NILES, OHIO — Cooper Commercial Investment Group has brokered the sale of a single-tenant property net leased to Vitamin Shoppe in Niles, near the border of Pennsylvania, for $1.8 million. The Vitamin Shoppe has approximately six years remaining on its lease. Dan Cooper of Cooper Commercial represented the seller, an Ohio-based private investor. A Minnesota-based fund was the buyer.
CINCINNATI AND HOFFMAN ESTATES, ILL. — Macy’s Inc. (NYSE: M) and Sears Holdings Corp. (NASDAQ: SHLD) both announced on Wednesday plans to close a large number of department stores in an effort to improve their long-term operating performance. Macy’s will close 68 stores and Sears will close 150 non-profitable stores comprising 109 Kmart and 41 Sears locations. “We are taking strong, decisive actions today to stabilize the company and improve our financial flexibility in what remains a challenging retail environment,” says Edward Lampert, chairman and CEO of Sears Holdings. “We are committed to improving short-term operating performance in order to achieve our long-term transformation.” Jeff Green, president of Jeff Green Partners, a retail consultancy based in Phoenix that works with retailers and shopping center owners, suspects that the footprint of these department stores has contributed to the recent woes of Macy’s and Sears. “Department stores, by sheer definition, are oversized for this changing retail environment and may be a critical factor, though only one factor, in deciding which stores to close,” says Green. “It is interesting to see just how large some of the older stores on the Macy’s store closure list are. For example, two suburban stores to be …
COLUMBUS, OHIO — Dougherty Mortgage has provided a $5.1 million Fannie Mae loan for the refinancing of Ponderosa Village Apartments in Columbus. The property includes 119 units. The 10-year loan features a 30-year amortization schedule. The loan was arranged through a partnership with Old Capital Lending and Dougherty’s Vienna, Va. Office. Wolfe Sumrok LBC LLC was the borrower.
SHEFFIELD LAKE, OHIO — SkyView Advisors has arranged the sale of Lake Road Self Storage in Sheffield Lake, about 25 miles west of Cleveland. The 57,000-square-foot facility includes 418 non-climate controlled units. The property sits on 8.6 acres at 5360 Lake Road. Public Storage was the buyer. Ryan Clark of SkyView Advisors led the transaction.
Cleveland’s relatively affordable cost of living compared with other major Midwestern cities is attracting businesses to the metro area, fueling demand for office space. A steady stream of new employment opportunities supported the 1.6 percent expansion of Cleveland’s workforce over the 12-month period that ended Sept. 30. Hiring during that period was driven by the education and health services sectors, which collectively added 9,300 positions. It is expected that by year-end 2016, Cleveland employers will have increased payrolls 1.3 percent with the addition of 14,000 workers. Office-using employment is expected to rise 0.4 percent this year, remaining steady with only a slight variation over the past three years. Cleveland’s stable economic fundamentals, coupled with businesses attracted to the city, have supported the revival of a dormant development pipeline. During 2015, just 46,000 square feet was added to Cleveland’s office property inventory. The majority of the new office completions are located downtown. In the four-quarter period that ended in September, approximately 660,000 square feet came into service. Construction Surges While office completions were sluggish in 2015, construction has picked up significantly and builders are on track to deliver more than 1 million square feet of new office product by year’s end. …
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.
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.
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.
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.
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.
