Ohio

Einstein Bros. Bagels Signs 1,850 SF Lease for Third Location in Cincinnati

by Kristin Harlow February 10, 2017

CINCINNATI — Einstein Bros. Bagels has signed an 1,850-square-foot at the Gwynne Building for its third location in Cincinnati. The Colorado-based bagel shop has 735 locations throughout the United States. The new location will be situated along the Cincinnati Streetcar route in the former Richter & Phillips space at 202 East 6th St. The store is expected to open at the end of this month. In addition to in-store breakfast and lunch options, Einstein Bros. will also offer catering throughout downtown. Jason Gibson of Anchor Associates represented Einstein Bros. Bagels and CBRE’s Tori Sunderman represented the landlord in the lease transaction.

February 10, 2017

Loans Midwest Multifamily Ohio

Pillar Originates $11.3M Fannie Mae Loan for Refinancing of Multifamily Property in Cincinnati

by Kristin Harlow February 9, 2017

CINCINNATI — Pillar has originated an $11.3 million Fannie Mae loan for the refinancing of The Gramercy on Garfield. Built in 1992, the Class A multifamily property is located in downtown Cincinnati. The property consists of 148 studio, one- and two-bedroom units, as well as amenities such as a swimming pool, outdoor kitchen, clubroom and a parking garage. The Gramercy on Garfield also includes 16,000 square feet of street-level retail space. The 10-year, fixed-rate loan features a 30-year amortization schedule. Joe Markech of Pillar originated the loan. The borrower was a developer and manager of multifamily properties in Southwest Ohio. Chip Kupferberg of BlueMark Capital was the mortgage banker.

February 9, 2017

Loans Midwest Mixed-Use Ohio

NorthMarq Arranges $7.5M Loan for Refinancing of Mixed-Use Property in Cincinnati

by Kristin Harlow February 8, 2017

CINCINNATI — NorthMarq Capital has negotiated a $7.5 million loan for the refinancing of Montgomery Gateway in Cincinnati. The 39,560-square-foot property consists of retail and office space, and is located at 9366-9386 Montgomery Road. The 10-year loan features a 30-year amortization schedule. Noah D. Juran and Susan Branscome of NorthMarq arranged the financing through a CMBS lender.

February 8, 2017

Midwest Ohio Retail

Fit Food Stop Signs 2,400 SF Lease for Second Cincinnati Location

by Kristin Harlow February 8, 2017

COLUMBIA-TUSCULUM, OHIO — Fit Food Stop has signed a 2,400-square-foot lease at 3528 Columbia Parkway in Columbia-Tusculum, a neighborhood east of downtown Cincinnati. The company produces pre-cooked, individually portioned food that is organic and gluten-free. This is the second location for the company, which opened its first store in Oakley last year. The store in Columbia-Tusculum is set to open this spring. Tori Sunderman of CBRE represented the landlord in the transaction.

February 8, 2017

Hospitality Midwest Ohio

Hilton Home2 Suites Opens in Cleveland

by Kristin Harlow February 6, 2017

CLEVELAND — Home2 Suites by Hilton Cleveland Beachwood has opened in Cleveland. The hotel features 91 suites with fully equipped kitchens. Amenities include a laundry and fitness area, indoor and outdoor pools and a grill area. The hotel is located at 3589 Park East Drive. Beachwood Hotels LLC is the owner and Atlantic Hospitality and Management is the manager.

February 6, 2017

Midwest Ohio Restaurant Retail

Eidi Properties to Redevelop Retail Property into Chick-fil-A Restaurant near Toledo

by Kristin Harlow February 2, 2017

SYLVANIA, OHIO — Eidi Properties is redeveloping a 2.3-acre property into a Chick-fil-A restaurant in Sylvania, along the Michigan border. The property, located at 6636 W. Central Ave., will be Chick-fil-A’s fourth freestanding location in the Toledo market and the first location in the Sylvania market. Demolition of the retail building currently at the site is slated for mid-March, and the restaurant is set to open in the summer of 2017.

February 2, 2017

Kentucky Midwest Ohio Southeast Top Stories

Amazon to Open New $1.5B Air Cargo Hub at Cincinnati/Northern Kentucky Airport

by John Nelson February 2, 2017

HEBRON, KY. — Amazon (NASDAQ: AMZN) plans to build a centralized air hub at the Cincinnati/Northern Kentucky Airport (CVG) in Hebron to support its fleet of Prime Air cargo planes. The Seattle-based company expects to create more than 2,000 new jobs at the new $1.5 billion facility. “As we considered places for the long-term home for our air hub operations, Hebron quickly rose to the top of the list with a large, skilled workforce, centralized location with great connectivity to our nearby fulfillment locations and an excellent quality of living for employees,” says Dave Clark, Amazon’s senior vice president of worldwide operations. Last year, Amazon entered into agreements with Atlas Air Worldwide and Air Transport Services Inc. to lease 40 cargo airplanes to support members of its Prime program, which offers its members free two-day shipping. Sixteen of those cargo planes are currently in service, and the e-commerce giant plans to roll out more planes over time. Amazon’s Prime Air hub at CVG will support Amazon’s fleet of Prime Air cargo planes by loading, unloading and sorting packages. “We’ve worked hard to ensure CVG is a great place to do business, and we couldn’t be more pleased that Amazon recognized …

February 2, 2017

Market Reports Midwest Midwest Market Reports Ohio

Cincinnati, Dayton Closing the Gap: Why the Push to Merge the MSAs is a Winning Strategy

by Kristin Harlow February 2, 2017

The tale of two Ohio cities — Cincinnati and Dayton — is a story of growth. It takes less than an hour to travel between Cincinnati and Dayton. The two metros sit about 55 miles apart along Interstate 75, and that distance is slowly getting shorter. Since 2000, the cities have been growing together along the I-75 corridor, with significant growth over the past five years. The northern suburbs of Cincinnati have experienced exponential growth over the last 20 years stemming from the development of Union Centre Boulevard in 2000 in West Chester Township. Now, West Chester is the second largest community in the Cincinnati metropolitan statistical area (MSA). Only the City of Cincinnati is larger. Suburban growth is catalyst New developments continue to spur Cincinnati’s northern growth along I-75. In 2015, Liberty Center, a mixed-use retail, office and housing development, opened in Liberty Township north of the fast-expanding West Chester. The development is another example of a growing trend to bring urban-style amenities, such as live, work and play environments to the suburbs. Although much of the I-75 corridor is industrial, the growing suburbs led to the significant increase in the amount of office and retail space in the …

February 2, 2017

Loans Midwest Ohio Retail

Integra Arranges $17.5M Bridge Loan for Acquisition of Retail Property in Elyria, Ohio

by Kristin Harlow February 1, 2017

ELYRIA, OHIO — Integra Real Estate Capital has arranged a $17.5 million bridge loan for the acquisition of Midway Market Square in Elyria, about 23 miles west of Cleveland. The 224,330-square-foot shopping center is positioned along Interstate 80. Built in 2001, Giant Eagle anchors the center, which includes other tenants such as Dick’s Sporting Goods, Jo-Ann Fabrics & Crafts and Pet Supplies Plus. Meyer Perlman of Integra secured the three-year loan on behalf of a New York-based investment group through a balance-sheet lender.

February 1, 2017

Midwest Office Ohio Top Stories

Millennia Housing Development Buys Key Center, Marriott Hotel in Cleveland for $267.5M

by Nellie Day February 1, 2017

CLEVELAND — Millennia Housing Development has purchased the 1.3 million-square-foot Key Center office tower and adjacent 400-room Marriott Hotel in Cleveland for $267.5 million. The property is located at 127 Public Square and includes a parking structure. Key Center was built in 1991 and is 57 stories tall. The tower houses the headquarters of Key Bank and BakerHostetler law firm, among other tenants. The office tower was 82 percent leased at the time of sale. The seller, Columbia Property Trust (NYSE: CXP), had previously announced its plans to exit the Cleveland and Houston markets. Columbia has completed $1.2 billion of dispositions since January 2016 and $3.3 billion since January 2012. The firm will use proceeds from these sales to reinvest in high-barrier-to-entry markets such as New York City and San Francisco. “Key Center is the most recognizable icon on the Cleveland skyline, and we were determined to take a patient approach in order to identify the right buyer for this significant asset,” says Nelson Mills, CXP’s president and CEO. “Our diligence has now been rewarded, allowing us to exit the Cleveland market at a price within our expectations and accelerate our focus on high-barrier markets.” Columbia Property Trust owns and …

February 1, 2017

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