Ohio

Forest City Realty Trust Sells Terminal Tower in Downtown Cleveland for $38.5M

by John Nelson September 16, 2016

CLEVELAND — Forest City Realty Trust Inc. has closed on the sale of Terminal Tower, a nearly 600,000-square-foot office building in downtown Cleveland. After owning the building for more than 30 years, Forest City sold the asset to an affiliate of K&D Group for $38.5 million. Cleveland-based Forest City has housed its corporate offices at Terminal Tower since 1997, and the company is currently undergoing site selection for its new headquarters. Opened in 1930 as the Cleveland Union Terminal, the tower was the tallest building outside of New York until 1964. The office tower is now the centerpiece of the Tower City Center mixed-use development. Rico Pietro of Cushman & Wakefield | CRESCO Real Estate represented the buyer in the transaction.

September 16, 2016

Midwest Multifamily Ohio

Miller-Valentine to Develop Apartment Community in Southwest Ohio

by John Nelson September 15, 2016

HUBER HEIGHTS, OHIO — Miller-Valentine Group plans to develop WaterStone at Carriage Trails, a 192-unit apartment community at the intersection of I-70 and Route 201 within the Carriage Trails master-planned development in Huber Heights, about nine miles outside of Dayton. The apartment community will feature one-, two- and three-bedroom residences with rents starting from $911 for a one-bedroom unit, $1,100 for a two-bedroom unit and $1,165 for a three-bedroom unit. Unit interiors will feature wood-style flooring, private balconies and patios, kitchen islands, in-unit washers and dryers, quartz countertops, walk-in closets and stainless steel appliances. Community amenities will include a resort-style pool, 4,500-square-foot clubhouse, cyber café, coffee bar, billiards room, TV lounge, fitness center with yoga room, private dog park and rentable entertainment areas. The development team includes architect CR Architecture + Design, landscape architect POD Design, interior designer Mitsch Design, civil engineer American StructurePoint and general contractor Miller-Valentine Residential Construction.

September 15, 2016

Hospitality Midwest Ohio

MCR Development Completes Renovation of Homewood Suites by Hilton in Cincinnati Suburb

by Amy Works September 9, 2016

MILFORD, OHIO — MCR Development, a hotel owner-operator, has completed the renovation of Homewood Suites by Hilton Cincinnati-Milford, a 76-room, select-service hotel located at 600 Chamber Drive in Milford. The newly remodeled hotel was updated as part of Hilton’s design initiative and multi-faceted brand enhancement program that focuses on updating dining and lounging areas, as well as introducing new brand standards. The hotel’s dining area now features new and modern furniture, flooring and lighting, and the business center was redesigned to create an inviting work space for guests. Additionally, the hotel now features an outdoor kitchen and lounge complete with a grilling area and comfortable seating.

September 9, 2016

Midwest Office Ohio

CBRE Retained as Leasing Agent for Huntington Center in Downtown Columbus

by Amy Works September 8, 2016

COLUMBUS, OHIO — CBRE has been retained as the exclusive leasing agent for Huntington Center, located at 41 S. High St. in Columbus. The 37-story, 1 million-square-foot office tower features 27,000 square feet of retail space, a 1,000-car parking facility and a 29,650-square-foot athletic club. Brad McMahon and Don Roberts of CBRE will lease the building on behalf of Hines, which owns and manages the property. Hines plans to make significant upgrades to the property, including a new amenity package with a tenant lounge, rooftop patio and secure bike storage. Hartshorne Plunkard Architecture is designing the upgrades.

September 8, 2016

Market Reports Midwest Midwest Market Reports Office Ohio Uncategorized

Spec Office Development Gains Steam in Ohio’s Suburbs for First Time in Years

by Christina Cannon September 8, 2016

From Cleveland to Cincinnati, speculative Class A office development is on the rise in Ohio for the first time in at least five years. Primarily occurring in the suburbs, 3 to 4 million square feet of spec development is driven by a lack of office space as well as pent-up demand for new space with an urban feel that contains retail and multifamily components. Most spec office development reflects the demands of both Millennials and Baby Boomers. These significant population groups seek to locate in live-work-play neighborhoods that offer cool office and residential spaces, walkability and common green spaces. Because these components are important to Millennials — now the largest share of the American workforce — they have become important for companies in their efforts to recruit the best and the brightest. Quality talent is more of a factor than cost. In competing for talent, these companies must look for and include such office amenities as game rooms, outdoor patios and walking trails. Not only are the retail and residential components to an office project important, but companies are also expressing genuine interest in branding, signage opportunities, naming rights and modern amenities. Cost of financing guides developers in Cleveland While downtown …

September 8, 2016

Industrial Midwest Ohio

Meridian Begins Construction on 185,840 SF Flex Building in Ohio

by Amy Works September 7, 2016

STRONGSVILLE, OHIO — Meridian Design Build has started construction on a speculative flex building at 14700 Foltz Parkway in Strongsville. Situated on 21.8 acres, the multi-tenant building will feature 28 loading docks, two drive-in doors and 164 auto parking stalls. Additionally, the design of the building includes a thermoplastic polyolefin roof and LED lighting. The site also includes space for a future 195,137-square-foot building. The project developer is Scannell Properties. Precept Design is providing architectural services and Weber Engineering Services is providing civil engineering work.

September 7, 2016

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Provides $3.9M Construction Loan for Affordable Housing Community in Cincinnati

by Amy Works September 7, 2016

CINCINNATI — KeyBank has provided a $3.9 million construction loan for the Sheakley Center for Youth in Cincinnati. The property will consist of a shelter unit and a housing unit. The shelter unit will contain 27,708 square feet of commercial space, including a day shelter, a 28-bed night shelter and street outreach offices and social services rooms, while the housing unit will include 39 studio and one-bedroom apartments. Greg Kiger of KeyBank’s Community Development Lending and Investment team arranged the financing for the undisclosed borrower.

September 7, 2016

Loans Midwest Multifamily Ohio

BGL Real Estate Advisors Completes $81M in Financing for Standard Building Renovations in Cleveland

by Amy Works September 6, 2016

CLEVELAND — BGL Real Estate Advisors has arranged the development financing for Weston Inc. The loans will be used toward the historical conversion of the Standard Building in downtown Cleveland. The $81 million financing consists of senior construction debt, subordinated bridge debt, municipal city and state agency debt, federal and state historic tax credit equity and Weston Inc. GP equity. The Huntington National Bank, Fifth Third Bank, First Commonwealth Bank, Peoples Bank and Cleveland Development Advisors, as well as Ohio Water Development Authority and Ohio Development Services Agency, contributed capital to the transaction. Additionally, Piper Jaffray, Port of Cleveland, RSM US LLP and Stonehenge Capital were involved with the capital lease and historic tax credit equity structuring and syndication. Originally built in the 1920s for Standard Bank, the building will be converted from office space into market-rate apartments and first-floor retail space.

September 6, 2016

Midwest Multifamily Ohio

UMH Properties Acquires Two Housing Communities in Ohio for $2.9M

by Amy Works September 6, 2016

FREEHOLD, N.J. — Freehold-based UMH Properties has acquired two housing communities in Ohio for $2.9 million. The properties include 165 housing sites on approximately 71 acres. At the time of closing, the properties were approximately 64 percent occupied. The communities are part of a five-community portfolio, all located in Ohio, with a total purchase price of $17 million. The full portfolio contains a total of 821 sites on approximately 342 acres. UMH expects to close on the remaining communities before year-end.

September 6, 2016

Midwest Office Ohio

NorthMarq Arranges $39.6M Loan for 20-Story Office Building in Cincinnati

by Christina Cannon August 31, 2016

CINCINNATI — NorthMarq Capital has arranged a $39.6 million loan to refinance the Omnicare Center, a 20-story, Class A office building in Cincinnati. Susan Branscome of NorthMarq placed the 10-year loan with a major life insurance company on behalf of the borrower, Smith Hallemann Partners. The building includes amenities such as a barbershop with shoe shine and repair services, a Starbucks, transportation services, a conference center, dry cleaning shop and restaurant.

August 31, 2016

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