CHESTERLAND, OHIO — The Cooper Commercial Investment Group has brokered the sale of a single-tenant property net leased to AutoZone in Chesterland, about 30 miles east of Cleveland, for $1.4 million. The lease has approximately 10 years remaining. Dan Cooper of Cooper Group represented the buyer, a private investor based in Ohio. The seller was a Louisiana-based private investment group.
CINCINNATI — NorthMarq Capital has arranged a $2.6 million loan for the acquisition of Crescentville Distribution Center in Cincinnati. The 83,679-square-foot facility is located at 500-518 Crescentville Road. Susan Branscome of NorthMarq arranged the 10-year loan, which includes a 25-year amortization schedule. A life insurance company provided the loan to the undisclosed borrower.
INDIANA, MICHIGAN AND OHIO — Four Corners Property Trust (NYSE: FCPT) has acquired 16 properties occupied by Bob Evans Restaurants as part of a $35.1 million sale-leaseback transaction. The transaction was completed simultaneously with Golden Gate Capital’s acquisition of Bob Evans Restaurants from Bob Evans Farms Inc. In the Midwest, the properties are located in Indiana, Michigan and Ohio. The other properties within the portfolio are located in Delaware, Maryland, New York, Pennsylvania, Virginia and West Virginia. The properties are occupied under a single triple-net master lease with a 20-year initial term.
NEW ALBANY, OHIO — RED Capital Partners has provided a $37.7 million loan for the construction of HQ Flats in New Albany, a northeast suburb of Columbus. CASTO is developing the 336-unit multifamily property, which will be located near the Hamilton Road and State Route 161 interchange. Terms of the non-recourse loan were not disclosed.
ORANGE VILLAGE, OHIO — Fairmount Properties and the DiGeronimo Cos. have received a $142 million loan for the construction of Pinecrest, a 650,000-square-foot mixed-use project in the Cleveland suburb of Orange Village. More than 400,000 square feet of retail and restaurant space will include Whole Foods, REI, Silverspot Theaters, Pinstripes, West Elm, Williams Sonoma, Pottery Barn, Vineyard Vines and Kona Grill. The Offices at Pinecrest will consist of two adjoining 75,000-square-foot Class A office buildings, which will be positioned above the retail and restaurant component. Pinecrest will also feature a 145-room AC Hotel by Marriott, 87 high-end luxury apartments and a one-acre town center. The project is slated for completion in spring 2018. Trey Morsbach, Danny Kaufman and Jim Curtin of HFF arranged the loan with a syndicate of banks led by Huntington Bank, which also included KeyBank, First National Bank, First Commonwealth Bank and Flagstar Bank. HFF also assisted the developer in securing joint venture equity for the project in June 2016.
CUYAHOGA FALLS, OHIO — Bellwether Enterprise Real Estate Capital LLC has arranged a $15.2 million loan for the refinancing of an industrial property in Cuyahoga Falls, five miles north of Akron. The property currently serves as the main manufacturing facility for Gojo Industries Inc., a producer and marketer of skin health and hygiene solutions. Jeff Musser of Bellwether arranged the financing for Gojo Industries. The lender was not disclosed.
MAUMEE, OHIO — Reichle | Klein Group has brokered the sale of a 30,000-square-foot industrial building in Maumee, a suburb of Toledo, for $2 million. The former Champion Windows building is located at 6214 Monclova Road. Mike Poulos of Reichle Klein represented the buyer, Therma-Tru Corp. Toledo-based Champion Realty LLC was the seller.
DUNLAP, ILL. AND HOLLAND, OHIO — Hunt Mortgage Group has arranged $30.5 million in acquisition financing for multifamily properties located in Illinois and Ohio. Knoxville Pointe Apartments is a 218-unit apartment complex located in Dunlap, near Peoria, Ill., and comprised of 13 two-story buildings. The property was built in 2001. Fox Chase Apartments is a 304-unit apartment complex located in Holland, within the Toledo metro area, and comprised of 23 two-story buildings. The property was built in 1998. Michigan-based ROCO Real Estate was the borrower. The properties were financed through ROCO’s structured credit facility with Freddie Mac and Hunt.
SPRINGFIELD, OHIO — Marcus & Millichap has arranged the sale of Burnett Plaza in Springfield, west of Columbus, for $3.6 million. The 86,335-square-foot shopping center is located at 508 South Burnett Road. The center was built in 1960 and renovated in 1997. The property was 87 percent occupied at the time of sale and is anchored by Family Dollar, AutoZone and Ace Hardware. C.J. Jackson, Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap marketed the property on behalf of the seller, an Ohio-based REIT. The team also secured and represented the buyer, a private out-of-state group.
BLACKLICK, OHIO — Marcus & Millichap has negotiated the sale of a 10,000-square-foot industrial property net leased to Sunbelt Rentals in Blacklick, about 14 miles east of Columbus. The facility sits on 3.8 acres at North Reynoldsburg New Albany Road. The building was constructed as a build-to-suit for Sunbelt, an equipment rental company with over 550 locations in North America. David Houston, Patrick Doherty and Scott A. Ryan of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the buyer, an out-of-state private partnership. Michael Glass acted as the broker of record in closing the transaction.
