Ohio

Marcus & Millichap Arranges $3.7M Sale of Retail Property in Cleveland, Ohio

by Kristin Harlow November 11, 2016

CLEVELAND — Marcus & Millichap has arranged the sale of Cleveland Retail Center, a 17,070-square-foot property located at 429 W. Southline St., for $3.7 million. Built in 2007, the property is at the main entrance to a Super Walmart and is 100 percent occupied. Tenants include Buddy’s Furniture, Subway, Mann Eye Center, Edward Jones, Sally Beauty Supply and Advance Cash America. Kelley Workman and Jerry Goldstein of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was a private investor who was completing a 1031 exchange transaction.

November 11, 2016

Industrial Midwest Ohio

SkyView Advisors Negotiates $7.3M Sale of Two Self-Storage Facilities in Ohio

by Kristin Harlow November 7, 2016

AKRON AND NORTH CANTON, OHIO — SkyView Advisors has arranged the portfolio sale of A-1 Store It All for $7.3 million. The two self-storage facilities include a total of 165,200 net rentable square feet of climate-controlled and non-climate-controlled units, and two locations in Akron and North Canton. The facilities are situated on approximately 10.7 acres of land collectively. The Akron facility was built in 1978 and holds 710 non-climate controlled storage units. The North Canton facility was built in 1980 and holds 427 non-climate controlled units. Ryan Clark and Jay J. Crotty of SkyView Advisors represented the seller, A-1 Store It All, and the buyer, Valley Storage Co.

November 7, 2016

Midwest Multifamily Ohio Seniors Housing Top Stories

Chinese Investors Buy 75 Percent Interest in Welltower Seniors Housing Portfolio for $930M

by Nellie Day November 3, 2016

TOLEDO, OHIO — A joint venture between Cindat Capital Management Limited and Union Life Insurance has purchased a 75 percent interest in a Welltower-owned portfolio of seniors housing properties for $930 million. The acquisition represents Cindat’s first foray into U.S. health care real estate investment. The portfolio contains 11 seniors housing properties that are leased to Brookdale Senior Living, as well as 28 skilled nursing facilities leased to Genesis Healthcare. Welltower will retain 25 percent interest in the properties. The transaction is expected to close by year end and is subject to customary closing conditions. “With aging demographics and U.S. healthcare trends driving the need for innovative health care infrastructure, we believe the sector represents an attractive long-term investment opportunity,” says Greg Peng, CEO at Cindat Capital Management, representing Cindat and Union Life. “We have a significant appetite for investing in the sector and we look forward to a mutually beneficial relationship with Welltower to capitalize on this unique opportunity.” The agreement comes on the heels of Welltower’s third-quarter report, in which the company announced plans to significantly increase dispositions for 2016. The company initially planned to sell $1.3 billion of its assets, but announced it would like to sell …

November 3, 2016

Hospitality Indiana Midwest Ohio

Walker & Dunlop Closes $15.5M Loan for Extended-Stay Hotel Portfolio in Ohio, Indiana

by Kristin Harlow October 28, 2016

CINCINNATI AND COLUMBUS, OHIO AND FORT WAYNE, IND. — Walker & Dunlop has closed a $15.5 million loan for the acquisition of four extended-stay properties in Ohio and Indiana by Sandpiper Hospitality. The financing is a three-year, interest-only bridge loan to allow Sandpiper to complete the acquisition while the properties are stabilized. Walker & Dunlop’s Stephen Farnsworth and Geoff Smith led the lending team. Two of the properties were recently constructed and have not yet achieved stabilization, and three of the four will undergo a rebranding from a Value Place to a WoodSpring Suites this quarter. The Value Place franchise is currently in the process of rebranding all of its properties to the new WoodSpring Suites. Extended-stay properties within the portfolio include WoodSpring Suites Easton and Value Place Worthington in Columbus, Value Place Fairfield in Cincinnati, and Value Place Fort Wayne in Fort Wayne.

October 28, 2016

Healthcare Midwest Ohio

Marcus & Millichap Arranges $3.3M Sale of Health Center in Aurora, Ohio

by Kristin Harlow October 28, 2016

AURORA, OHIO — Marcus & Millichap has arranged the sale of the UH Walden Health Center, an 11,000-square-foot property located in Aurora, about 28 miles northeast of Akron. The one-story medical center, built in 2003, sold for $3.3 million. The building is leased on a triple-net basis to Robinson Memorial Hospital with just over seven years of base term remaining. Community Healthcare Trust, headquartered in Franklin, Tenn., purchased the asset. Christopher Mitchel, Gino Lollio, Scott Niedergang and Ryan E. Moore, investment specialists in Marcus & Millichap’s Cleveland and downtown Chicago offices, had the exclusive listing to market the property on behalf of the seller, a local developer.

October 28, 2016

Industrial Midwest Ohio

Schueler Group Nears Completion of Shell Construction for Bank’s Operations Center in Lebanon, Ohio

by Kristin Harlow October 27, 2016

LEBANON, OHIO — Schueler Group has nearly completed the shell construction of a $13 million build-to-suit corporate operations center for LCNB National Bank in Lebanon. Located at 105 North Broadway, halfway between Cincinnati and Dayton, the three-story building will measure 47,000 square feet. Construction began in February 2016 and is expected to be complete by late February 2017. LCNB National Bank serves customers and communities in southwest and south central Ohio.

October 27, 2016

Industrial Midwest Ohio

Hillwood Acquires 717,717 SF Distribution Center in Southeast Columbus Market

by Amy Works October 21, 2016

GROVEPORT, OHIO — Hillwood has acquired Rickenbacker 717, a Class A distribution center located at 3099 Rohr Road in Groveport, south of Columbus, for an undisclosed price. Situated on 35 acres, the 717,717-square-foot building features 32-foot clear heights, a cross-dock configuration, 70 dock doors (expandable to 139), an ESFR fire protection system, 135-foot truck court depths, 50-by-60-foot column spacing, ample auto parking and 68 trailer stalls with land available for an additional 86 stalls. Additionally, the facility is in close proximity to Rickenbacker International Airport, Port Columbus International Airport, the Norfolk Southern intermodal yard and interstates 270, 70 and 71. The name of the seller was not released.

October 21, 2016

Loans Midwest Ohio

KeyBank to Provide $9.6M in LIHTC Equity for Supportive Housing Development in Cleveland

by Amy Works October 21, 2016

CLEVELAND — KeyBank’s community development lending and investing group will provide $9.6 million in the form of Low-Income Housing Tax Credit (LIHTC) equity to help finance Emerald Alliance IX in Cleveland’s Union Miles neighborhood. Upon completion, the project will be renamed Inez Killingsworth Place and offer 66 units of permanent supportive housing, as well as supportive services, to chronically homeless individuals making less than 30, 50 or 60 percent of the area median income. The project is the ninth permanent supportive housing effort co-developed under the Cuyahoga County Housing First Initiative by the Cleveland Housing Network and Emerald Development and Economic Network. The Housing First model, endorsed by the National Association to End Homelessness, prioritizes securing housing for homeless individuals as quickly as possible. Ryan Olman of KeyBank closed the transaction.

October 21, 2016

Midwest Ohio Retail

Marcus & Millichap Arranges $6.3M Sale of Walgreens Property in Xenia, Ohio

by Amy Works October 20, 2016

XENIA, OHIO — Marcus & Millichap has brokered the sale of a retail property located at 537 W. Main St. in downtown Xenia. An out-of-state private buyer acquired the property from a publicly traded REIT for $6.3 million. Constructed in 2009, the 14,550-square-foot building is net leased to Walgreens. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap represented the seller in the transaction.

October 20, 2016

Loans Midwest Office Ohio

Berkadia Secures $92M in Financing for American Greetings Headquarters in Suburban Cleveland

by Amy Works October 19, 2016

WESTLAKE, OHIO — Berkadia has secured $92 million in financing for the new headquarters of American Greetings Corp. in the Cleveland suburb of Westlake. The borrower was Ohio-based H&L Property Co. The 10-year loan, which Bank of America Merrill Lynch provided, features a 4.8 percent fixed interest rate, 65 percent loan-to-value ratio and 25-year amortization schedule. The new headquarters is located on a 13.5-acre property at One American Road in Crocker Park, a 1.2 million-square-foot mixed-use development in Westlake.

October 19, 2016

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