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.
OTTAWA, OHIO — Marcus & Millichap has arranged the sale of a 7,000-square-foot retail building in northwest Ohio for $1 million. The building is net leased to Advance Auto Parts, which has approximately 10 years remaining on its lease. The property is located at 255 Meadow Glen Drive. Nathan Coe and Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a developer. Marcus & Millichap’s San Diego office secured and represented the buyer, a limited liability company.
COLUMBUS, OHIO — Colliers International has negotiated the sale of Olentangy Valley Center in Columbus for $5 million. The 11.2-acre property consists of a 60,000-square-foot retail center and two office buildings, one totaling 30,093 square feet and the other totaling 24,775 square feet. Kevin James and Grant Chaney of Colliers represented the undisclosed seller in the transaction.
DUBLIN, OHIO — CBRE has brokered the sale of the Columbus Office Portfolio, a seven-building office portfolio in Dublin. An affiliate of New York-based Group RMC Corp. purchased the portfolio for $77 million. The portfolio consists of 1.1 million square feet and includes the following properties: Atrium II, Parkwood Place, Emerald III, Blazer I & II, Parkwood II, 5515 Parkcenter Circle and 5555 Parkcenter Circle. The office buildings were constructed between 1991 and 2002. The portfolio is currently 76 percent leased to tenants such as Cardinal Health, NY Life, Allstate Insurance, Hewlett Packard and Xerox. Patrick Arangio and Jack Howard of CBRE arranged the sale on behalf of the seller, Blackstone. Donald Roberts and Philip Pelok also provided local market expertise and transactional assistance.
MELVILLE, N.Y. — A&G Realty Partners will handle the sale of 58 MC Sports leases in seven states across the Midwest following the retailer’s Chapter 11 bankruptcy filing. The locations range in size from 11,000 to 46,000 square feet. The stores are located in Iowa, Illinois, Indiana, Michigan, Missouri, Ohio and Wisconsin. Bids are due no later than the close of business on Friday, April 7. MC Sports filed for Chapter 11 bankruptcy protection on Feb. 14 in the U.S. Bankruptcy Court, Western District of Michigan, Grand Rapids. A joint venture between Tiger Capital Group and Great American Group is currently conducting the going-out-of-business sale.
MIDDLEBURG HEIGHTS, OHIO — Sunsine Inc. has opened a new Home2 Suites by Hilton in Middleburg Heights near Cleveland. The hotel features 111 suites with fully equipped kitchens. Other features include a laundry and fitness area, daily breakfast, indoor pool and outdoor grill area. Located at 7355 Engle Road, the hotel offers convenient access to Cleveland Hopkins International Airport. Kaival Hospitality Management LLC manages the hotel owned by Sunsine.
NORTH RIDGEVILLE, OHIO — SkyView Advisors has arranged the sale of Fields Store-All in North Ridgeville, about 20 miles south of Dayton. The 122,239-square-foot self-storage facility sits on approximately eight acres. Valley Storage purchased the property from Fields Store-All LTD. Built between 1979 and 1997, the facility consists of 261 non-climate controlled units. The units range in size from 45 square feet to 1,200 square feet. Ryan Clark of SkyView Advisors represented the seller in the transaction.
FINDLAY, OHIO — Watseka, Ill.-based Big R has signed a 98,000-square-foot retail lease at a former Sears store in Findlay, 40 miles south of Toledo. The outdoor sporting goods store will occupy the space at the Findlay Village Mall located at 1800 N. Tiffin Ave. The building, vacant since 2014, is now under construction with a planned opening in the second quarter of 2017. This will be the second Ohio location for Big R, joining the recently opened location in Lima. Duke Wheeler of Reichle Klein Group represented the tenant in the lease transaction. JJ Gumberg Co. is the landlord for the mall.
CINCINNATI — NorthMarq Capital has arranged $24.6 million in acquisition financing for a 250-unit apartment property in Cincinnati. The 10-year loan includes a 25-year amortization schedule. NorthMarq arranged the financing for the undisclosed borrower through Freddie Mac.