273-million-square-foot industrial real estate market continues to expand with nearly 5.7 million square feet of new construction in 2017. Year to date, there has been 1.3 million square feet of positive net absorption and vacancy is 4.6 percent, down from 5.1 percent as of year-end 2016. Net absorption totaled 9 million square feet in 2016. Effective rental rates in central Ohio range from $2 to $3.75 per square foot net for larger warehouse and manufacturing spaces. Operating expenses run from 35 cents to $1.25 per square foot. Sales prices will range from $10 to $45 per square …

October 26, 2017

Market Reports Midwest Midwest Market Reports Office Ohio

Downtown Columbus Office Market Devises Solutions to Parking Shortage

by Kristin Harlow October 19, 2017

In today’s world, nearly every company is a technology company. That trend is changing the way we do business and interact with one another. Ted Anglyn, president of the Parking Property Advisors, summarizes how these changes are impacting space utilization, which in turn affects parking needs: The space per square foot per employee in newly leased office space decreased from a range of 300 to 350 square feet per person in 2005 to 150 to 200 square feet in 2010. Some of this space reduction is linked to the recession, but much of it is because of open office design and the predominance of electronic storage, which reduces the need for physical file storage. This change has the potential to increase the typical office parking ratios that range from three to four spaces per 1,000 square feet to five to six spaces per 1,000 square feet. This begs the question of how we, as commercial real estate experts, address this gap. Parking, access and location are not new issues, but they are still major factors in today’s real estate environment. Landlords and economic development directors are all striving to address the needs of business today while also looking to future …

October 19, 2017

Midwest Mixed-Use Ohio

Woda Group to Convert Historic Building Into $16.7M Mixed-Use Development in Lima, Ohio

by Kristin Harlow October 18, 2017

LIMA, OHIO — The Woda Group Inc., in partnership with the city of Lima, has unveiled plans to convert the historic Lima Trust Co. building into 43 Towne Square, a $16.7 million mixed-use development featuring housing and office space. Built in 1926, the former First National Bank & Trust building is listed on the National Register of Historic Places. The 12-story building will be converted into 47 apartment units, 37 of which will be designated as affordable housing. The property will also feature 9,000 square feet of first-floor office space. Completion is slated for early 2019. Financing for the project is made possible through federal and state historic tax credits as well as the Low-Income Housing Tax Credits (LIHTC) program. The Ohio Housing Finance Agency provided a $1.5 million bridge loan and RiverHills Bank provided a $1.7 million permanent loan. CREA LLC is investing in the LIHTC program and federal historic tax credits.

October 18, 2017

Loans Midwest Ohio Seniors Housing

KeyBank Provides $5.7M Construction Financing for Seniors Housing Property in Dayton, Ohio

by Kristin Harlow October 16, 2017

DAYTON, OHIO — KeyBank Community Development Lending & Investment (CDLI) has provided $5.7 million in construction financing for Audubon Crossing, an affordable seniors housing property in Dayton. The 50-unit apartment community will be restricted to renters age 55 and older. The project will be restricted to households with incomes that are 35 to 60 percent of area median income (AMI). The property is part of a larger development known as Salem Crossing Hope IV. Kelly Frank of KeyBank arranged the loan for the borrower, The Woda Group Inc. The project utilizes multiple sources of funding, including an allocation of 4 percent Low Income Housing Tax Credits (LIHTC), City of Dayton HOME funds, a Replacement Housing Factor (RHF) loan from Greater Dayton Premier Management and a Housing Development Assistance Program (HDAP) loan.

October 16, 2017

Healthcare Midwest Ohio

Hammes, MetroHealth to Complete $1B Healthcare Campus Expansion in Cleveland

by Kristin Harlow October 11, 2017

CLEVELAND, OHIO — The MetroHealth System has selected Hammes Co. to collaborate on a $1 billion healthcare campus expansion in Cleveland. The cornerstone of the project will be a new 12-story hospital tower with 270 private rooms. The tower will also house an extensive range of departments. Other project plans include the construction of a connector building to the existing critical care pavilion, a parking garage, new loading dock, central utility plant and helipads. The project is expected to take six years to complete. Hammes is a healthcare project management firm that provides strategic planning, implementation and development services for capital construction projects.

October 11, 2017

Midwest Office Ohio

90 North Acquires Two Office Buildings in Ohio for $140M

by Kristin Harlow October 11, 2017

CINCINNATI AND EASTON, OHIO — 90 North Real Estate Partners LLC has acquired two office properties in Cincinnati and Easton for $140 million. 90 North partnered with Sidra Capital for the acquisition of Mercy Health’s corporate headquarters in the Bond Hill neighborhood of Cincinnati. The 368,447-square-foot building, completed in April 2016, is located at 1701 Mercy Health Place. Chicago-based Verus Partners was the developer and the seller of the property. In partnership with KAMCO Investment Co., 90 North also acquired a 215,000-square-foot office building in Easton, a suburb of Columbus. Abbott Nutrition, a pharmaceutical company and division of Abbott Laboratories, leases the Class A property on a triple net lease for 15 years. The building, located at 2900 Easton Square Place, features 54,000-square-foot floor plates, parking for 1,075 vehicles and a cafeteria. The Georgetown Group was the seller.

October 11, 2017

Midwest Office Ohio

Colliers Brokers $17.7M Sale of Office Portfolio Near Dayton, Ohio

by Kristin Harlow October 10, 2017

BEAVERCREEK, OHIO — Colliers International has brokered the sale of a four-building office portfolio in Beaver Creek, an eastern suburb of Dayton, for $17.7 million. The properties include: 3610 Pentagon Blvd., 3685 Hibiscus Way, 3725 Pentagon Blvd. and 2601 Commons Blvd. The buildings, totaling 143,802 square feet, are currently 85 percent occupied. Jeff Johnston, Steve Timmel and Chris Prosser of Colliers represented the seller, Mills-Morgan Development Ltd. Ger Reb Realty LLC purchased the portfolio.

October 10, 2017

Industrial Midwest Ohio

Becknell to Develop 176,800 SF Speculative Industrial Building in Fairfield, Ohio

by Kristin Harlow October 5, 2017

FAIRFIELD, OHIO — Becknell Industrial has purchased a 14-acre site to develop a 176,800-square-foot speculative industrial building in Fairfield, a northern suburb of Cincinnati. Completion is slated for the first quarter of 2018. The building, located on Commerce Center Drive, will feature 32-foot clear heights, 18 docks and two drive-in doors.

October 5, 2017

Midwest Ohio Retail Top Stories

QIC to Acquire Forest City’s Interest in Regional Mall Portfolio for $1.55B

by John Nelson October 4, 2017

BRISBANE, AUSTRALIA AND CLEVELAND — QIC, an Australian institutional investment management firm, has agreed to purchase Forest City Realty Trust Inc.’s (NYSE: FCE.A) interest in a 10-property regional mall portfolio. The overall transaction values the portfolio at approximately $3.18 billion, or $1.55 billion for Forest City’s share. The assets include: The Shops at Northfield Stapleton in Denver; Westchester’s Ridge Hill in Yonkers, N.Y.; The Shops at Wiregrass in Tampa, Fla.; Mall at Robinson in Pittsburgh; Antelope Valley Mall in Palmdale, Calif.; South Bay Galleria in Redondo Beach, Calif.; Victoria Gardens in Rancho Cucamonga, Calif.; Galleria at Sunset in Henderson, Nev.; Promenade Temecula in Temecula, Calif.; and Short Pump Town Centre in Richmond, Va. One additional mall, Charleston Town Center in Charleston, W.Va,, was originally part of the negotiations, but QIC subsequently made the decision not to acquire Forest City’s ownership interest. “This transaction is a win-win for all parties, as we continue to focus our business on urban residential, office and mixed-use assets, and QIC acquires full ownership of a U.S. retail presence with high-quality regional malls in strong markets,” says David LaRue, president and CEO of Forest City. Forest City provided $150 million of seller financing to QIC for a …

October 4, 2017

Industrial Midwest Ohio

Monmouth Acquires 219,765 SF Industrial Building in Stow, Ohio for $19.5M

by Kristin Harlow October 3, 2017

STOW, OHIO — Monmouth Real Estate Investment Corp. (NYSE: MNR) has acquired a 219,765-square-foot industrial building in Stow, about eight miles north of Akron, for $19.5 million. The property is located at 4651 Prosper Drive. The building is situated on 15.4 acres and is expandable by 50,000 square feet. The property is net leased to Mickey Thompson Performance Tires and Wheels for 10 years. The seller was not disclosed.

October 3, 2017

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