Ohio

Wagenbrenner Sells 44,466 SF Student Housing Portfolio in Columbus, Ohio

by Kristin Harlow January 23, 2017

COLUMBUS, OHIO — The Wagenbrenner Co. Commercial Real Estate Services has sold a student housing portfolio near the Ohio State University campus in Columbus. The 44,466-square-foot portfolio consists of seven properties with 72 units and 104 bedrooms. The properties include a mix of studio, one-, two-, three- and five bedroom units. The properties were fully leased for the 2016-2017 school year. Neither the buyer nor the sales price was disclosed. Matthew Brown of Wagenbrenner arranged the sale.

January 23, 2017

Midwest Office Ohio

Woolpert Architecture Opens New Office in Cincinnati

by Kristin Harlow January 23, 2017

CINCINNATI — Woolpert, a national architecture, enginnering and geospatial (AEG) firm, has opened a new Cincinnati office in Over-the-Rhine. The office, located at 1203 Walnut St., will be home to at least 20 full-time architects, engineers, surveyors and support staff. Woolpert will occupy the second floor with a total of 6,302 square feet. Woolpert’s new Cincinnati office, which was funded by the City of Cincinnati through the Job Creation Tax Credit, will expand its commercial renovation and housing development, higher education, energy, government and aviation services. Woolpert’s headquarters will remain in Dayton.

January 23, 2017

Midwest Multifamily Ohio

Capstone Brokers Sale of 69-Unit Apartment Building in Dayton, Ohio

by Kristin Harlow January 17, 2017

DAYTON, OHIO — Capstone Apartment Partners has brokered the sale of Claypool Apartments in Dayton. The sales price was not disclosed. The 69-unit building was constructed in 1963. The property was 90 percent occupied at time of sale. The buyer was Pinnacle Dayton LLC. Stasiu Geleszinski, Sherief Gouda and Nathan Murphy of Capstone represented both the buyer and seller, Claypool Apartments LLC.

January 17, 2017

Midwest Ohio Retail

Time Equities Acquires 425,430 SF Shopping Mall in Zanesville, Ohio for $31.5M

by Kristin Harlow January 16, 2017

ZANESVILLE, OHIO — Time Equities Inc. (TEI) has acquired Colony Square Mall in Zanesville, 50 miles east of Columbus, for $31.5 million. The 425,430-square-foot shopping mall is located at 3575 Maple Ave. Tenants include TJ Maxx, Shoe Carnival, Planet Fitness, JC Penney and more. TEI’s Ami Ziff, Jonathan Kim and Adam Levitt represented the company in the acquisition. Margaret Caldwell and Eric Spencer of Jones Lang LaSalle represented the seller, Rouse Properties. Urban Retail Properties LLC will oversee the management, marketing and leasing operations on behalf of TEI.

January 16, 2017

Midwest Ohio Retail

Hines Global REIT II Acquires Retail Properties in Cincinnati for $190M

by Kristin Harlow January 11, 2017

CINCINNATI — Hines Global REIT II has acquired Rookwood Pavilion and Rookwood Commons in Cincinnati. The purchase price was $190 million, excluding transaction costs and working capital reserves, according to an SEC filing. The two shopping centers operate as a single property referred to as Rookwood. Rookwood Pavilion was built in 1993 and Rookwood Commons was built in 2000. The property consists of 600,071 square feet that is 97 percent leased to 73 retailers and restaurants, including Whole Foods, REI, Nordstrom Rack, T.J. Maxx, Joseph-Beth Booksellers, P.F. Chang’s and J. Alexander’s. Hines Global REIT II is a public, non-listed real estate investment trust sponsored by Hines. CLP-SPF Rookwood Commons LLC and CLP-SPF Rookwood Pavilion LLC were the sellers.

January 11, 2017

Midwest Ohio Retail

Cooper Commercial Brokers $1.8M Sale of Property Net Leased to Vitamin Shoppe in Niles, Ohio

by Kristin Harlow January 10, 2017

NILES, OHIO — Cooper Commercial Investment Group has brokered the sale of a single-tenant property net leased to Vitamin Shoppe in Niles, near the border of Pennsylvania, for $1.8 million. The Vitamin Shoppe has approximately six years remaining on its lease. Dan Cooper of Cooper Commercial represented the seller, an Ohio-based private investor. A Minnesota-based fund was the buyer.

January 10, 2017

Illinois Midwest Ohio Retail Top Stories

‘Challenging Retail Environment’ Prompts Macy’s, Sears to Shutter Stores

by John Nelson January 5, 2017

CINCINNATI AND HOFFMAN ESTATES, ILL. — Macy’s Inc. (NYSE: M) and Sears Holdings Corp. (NASDAQ: SHLD) both announced on Wednesday plans to close a large number of department stores in an effort to improve their long-term operating performance. Macy’s will close 68 stores and Sears will close 150 non-profitable stores comprising 109 Kmart and 41 Sears locations. “We are taking strong, decisive actions today to stabilize the company and improve our financial flexibility in what remains a challenging retail environment,” says Edward Lampert, chairman and CEO of Sears Holdings. “We are committed to improving short-term operating performance in order to achieve our long-term transformation.” Jeff Green, president of Jeff Green Partners, a retail consultancy based in Phoenix that works with retailers and shopping center owners, suspects that the footprint of these department stores has contributed to the recent woes of Macy’s and Sears. “Department stores, by sheer definition, are oversized for this changing retail environment and may be a critical factor, though only one factor, in deciding which stores to close,” says Green. “It is interesting to see just how large some of the older stores on the Macy’s store closure list are. For example, two suburban stores to be …

January 5, 2017

Loans Midwest Multifamily Ohio

Dougherty Mortgage Provides $5.1M Fannie Mae Loan for Refinancing of Apartment Property in Columbus

by Kristin Harlow January 3, 2017

COLUMBUS, OHIO — Dougherty Mortgage has provided a $5.1 million Fannie Mae loan for the refinancing of Ponderosa Village Apartments in Columbus. The property includes 119 units. The 10-year loan features a 30-year amortization schedule. The loan was arranged through a partnership with Old Capital Lending and Dougherty’s Vienna, Va. Office. Wolfe Sumrok LBC LLC was the borrower.

January 3, 2017

Industrial Midwest Ohio

SkyView Advisors Arranges Sale of 57,000 SF Storage Facility in Sheffield Lake, Ohio

by Kristin Harlow December 16, 2016

SHEFFIELD LAKE, OHIO — SkyView Advisors has arranged the sale of Lake Road Self Storage in Sheffield Lake, about 25 miles west of Cleveland. The 57,000-square-foot facility includes 418 non-climate controlled units. The property sits on 8.6 acres at 5360 Lake Road. Public Storage was the buyer. Ryan Clark of SkyView Advisors led the transaction.

December 16, 2016

Market Reports Midwest Midwest Market Reports Office Ohio

Once-Dormant Office Development Pipeline in Downtown Cleveland Now Growing

by Kristin Harlow December 15, 2016

Cleveland’s relatively affordable cost of living compared with other major Midwestern cities is attracting businesses to the metro area, fueling demand for office space. A steady stream of new employment opportunities supported the 1.6 percent expansion of Cleveland’s workforce over the 12-month period that ended Sept. 30. Hiring during that period was driven by the education and health services sectors, which collectively added 9,300 positions. It is expected that by year-end 2016, Cleveland employers will have increased payrolls 1.3 percent with the addition of 14,000 workers. Office-using employment is expected to rise 0.4 percent this year, remaining steady with only a slight variation over the past three years. Cleveland’s stable economic fundamentals, coupled with businesses attracted to the city, have supported the revival of a dormant development pipeline. During 2015, just 46,000 square feet was added to Cleveland’s office property inventory. The majority of the new office completions are located downtown. In the four-quarter period that ended in September, approximately 660,000 square feet came into service. Construction Surges While office completions were sluggish in 2015, construction has picked up significantly and builders are on track to deliver more than 1 million square feet of new office product by year’s end. …

December 15, 2016

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