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.
GAHANNA AND WESTERVILLE, OHIO — Hunt Mortgage Group has provided $21 million in refinancing for two multifamily properties in Columbus. The financing consists of a $19.5 million Fannie Mae loan and a $1.4 million mezzanine loan. The 10-year loans feature 30-year amortization schedules. The properties include The Reserve at Walnut Creek and The Ravines at Rocky Ridge. The Reserve is located at 5930 Sunbury Road in Gahanna, a northeast suburb of Columbus. Built in 2014, the property includes seven buildings and 148 units. Amenities include a clubhouse, movie theater, fitness center and pool. The Ravines is located at 5700 Rocky Ridge Landing Drive in Westerville, also a northeast suburb. Built in 2014, the property features 136 units. Amenities include a clubhouse, fitness center, recreation room and pool. Both properties are currently owned by single-asset entities.
CINCINNATI — Azelis, a specialty chemicals distributor, has signed a 13,000-square-foot office lease at Pictoria Tower in Cincinnati. The 253,000-square-foot, Class A building is located at 225 Pictoria Drive. Other tenants include First Financial Bancorp, Northrup Grumman Corp., Ameriprise Financial, Yusen Logistics and Ultimus Fund Solutions. Pictoria Tower features a seven-story parking deck, two-story lobby and multimedia conference center that can accommodate 100 people. Roddy MacEachen of SqFt Commercial represented Azelis in the lease transaction. Rusty Meyers of JLL represented the landlord, Fairbridge Properties.
COLUMBUS, OHIO — CBRE has brokered the sale of Mars Petcare warehouse and distribution facility in Columbus. The sales price was not disclosed. The 465,256-square-foot freezer warehouse is located at 5303 Fisher Road. Mars Petcare US, a subsidiary of Mars Inc., occupies the property with a long-term lease. The property is located immediately adjacent to Mars Petcare’s largest pet food production plant. The property underwent extensive renovations this year to install freezer-cooler equipment. Andrew Sandquist, JC Asensio and Briggs Goldberg represented the sellers, Singerman Real Estate and Green Door Capital. Chicago-based Syndicated Equities and Green Door Capital purchased the property.
COLERAIN AND WEST CHESTER, OHIO — Colliers International has brokered the sale-leaseback of two restaurant properties in Ohio for $5.3 million. Both single-tenant properties are net leased to TGI Friday’s. The property in West Chester sold for $2.2 million while the one in Colerain sold for $3.1 million. Chris Prosser, Jeff Johnston and Steve Timmel of Colliers International represented the seller, Bistro Real Estate Holdings. The buyer was not disclosed.
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.
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.
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.
