Ohio

OnSite Retail Group to Lease $140M District at Deerfield in Cincinnati

by Kristin Harlow August 31, 2017

CINCINNATI — OnSite Retail Group will oversee leasing of the retail portion of The District at Deerfield, a $140 million mixed-use development in Cincinnati. The development spans 28 acres between Mason-Montgomery Road and Wilkens Boulevard. In partnership with Deerfield Township, the property will feature a community park. The green space’s town-square design will be surrounded by dining and retail establishments. The developer, Silverman & Co., will break ground on the project’s initial residential components later this fall. The property will feature 242 luxury apartments in four buildings, along with a pool, clubhouse and leasing office.

August 31, 2017

Affordable Housing Midwest Multifamily Ohio

DSCDO Breaks Ground on 40-Unit Affordable Housing Property in Cleveland

by Kristin Harlow August 30, 2017

CLEVELAND — Detroit Shoreway Community Development Organization (DSCDO), along with funders Enterprise Community Partners and the Ohio Housing Finance Agency, have broken ground on Aspen Place, a 40-unit affordable housing property in Cleveland. The 49,000-square-foot, $10.5 million development will serve households making between 30 and 60 percent of the area median income. Completion is slated for September 2018. The transit-oriented development is being built in partnership with the Greater Cleveland Regional Transit Authority to provide free transit/bus passes for residential tenants. Enterprise Community Loan Fund and Enterprise Community Investment, both subsidiaries of Enterprise, provided $250,000 in pre-development capital and $8.7 million in equity. Aspen Place was one of seven developments in the country to receive Enterprise’s inaugural pre-development design grant. Other partners and providers of project funding include KeyBank, the Ohio Housing Finance Agency, the City of Cleveland, Cuyahoga County, and the Finance Fund. Marous Brothers Construction will serve as the design builder. DSCDO will own and manage the property.

August 30, 2017

Indiana Loans Midwest Ohio Retail

NorthMarq Arranges $7M Refinancing for Retail Portfolio in Indiana and Ohio

by Kristin Harlow August 30, 2017

INDIANA AND OHIO — NorthMarq Capital has arranged a $7 million loan for the refinancing of Creekstone retail portfolio, a collection of retail properties totaling 50,000 square feet in Indiana and Ohio. The properties include: 1310, 1665 and 1675 N. National Road in Columbus, Ind.; 909 DuPont Road in Fort Wayne, Ind.; and 4425 Feedwire Road in Centerville, Ohio. Noah Juran of NorthMarq arranged the 15-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan.

August 30, 2017

Midwest Ohio Retail

TNT Powerwash to Expand Operations in Sharonville, Ohio

by Kristin Harlow August 29, 2017

SHARONVILLE, OHIO — TNT Powerwash has unveiled plans to expand its operations in Sharonville. The company purchased a property located at 11910 Mosteller Road for $1 million with plans to demolish the existing truck terminal and redevelop the site. TNT plans to construct a new facility to house a truck dealership; maintenance, body and detail shop; and drive-thru truck wash. The $3.2 million project will create 20 new jobs, according to TNT. Erin Casey and John Gartner of Colliers International represented TNT in the transaction.

August 29, 2017

Industrial Midwest Ohio Top Stories

Amazon to Open 855,000 SF Fulfillment Center at Former Mall Site Near Cleveland

by Camren Skelton August 28, 2017

NORTH RANDALL, OHIO — Amazon (NASDAQ: AMZN) has unveiled plans to open an 855,000-square-foot fulfillment center at the former site of Randall Park Mall in North Randall, roughly 15 miles southeast of Cleveland. “Along with Team NEO and the Village of North Randall, the Cleveland Port Authority and the Greater Cleveland Partnership, we are pleased to partner with Amazon to revitalize and bring jobs back to a property that has stood vacant for too long,” said John Minor, JobsOhio president and chief investment officer. “Amazon’s investment at a site where the nation’s largest shopping mall once stood will now support digital retail jobs.” The new center will create approximately 2,000 full-time associate jobs with benefits. Employees will work with Amazon Robotics to pack and ship smaller customer items such as electronics, toys and books. Amazon currently employs more than 4,500 full-time hourly associates at its two existing Ohio fulfillment centers in Etna and Obetz. “Our ability to expand in Ohio is the result of two things: incredible customers and an outstanding workforce in the state,” said Sanjay Shah, Amazon’s vice president of North American customer fulfillment. “We very much appreciate the state and local elected leaders who have supported Amazon’s arrival …

August 28, 2017

Loans Midwest Multifamily Ohio

NorthMarq Capital Arranges $5.6M Refinancing Loan for Multifamily Property in Cincinnati

by Kristin Harlow August 24, 2017

CINCINNATI — NorthMarq Capital has arranged a $5.6 million loan for the refinancing of North Park Townhomes in Cincinnati. The 122-unit property is located at 300 Cardinal Drive. Noah Juran of NorthMarq arranged the 15-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan. The borrower was not disclosed.

August 24, 2017

Loans Midwest Ohio Retail

PGIM Provides $33M Bridge Loan for Shopping Center in Columbus, Ohio

by Kristin Harlow August 22, 2017

COLUMBUS, OHIO — PGIM has provided a $33 million, two-year bridge loan for the Graceland Retail Center in Columbus. The shopping center spans 320,000 square feet. Anchor tenants include Kroger, LA Fitness and Michaels. The center was originally constructed in 1954 and redeveloped in 2005. Christy Lockridge and Craig Foreman of PGIM led the loan transaction on behalf of PGIM. Unnamed institutional investors were the borrowers. “This loan on a grocery-anchored retail center will help the sponsor make improvements at the property to achieve its business plans,” says Marcia Diaz, global head of originations at PGIM Real Estate Finance. “This financing represents the first of many we would like to realize in the core-plus space. Our expansion will continue through identifying both stabilized and transitional properties that meet our financing criteria.”

August 22, 2017

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Arranges $6.9M FHA Loan for Affordable Housing Property in Ironton, Ohio

by Kristin Harlow August 22, 2017

IRONTON, OHIO — KeyBank Real Estate Capital has arranged a $6.9 million FHA loan for the renovation of Sherman Thompson Towers Apartments in Ironton, located in southernmost Ohio along the Ohio River. The affordable seniors housing property consists of 151 units, each of which are designated for residents earning 30 to 60 percent of the area median income. The Ohio Housing Finance Agency provided tax credits for the project. Jeff Rodman of KeyBank arranged the loan for the borrower, Millennia Housing Development Ltd.

August 22, 2017

Midwest Ohio Retail

Marcus & Millichap Brokers Sale of 182,453 SF Shopping Center in Suburban Dayton, Ohio

by Kristin Harlow August 17, 2017

HUBER HEIGHTS, OHIO — Marcus & Millichap’s Institutional Property Advisors division has brokered the sale of North Heights Plaza shopping center in Huber Heights, a suburb of Dayton. The sales price was not disclosed. The 182,453-square-foot retail center is located at 8280 Old Troy Pike. Dick’s Sporting Goods and Big Lots anchor the property, which was built in 1990. Other tenants include Five Below, Great Clips, Sally Beauty Supply, Verizon Wireless and Firehouse Subs. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap represented the seller, a national real estate investment trust, and procured the buyer, a private real estate investment fund.

August 17, 2017

Market Reports Midwest Midwest Market Reports Office Ohio

Cleveland Office Market Sees String of New Projects

by Kristin Harlow August 17, 2017

Cleveland’s central business district (CBD) continues to make headlines as events like the Republican National Convention, the 2016 and 2017 NBA Championships and the 2016 World Series earned national attention. Within the office market, trends such as “flight to quality” and office-to-residential conversions, which are driven by a hot apartment market, have reduced surplus supply and lowered vacancies. This has shaped metrics positively, and has put Cleveland in a position of strength for the upcoming years. The news of the year has been the purchase of Key Tower by Millennia Cos., a local real estate developer known mostly for multifamily. The company moved its headquarters from a property in Valley View to two entire floors spanning approximately 40,000 square feet in Cleveland’s signature office tower. Almost immediately after, Forest City announced its headquarters move from the historic Terminal Tower to the Key Tower, backfilling almost 150,000 square feet of space that KeyCorp gave back in a downsizing strategy. By the first quarter of 2018, Key Tower will benefit from lobby and building amenity upgrades, and should see a vacancy rate of less than 10 percent. Another story on the horizon is the potential move of Medical Mutual of Ohio, now …

August 17, 2017

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