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.
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 …
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.
BELLEVUE, OHIO — Marcus & Millichap has arranged the sale of Shadow Hill in Bellevue, located in central northern Ohio, for $1.3 million. The 40-unit apartment property is located at 300 Derby Lane. The property, comprised of five buildings on 3.7 acres, features a mix of two- and three-bedroom units. The Barron, Burkons & Wintermute group of Marcus & Millichap marketed the property on behalf of the seller, an out-of-state limited liability company. The team also procured the buyer, a regional limited liability company.
COLUMBUS, OHIO — The Meritex Co. has selected The Opus Group to build a 250,050-square-foot industrial building in Columbus. The speculative building, which will feature 32-foot clear heights and truck ports, will accommodate up to four tenants. The project is slated for completion in May 2018. Opus Design Build LLC will serve as design-builder and Opus AE Group will serve as the architect and structural engineer. Rick Trott and Kevin McGrath of CBRE will market the property for lease on behalf of developer Meritex.
CINCINNATI — Colliers International has brokered the sale of a 39,385-square-foot office property in Cincinnati for $5.9 million. Built in 2010 and expanded in 2017, the building is located at 9655 Reading Road. EMCOR Inc., a mechanical and electrical construction services company, fully occupies the property. Steve Timmel, Jeff Johnston, Chris Prosser and John Gartner of Colliers represented the undisclosed seller. A real estate investment trust purchased the property.
COLUMBUS, OHIO — Colliers International has brokered the sale of Sterling Place in Columbus for $32.5 million. The 300-unit multifamily property was built in 1991. Will Mathews and Russ Williamson of Colliers represented the seller, CORE Realty Holdings Management Inc. The Conor Group purchased the property.
CENTERVILLE, OHIO — A joint venture between Mills Development and Hills Properties has broken ground on Allure Luxury Apartments, a seven-building apartment property in Centerville. The 312-unit community is located at 350 Arden Way adjacent to Cross Pointe Shopping Center. Amenities will include a two-story fitness center, executive conference room, cyber café, pool and bark park. Hills Properties will manage the property. First move-ins are slated for late 2018.
KENTON, OHIO — Monmouth Real Estate Investment Corp. has acquired a new 298,472-square-foot industrial building in Kenton for $18 million. The property is located on 46 acres at 2465 Fontaine St., approximately 28 miles south of Findlay. The building is net leased to International Paper Co., a paper and packaging manufacturer, for 10 years. The building has full rail access and is adjacent to one of International Paper Co.’s manufacturing plants.
DUBLIN, OHIO — Home2 Suites by Hilton Columbus Dublin has opened in suburban Columbus. The 126-room, extended-stay hotel is owned by Dublin-based Crawford Hoying and operated by Shaner Hotels. Located at 5000 Upper Metro Place, the property features an indoor pool and two outdoor patio areas. The hotel also features a laundry and fitness area and complimentary breakfast. The chain is aggressively expanding throughout the Midwest and the rest of the country.