Ohio

Nationwide Unveils Plans for Second Phase of Parks Edge Condominiums in Columbus, Ohio

by Kristin Harlow December 14, 2016

COLUMBUS, OHIO — Nationwide Realty Investors has unveiled plans for a second phase of Parks Edge, a luxury condominium development in Columbus. The property is located at the corner of Spring Street and Neil Avenue in the Arena District. The second phase will be located directly to the east of the first phase, and will feature a 12-story, 82-unit building. It will include 19 different floor plans with a mix of two-bedroom flats and two- and three-bedroom townhomes ranging from 1,600 to more than 2,600 square feet. Pricing for condominiums in the building will range from $465,000 to over $1 million. Construction of the West building in Phase I is scheduled for completion in spring 2017. Pending approval by the Downtown Commission, construction is expected to begin on the East building in early 2017 with completion slated for 2018.

December 14, 2016

Loans Midwest Ohio Retail

Money360 Provides $1.9M Permanent Loan for Retail Building in Dayton, Ohio

by Kristin Harlow December 14, 2016

DAYTON, OHIO — Money360 has provided a $1.9 million permanent loan to the owner of a single-tenant retail building located in Dayton. The building is currently 100 percent leased to Panera Bread. The permanent loan allowed the undisclosed borrower to recover capital previously utilized to acquire the property. The five-year loan features a 25-year amortization schedule.

December 14, 2016

Hospitality Midwest Ohio

CBRE Hotels Brokers Sale of Crowne Plaza in Columbus, Ohio

by Kristin Harlow December 13, 2016

COLUMBUS, OHIO — CBRE Hotels has brokered the sale of the Crowne Plaza in Columbus for an undisclosed amount. The 300-room hotel is located at 6500 Ave. The hotel, which underwent a renovation in 2013, features 20,000 square feet of flexible event space, a full-service restaurant, indoor and outdoor pool, fitness center and business center. Eric Belfrage and Michael Shirey of CBRE represented the seller, VWI Columbus LLC, a joint venture of Varde Partners, Waramaug Hospitality and Interstate Hotels and Resorts. Florida-based TJM Properties Inc. was the buyer.

December 13, 2016

Loans Midwest Multifamily Ohio

Bellwether Enterprise Arranges $125M Loan for Refinancing of Property Portfolio in Ohio and Texas

by Kristin Harlow December 12, 2016

CLEVELAND — Cleveland-based Bellwether Enterprise has arranged a $125 million loan for the refinancing of a 10-property portfolio of assets located in Ohio and Texas. A full-term, interest-only loan was secured for the borrower, Fath Properties. Sara Behrman of Bellwether originated the loan through Freddie Mac. The entire portfolio consists of over 3,000 units across 10 multifamily properties between the two states. Six of the properties, or 2,065 units, are located in the greater Cincinnati/Dayton marketplace.

December 12, 2016

Midwest Multifamily Ohio

Marcus & Millichap Arranges $27M Sale of 304-Unit Apartment Community in Suburb of Columbus

by Kristin Harlow December 7, 2016

DELAWARE, OHIO — Marcus & Millichap has arranged the sale of Troy Farms in Delaware, a suburb of Columbus, for $27 million. The apartment property was built in two phases between 2003 and 2006 and offers a mix of one- and two-bedroom garden and townhome units. Michael Barron, Daniel Burkons, Joshua Wintermute, Richard Lattro and Jordan Marshall of Marcus & Millichap marketed the property on behalf of the seller, The Champion Cos. The team also procured the buyer, Connecticut-based Hamilton Point Investments.

December 7, 2016

Midwest Ohio Retail

Phillips Edison to Redevelop Civic Center Shopping Center in Cincinnati Suburb

by Kristin Harlow December 5, 2016

FOREST PARK, OHIO — Phillips Edison & Co. has signed an incentive agreement with the city of Forest Park for the redevelopment of Civic Center Shopping Center. Forest Park is located about 20 miles north of Cincinnati. The city has approved a $35,000 grant to invest in capital improvements at the shopping center for retaining and attracting retailers. The 87,757-square-foot center is located at the corner of Waycross Road and Hamilton Avenue, and is anchored by Ollie’s Bargain Outlet and O’Reilly Auto Parts.

December 5, 2016

Midwest Ohio Retail

Cooper Arranges $15.8M Sale of Shopping Center in Kent, Ohio

by Kristin Harlow December 2, 2016

KENT, OHIO — The Cooper Commercial Investment Group has arranged the sale of Corners and Village at The Cascades of Brimfield in Kent, northwest of Akron, for $15.8 million. The center is anchored by Walmart Supercenter, Kohl’s and Lowe’s, and includes other tenants such as Dollar Tree, Marshalls and Petco. Dan Cooper represented the seller, a private investment group based in Ohio. A New-York-based investment group was the buyer.

December 2, 2016

Industrial Midwest Ohio

CBRE Negotiates 90,750 SF Industrial Lease for Polymet Near Cincinnati

by Kristin Harlow December 1, 2016

WEST CHESTER TOWNSHIP, OHIO — CBRE has negotiated the lease of 90,750 square feet of industrial space for Polymet Corp., a manufacturer of high-performance wire for hardfacing, welding and thermal spraying, at Becknell Industrial’s speculative warehouse building in West Chester Township, about 18 miles north of Cincinnati. Polymet will consolidate two of its West Chester operations to the new Port Union E location that is currently under construction. The building, located on Union Centre Boulevard, will have a total of 138,750 square feet and sit on 9.1 acres. Completion is slated for early next year. Robert Bunton of CBRE represented Polymet in the transaction. Jeremy Kraus of CBRE represented the landlord, Becknell, and is currently marketing the remaining 48,000 square feet for lease.

December 1, 2016

Midwest Ohio Retail

Scott Street Properties Breaks Ground on 8.3-Acre Retail Development in West Chester, Ohio

by Kristin Harlow November 29, 2016

WEST CHESTER, OHIO — Scott Street Properties has broken ground on a retail development along I-75 and The Streets of West Chester, about 25 miles north of Cincinnati. Phase I of the 8.3-acre development will include a couple freestanding buildings and a multi-tenant building featuring two new-to-market concepts. Chuy’s Tex-Mex restaurant and Matt the Miller’s Tavern have committed to the new project. North Shore Construction & Development Services is handling the project management for Scott Street Properties. Tenants are expected to begin opening for business in spring 2017. Eric Abroms and Joshua Rothstein of OnSite Retail Group LLC are handling the marketing and leasing of the new development.

November 29, 2016

Midwest Ohio Retail

Friedman Arranges Sale of 46,000 SF Retail Property in North Olmsted, Ohio

by Kristin Harlow November 28, 2016

NORTH OLMSTED, OHIO — Friedman Integrated Real Estate Solutions has arranged the sale of a single-tenant retail property occupied by a 46,000-square-foot Levin Furniture store in North Olmsted, a western suburb of Cleveland. The sales price was not disclosed. The property is located at 23300 Lorain Road. The property has been 100 percent occupied by Levin Furniture since 1996. The seller, LNR Partners LLC, sold the building at auction to Basem Haddad for investment purposes. Rich Deptula of Friedman represented the seller and buyer in the transaction.

November 28, 2016

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