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.”
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.
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.
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 …
BURBANK, GALION AND SHELBY, OHIO — Berkeley Point Capital has provided three HUD 232/223(f) loans for the refinancing of nursing homes in Ohio for borrower JAG Healthcare Group Inc. Berkeley Point Capital provided a $6 million loan for Burbank Parke Care Center, an 86-bed facility located in Burbank, about 45 miles south of Cleveland. A $1 million loan will be used for Galion Pointe, a 45-bed facility in Galion, about 60 miles north of Columbus. A $1.4 million loan will be used for Shelby Pointe, a 46-bed facility in Shelby, about 15 miles north of Galion. Frank Cassidy of Berkeley Point Capital secured the loans with Ginnie Mae.
DAYTON, OHIO — Colliers International has brokered the sale of The Sugar Bell shopping center in Bellbrook, about 15 miles south of Dayton, for $2.4 million. The 19,904-square-foot property, constructed in 1997, is 100 percent leased. Tenants include El Toro, Cassano’s, Capital Cleaners and Crafters Lodge. Chris Prosser, Jeff Johnston and Steve Timmel of Colliers represented the seller, Belle Ventures. The Sun Moon Light Trust purchased the property.
CINCINNATI — Colliers International has brokered the sale of an 81,681-square-foot warehouse in Cincinnati for $4.1 million. The property, located at 5480 Creek Road, features 6,681 square feet of office space. Raymond Storage Concepts Inc. (RSCI) purchased the property. The company sells, rents and services materials handling equipment, including dock doors and other warehouse solutions. RSCI also maintains sales and service facilities in Columbus and Louisville, Ky. John Gartner and Erin Casey of Colliers International represented the seller, Creek Road 5480 LLC, in the sales transaction. Roddy MacEachen, Rod MacEachen and Jared Wagoner of SQFT Commercial represented RSCI.
COLUMBUS, OHIO — Cooper Commercial Investment Group has arranged the sale of a single-tenant property occupied by Goodwill in the suburban Columbus community of Dublin for $4.4 million. The 22,000-square-foot building was renovated to accommodate Goodwill, which had previously occupied a 9,400-square-foot space on Sawmill Road. Dan Cooper of Cooper Commercial represented the seller, a Columbus-based private investment group. The buyer, a Columbus-based private investor, purchased the property at nearly 99 percent of the list price.
CLEVELAND — CRG and The Koman Group have completed The Edge on Euclid, a 262,000-square-foot student housing property located directly across from Cleveland State University in downtown Cleveland. Early move-in began on July 1. The property features 240 residential suites, a fitness center, lounge, café, study areas and a 163-car garage. The 11-story building features a mix of one- to four-bedroom units. The 11th floor features a sky deck. Clayco served as the design-builder and its subsidiary, Forum Studio, served as the architect.
MENTOR, OHIO — Round 1, a family entertainment center, has signed a 50,000-square-foot retail lease at Great Lakes Mall in Mentor, about 25 miles northeast of Cleveland. Washington Prime Group Inc. owns the mall. Round 1 will anchor the $15 million redevelopment project and replace a former Dillard’s Men’s store. Earlier this year, Dillard’s consolidated its department stores at the mall into one space. This will be the first Round 1 location in Ohio. Round 1 offers bowling, karaoke, ping-pong, arcade games and dining. Washington Prime Group also plans to create a restaurant space adjacent to Round 1.