Ohio

Cooper Commercial Negotiates $1.5M Sale of Net Leased Chipotle Property in Sidney, Ohio

by Kristin Harlow April 12, 2017

SIDNEY, OHIO — Cooper Commercial Investment Group has negotiated the sale of a single-tenant property net leased to Chipotle Mexican Grill in Sidney for $1.5 million. The property is located about 40 miles north of Dayton near I-75. Chipotle signed a 10-year lease in 2016. Dan Cooper of Cooper Commercial represented both parties in the sales transaction. The buyer, an Ohio-based private investor, purchased the property in a 1031 exchange. The seller was a private investment group also based in Ohio.

April 12, 2017

Midwest Office Ohio

Pro Football Focus Signs 6,000 SF Office Lease in Cincinnati

by Kristin Harlow April 11, 2017

CINCINNATI — Pro Football Focus (PFF) has signed a 6,000-square-foot office lease at 1208 Central Parkway in Cincinnati. Chris Collinsworth, a former Cincinnati Bengals wide receiver and sports broadcaster, owns PFF. The company will be moving to the new location this summer after renovations are completed. PFF provides football performance data and insights to help teams win their games. Stuffed Realty LLC purchased the 15,000-square-foot building last year with plans to redevelop the property. Travis Likes, Scott Yards and John Eckert of CBRE represented PFF in the lease transaction.

April 11, 2017

Industrial Midwest Ohio

Minnesota Ltd. Signs 9,384 SF Industrial Lease in Wooster, Ohio

by Kristin Harlow April 10, 2017

WOOSTER, OHIO — Minnesota Ltd. has signed a 9,384-square-foot industrial lease in Wooster, about 35 miles southwest of Akron. The 7.4-acre property is located at 460 W. Henry St. Minnesota Ltd. is the contractor for Kinder Morgan Utopia Pipeline. This is one of several Minnesota Ltd. facilities and laydown yards throughout the area, supporting the 215-mile pipeline of natural gas. Bryce Custer of NAI Spring represented all parties in the lease transaction.

April 10, 2017

Midwest Office Ohio

Serendipity Labs Coworking Signs Two New Leases in Columbus, Ohio

by Kristin Harlow April 6, 2017

COLUMBUS, OHIO — Serendipity Labs Coworking has signed two new leases for its coworking office space concept in Columbus. The first location is slated to open this summer in the Fifth Third Center at 21 E. State St. and consists of 14,000 square feet. The second location includes the new construction of 22,000 square feet at 900 N. High St. Renascent Hospitality, owned by Columbus natives Trevor Warner and Scott Somerville, will own and manage the Serendipity Labs in Columbus. Serendipity Labs provides members-only workplaces with meeting facilities at corporate standards, according to the company’s website. Membership to Serendipity Labs includes the use of dedicated private offices, team rooms, lab café and work lounge. Full-time, part-time and day passes are available.

April 6, 2017

Industrial Midwest Ohio

Vortech Contracting Signs 7,100 SF Industrial Lease in Sherrodsville, Ohio

by Kristin Harlow April 5, 2017

SHERRODSVILLE, OHIO — Vortech Contracting has signed a 7,100-square-foot industrial lease in Sherrodsville, located in eastern Ohio. The oil and gas services company will occupy the warehouse and office space on a three-acre site at 20 S. Church St. Bryce Custer of NAI Spring represented both Vortech Contracting and the undisclosed landlord in the lease transaction.

April 5, 2017

Midwest Ohio Retail

Shopping Center Owner DDR to Cut 65 Jobs, Streamline Organization

by Kristin Harlow April 4, 2017

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.

April 4, 2017

Midwest Ohio Retail

Cooper Commercial Arranges $13.1M Sale of Shopping Center in Aurora, Ohio

by Kristin Harlow April 4, 2017

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.

April 4, 2017

Midwest Ohio Retail

Marcus & Millichap Arranges Sale of 7,000 SF Retail Building in Ottawa, Ohio

by Kristin Harlow March 30, 2017

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.

March 30, 2017

Midwest Office Ohio Retail

Colliers Negotiates $5M Sale of 114,869 SF Office and Retail Property in Columbus, Ohio

by Kristin Harlow March 23, 2017

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.

March 23, 2017

Midwest Office Ohio

CBRE Brokers $77M Sale of Office Portfolio in Suburban Columbus, Ohio

by Kristin Harlow March 22, 2017

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.

March 22, 2017

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