Ohio

Cleveland Office Market Sees String of New Projects

by Kristin Harlow August 17, 2017

Cleveland’s central business district (CBD) continues to make headlines as events like the Republican National Convention, the 2016 and 2017 NBA Championships and the 2016 World Series earned national attention. Within the office market, trends such as “flight to quality” and office-to-residential conversions, which are driven by a hot apartment market, have reduced surplus supply and lowered vacancies. This has shaped metrics positively, and has put Cleveland in a position of strength for the upcoming years. The news of the year has been the purchase of Key Tower by Millennia Cos., a local real estate developer known mostly for multifamily. The company moved its headquarters from a property in Valley View to two entire floors spanning approximately 40,000 square feet in Cleveland’s signature office tower. Almost immediately after, Forest City announced its headquarters move from the historic Terminal Tower to the Key Tower, backfilling almost 150,000 square feet of space that KeyCorp gave back in a downsizing strategy. By the first quarter of 2018, Key Tower will benefit from lobby and building amenity upgrades, and should see a vacancy rate of less than 10 percent. Another story on the horizon is the potential move of Medical Mutual of Ohio, now …

August 17, 2017

Healthcare Loans Midwest Ohio

Berkeley Point Capital Provides $8.4M in HUD Refinancing for Nursing Homes in Ohio

by Kristin Harlow August 16, 2017

BURBANK, GALION AND SHELBY, OHIO — Berkeley Point Capital has provided three HUD 232/223(f) loans for the refinancing of nursing homes in Ohio for borrower JAG Healthcare Group Inc. Berkeley Point Capital provided a $6 million loan for Burbank Parke Care Center, an 86-bed facility located in Burbank, about 45 miles south of Cleveland. A $1 million loan will be used for Galion Pointe, a 45-bed facility in Galion, about 60 miles north of Columbus. A $1.4 million loan will be used for Shelby Pointe, a 46-bed facility in Shelby, about 15 miles north of Galion. Frank Cassidy of Berkeley Point Capital secured the loans with Ginnie Mae.

August 16, 2017

Midwest Ohio Retail

Colliers Brokers $2.4M Sale of Shopping Center in Bellbrook, Ohio

by Kristin Harlow August 11, 2017

DAYTON, OHIO — Colliers International has brokered the sale of The Sugar Bell shopping center in Bellbrook, about 15 miles south of Dayton, for $2.4 million. The 19,904-square-foot property, constructed in 1997, is 100 percent leased. Tenants include El Toro, Cassano’s, Capital Cleaners and Crafters Lodge. Chris Prosser, Jeff Johnston and Steve Timmel of Colliers represented the seller, Belle Ventures. The Sun Moon Light Trust purchased the property.

August 11, 2017

Industrial Midwest Ohio

Colliers International Brokers $4.1M Sale of Warehouse in Cincinnati

by Kristin Harlow August 8, 2017

CINCINNATI — Colliers International has brokered the sale of an 81,681-square-foot warehouse in Cincinnati for $4.1 million. The property, located at 5480 Creek Road, features 6,681 square feet of office space. Raymond Storage Concepts Inc. (RSCI) purchased the property. The company sells, rents and services materials handling equipment, including dock doors and other warehouse solutions. RSCI also maintains sales and service facilities in Columbus and Louisville, Ky. John Gartner and Erin Casey of Colliers International represented the seller, Creek Road 5480 LLC, in the sales transaction. Roddy MacEachen, Rod MacEachen and Jared Wagoner of SQFT Commercial represented RSCI.

August 8, 2017

Midwest Ohio Retail

Cooper Commercial Arranges $4.4M Sale of Goodwill Property in Columbus, Ohio

by Kristin Harlow August 4, 2017

COLUMBUS, OHIO — Cooper Commercial Investment Group has arranged the sale of a single-tenant property occupied by Goodwill in the suburban Columbus community of Dublin for $4.4 million. The 22,000-square-foot building was renovated to accommodate Goodwill, which had previously occupied a 9,400-square-foot space on Sawmill Road. Dan Cooper of Cooper Commercial represented the seller, a Columbus-based private investment group. The buyer, a Columbus-based private investor, purchased the property at nearly 99 percent of the list price.

August 4, 2017

Midwest Multifamily Ohio Student Housing

CRG, Koman Group Complete 262,000 SF Student Housing Property in Cleveland

by Kristin Harlow July 17, 2017

CLEVELAND — CRG and The Koman Group have completed The Edge on Euclid, a 262,000-square-foot student housing property located directly across from Cleveland State University in downtown Cleveland. Early move-in began on July 1. The property features 240 residential suites, a fitness center, lounge, café, study areas and a 163-car garage. The 11-story building features a mix of one- to four-bedroom units. The 11th floor features a sky deck. Clayco served as the design-builder and its subsidiary, Forum Studio, served as the architect.

July 17, 2017

Midwest Ohio Retail

Round 1 Signs 50,000 SF Retail Lease at Great Lakes Mall in Mentor, Ohio

by Kristin Harlow July 12, 2017

MENTOR, OHIO — Round 1, a family entertainment center, has signed a 50,000-square-foot retail lease at Great Lakes Mall in Mentor, about 25 miles northeast of Cleveland. Washington Prime Group Inc. owns the mall. Round 1 will anchor the $15 million redevelopment project and replace a former Dillard’s Men’s store. Earlier this year, Dillard’s consolidated its department stores at the mall into one space. This will be the first Round 1 location in Ohio. Round 1 offers bowling, karaoke, ping-pong, arcade games and dining. Washington Prime Group also plans to create a restaurant space adjacent to Round 1.

July 12, 2017

Industrial Midwest Ohio

Birchwood Foods Signs 52,800 SF Industrial Lease in Columbus, Ohio

by Kristin Harlow July 11, 2017

COLUMBUS, OHIO — Birchwood Foods has signed a 52,800-square-foot industrial lease in Columbus. The Kenosha, Wisconsin-based meat supplier will occupy the entire building located at 1709-1763 Dividend Drive for its Columbus warehouse and distribution operations. The company also owns the production facility adjacent to this property. Ray Boll and Jeff Boll of Rj BOLL Realty arranged the lease on behalf of Birchwood Foods. Matt Osowski and Curt Berlin of NAI Ohio Equities represented the landlord, Meritex Properties.

July 11, 2017

Midwest Ohio Retail

RCG Acquires 181,161 SF Shopping Center in Hilliard, Ohio

by Kristin Harlow July 10, 2017

HILLIARD, OHIO — RCG Ventures has acquired Mill Run Square in Hilliard, a suburb of Columbus. The purchase price was not disclosed. The 181,161-square-foot shopping center is located adjacent to I-270. Floor & Decor and Arhaus anchor the property, which is part of Mill Run, a master planned community that is home to several national retailers including Walmart, Lowe’s, Target, Home Depot, Aldi, Giant Eagle, Dave & Buster’s and Starbucks. Isaiah Harf of Stan Johnson represented the undisclosed seller.

July 10, 2017

Midwest Ohio Retail

Cooper Commercial Arranges $16.7M Sale of Walmart Supercenter in Alliance, Ohio

by Kristin Harlow July 6, 2017

ALLIANCE, OHIO — Cooper Commercial Investment Group has arranged the sale of a single-tenant Walmart Supercenter in Alliance, about 60 miles south of Cleveland, for $16.7 million. The 200,084-square-foot building is located at 2700 W. State St. Dan Cooper of Cooper Commercial represented the institutional seller and procured the West Coast-based buyer. The property sold for 98 percent of the list price. Walmart recently decided to exercise its first of several five-year renewal option periods.

July 6, 2017

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