PERRYSBURG, OHIO — Reichle Klein Group has brokered the sale of a medical office building in Perrysburg, 11 miles south of Toledo, for $3.9 million. The 27,672-square-foot building is located at 1103 Village Square Drive. Marty Gallagher of Reichle Klein Group represented the seller, Walbridge Investors LLC. Silvana Graff of Sperry Van Ness represented the buyer, CHCT Ohio LLC.
FAIRFIELD, OHIO — Cooper Commercial Investment Group has arranged the sale of a net leased Starbucks property in Fairfield, a suburb of Cincinnati, for $1.7 million. The property was newly constructed in 2017 and includes an initial lease term of 10 years. Dan Cooper of Cooper Commercial represented the undisclosed seller. The buyer was based in Michigan.
NELSONVILLE, OHIO — The transformation of the former Nelsonville High School Complex into an affordable housing property is about one-third complete. The $9.6 million redevelopment project undertaken by The Woda Group Inc. saved the historic school from demolition. Located at 189 Fayette St., about 60 miles southeast of Columbus, the complex consists of two adjoining buildings built in 1907 and 1924. The new apartment homes will include 33 one- and two-bedroom units, and feature open concept kitchens, energy-saving appliances and individual heating and cooling. Some apartments will retain original chalkboards and classrooms for closet space. The project is slated for completion this fall.
SIDNEY, OHIO — Cooper Commercial Investment Group has negotiated the sale of a single-tenant property net leased to Chipotle Mexican Grill in Sidney for $1.5 million. The property is located about 40 miles north of Dayton near I-75. Chipotle signed a 10-year lease in 2016. Dan Cooper of Cooper Commercial represented both parties in the sales transaction. The buyer, an Ohio-based private investor, purchased the property in a 1031 exchange. The seller was a private investment group also based in Ohio.
CINCINNATI — Pro Football Focus (PFF) has signed a 6,000-square-foot office lease at 1208 Central Parkway in Cincinnati. Chris Collinsworth, a former Cincinnati Bengals wide receiver and sports broadcaster, owns PFF. The company will be moving to the new location this summer after renovations are completed. PFF provides football performance data and insights to help teams win their games. Stuffed Realty LLC purchased the 15,000-square-foot building last year with plans to redevelop the property. Travis Likes, Scott Yards and John Eckert of CBRE represented PFF in the lease transaction.
WOOSTER, OHIO — Minnesota Ltd. has signed a 9,384-square-foot industrial lease in Wooster, about 35 miles southwest of Akron. The 7.4-acre property is located at 460 W. Henry St. Minnesota Ltd. is the contractor for Kinder Morgan Utopia Pipeline. This is one of several Minnesota Ltd. facilities and laydown yards throughout the area, supporting the 215-mile pipeline of natural gas. Bryce Custer of NAI Spring represented all parties in the lease transaction.
COLUMBUS, OHIO — Serendipity Labs Coworking has signed two new leases for its coworking office space concept in Columbus. The first location is slated to open this summer in the Fifth Third Center at 21 E. State St. and consists of 14,000 square feet. The second location includes the new construction of 22,000 square feet at 900 N. High St. Renascent Hospitality, owned by Columbus natives Trevor Warner and Scott Somerville, will own and manage the Serendipity Labs in Columbus. Serendipity Labs provides members-only workplaces with meeting facilities at corporate standards, according to the company’s website. Membership to Serendipity Labs includes the use of dedicated private offices, team rooms, lab café and work lounge. Full-time, part-time and day passes are available.
SHERRODSVILLE, OHIO — Vortech Contracting has signed a 7,100-square-foot industrial lease in Sherrodsville, located in eastern Ohio. The oil and gas services company will occupy the warehouse and office space on a three-acre site at 20 S. Church St. Bryce Custer of NAI Spring represented both Vortech Contracting and the undisclosed landlord in the lease transaction.
BEACHWOOD, OHIO — DDR Corp. (NYSE: DDR) has unveiled plans to streamline its organizational structure and eliminate 65 positions, including nine officer level roles. The decision is a result of efforts to gain efficiencies, provide appropriate staffing for the company’s current and future operations, facilitate decision-making and lower operating costs, according to the company. The changes are expected to generate a stabilized annual reduction to recurring general and administrative expenses of approximately $6 million. The company expects that the vast majority of its employees will remain based in the Beachwood headquarters location, about 19 miles southeast of Cleveland. As part of the reorganization, DDR has also appointed Conor Fennerty as senior vice president. Fennerty will be responsible for capital raising activities and management of the company’s planning and analysis functions. DDR, a self-managed REIT, is an owner and manager of 319 value-oriented shopping centers comprising 106 million square feet in 35 states and Puerto Rico. The company’s stock price closed at $12.74 per share on Monday, April 3, down from $17.34 per share a year ago.
AURORA, OHIO — The Cooper Commercial Investment Group has arranged the sale of Barrington Town Center in Aurora, about 30 miles southeast of Cleveland, for $13.1 million. The 112,631-square-foot shopping center is shadow anchored by Heinen’s Grocery and is home to Cinemark, Dollar Tree, University Hospitals, Howard Hanna, Great Clips, Pizza Hut, The UPS Store, Subway and GNC. Dan Cooper of Cooper Commercial represented the institutional seller and secured the buyer, a private investment group based in the Northwest.
