Ohio

STRONGSVILLE, OHIO — Meridian Design Build has completed construction of a 185,210-square-foot industrial building for developer Scannell Properties in Strongsville, a suburb of Cleveland. The property is situated on a 21.8-acre site at 14700 Foltz Parkway. The multi-tenant building features 28 loading docks, two drive-in doors and parking for 164 cars. The design of the building incorporates a thermoplastic polyolefin roof and LED lighting. Precept Design provided architectural services, while Weber Engineering Services completed civil engineering work.

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NORTH RIDGEVILLE, OHIO — Marcus & Millichap has brokered the sale of a 15,000-square-foot retail property net leased to Walgreens in North Ridgeville, about 22 miles southwest of Cleveland, for $5.4 million. Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Melinda Marston of JRW Realty represented the buyer, a California-based private fund.

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SHARONVILLE, OHIO — NorthMarq Capital has arranged a $7.7 million refinancing loan for Crescent Centre in Sharonville, about 15 miles north of Cincinnati. The 131,400-square-foot industrial property spans the addresses of 12071-12082 Champion Way, 12092-12108 Champion Way and 2511 East Crescentville Road. The 10-year loan includes a 25-year amortization schedule. A life insurance company provided the loan.

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COLUMBUS, OHIO — Following a multi-year collaboration, M+A Architects has formally acquired KMA Design Partners’ (KMA/DP) institutional practice. KMA/DP, an architectural design and planning partnership also headquartered in Columbus, will cease to exist. KMA/DP focused on healthcare, civic and urban development, community and educational facilities. P’Elizabeth Koelker, co-founder of KMA/DP, has been directing M+A’s healthcare and higher education practices during the merger, and will continue in that role as principal with M+A Architects. Three other employees, Dottie Stamm, Ken Cleaver and Wes Hawkins, will also transition into roles with M+A Architects as associates.

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COLUMBUS, OHIO — Covington Group Inc. has acquired a 500,625-square-foot industrial warehouse and distribution facility in Columbus for an undisclosed price. The two-building property is located near the John Glenn Columbus International Airport. A single tenant occupies 70 percent of the property. Covington plans to make improvements to the buildings such as exterior painting, landscaping, new signage and a refocused leasing effort. Covington also acquired an industrial building in Baltimore as part of the same transaction.

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FAIRFIELD, OHIO — Founders Properties LLC has fully leased Port Union Commerce Park, which spans both cities of Fairfield and West Chester. O’Gara-Hess & Eisenhardt Armoring Co. LLC and ProFill Fulfillment leased the final two spaces at the industrial development, comprising approximately 235,000 square feet. Located near the intersection of State Route 747 and Port Union Road north of Cincinnati, the two new buildings at the park total 807,000 square feet and join two previously constructed buildings. The buildings feature 60-foot deep trailer storage in the truck courts, car and trailer parking, as well as ESFR sprinklers and T-5 fluorescent lighting. Opus Development Co. was the developer, Opus Design Build was the design-builder and Opus AE Group was the architect and structural engineer of record. Mike Lowe and Doug Whitten of CBRE managed lease-up for the owner, Founders Properties.

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A snapshot of Toledo’s industrial real estate market at the end of 2016 reveals a well-performing sector, maintaining the steady improvement recorded during the prior year. In fact, the vital signs of the property sector hit some of their best levels in a decade last year. By the end of the year, every key metric was up from midyear 2016 and year-end 2015. One bit of cloudiness trying to sneak in on the otherwise very sunny picture, however, is the limited supply of available space options. Demand clearly exists for additional space, but users are unable to find options that fit their needs. The dearth of adequate space alternatives is restraining potential transaction volume and, by extension, probable job growth. By Toledo standards, the market has been absorbing an impressive amount of space over the past several years. Overall, the 85 million-square-foot market absorbed 763,065 square feet in the second half of 2016. However, as strong as the absorption numbers have been, it is easy to speculate they would be much higher if more of the right kind and sizes of space existed in the market. There is a shortage among all building sizes, but the need is most acute …

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COLUMBUS, OHIO — Foresite Realty OH LLC, an affiliate of Foresite Realty Partners LLC, has arranged the sale of Clearpoint Garden Apartments in Columbus. The sales price was not disclosed. The property consists of 33 buildings totaling 604 units, including 284 one-bedroom, 233 two-bedroom and 87 three-bedroom units. Approximately $5 million in capital expenditures was completed at the property. Jamie Hadac and Kristen Keehnast of Foresite represented the seller in the transaction. A multifamily investment firm, 1699 Shanley Drive LLC, purchased the property.

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CENTERVILLE, OHIO — Premier Independent Quality Services (PIQS) has entered into a 15,000-square-foot office lease in Centerville, about 20 miles south of Dayton. The property, now fully leased, is located at 6501 Centerville Business Parkway. PIQS is a local health care agency that provides home health care and non-medical transportation to Medicaid recipients and private sectors. Chris Carey and Beau Nimer of CBRE represented the landlord in the lease transaction.

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CINCINNATI — NorthMarq Capital has arranged a $7.2 million loan for the refinancing of Park 42 office property in Cincinnati. The 396,000-square-foot building is located at 3600 Park 42 Drive. Noah D. Juran of NorthMarq arranged the 10-year loan, which includes a 20-year amortization schedule. First Financial Bank provided the loan. The borrower was a real estate investment and management company.

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