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.
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.
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.
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.
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.
CINCINNATI — NorthMarq Capital has arranged the $4.7 million acquisition financing for Clifton Quarters, a student housing portfolio located near the University of Cincinnati. The portfolio includes 18 properties and 136 beds. The three-year, fixed rate loan includes a 25-year amortization schedule. The buyer was an out-of-state investor. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
CINCINNATI — BestDrive, a commercial tire dealer and retreader, has opened an 18,500-square-foot retail location in Cincinnati in the Cincinnati Enquirer building. Located at 10801 Millington Ct., the building is off I-75 near the I-275 interchange. BestDrive’s new shop and service center will continue to increase expansion of the Continental tire and ContiLifeCycle (CLC) retread service network throughout the Midwest and the United States. Robert Bunton of CBRE represented BestDrive in the transaction.
CLEVELAND — Marcus & Millichap has arranged the sale of Cleveland Retail Center, a 17,070-square-foot property located at 429 W. Southline St., for $3.7 million. Built in 2007, the property is at the main entrance to a Super Walmart and is 100 percent occupied. Tenants include Buddy’s Furniture, Subway, Mann Eye Center, Edward Jones, Sally Beauty Supply and Advance Cash America. Kelley Workman and Jerry Goldstein of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was a private investor who was completing a 1031 exchange transaction.
AKRON AND NORTH CANTON, OHIO — SkyView Advisors has arranged the portfolio sale of A-1 Store It All for $7.3 million. The two self-storage facilities include a total of 165,200 net rentable square feet of climate-controlled and non-climate-controlled units, and two locations in Akron and North Canton. The facilities are situated on approximately 10.7 acres of land collectively. The Akron facility was built in 1978 and holds 710 non-climate controlled storage units. The North Canton facility was built in 1980 and holds 427 non-climate controlled units. Ryan Clark and Jay J. Crotty of SkyView Advisors represented the seller, A-1 Store It All, and the buyer, Valley Storage Co.
TOLEDO, OHIO — A joint venture between Cindat Capital Management Limited and Union Life Insurance has purchased a 75 percent interest in a Welltower-owned portfolio of seniors housing properties for $930 million. The acquisition represents Cindat’s first foray into U.S. health care real estate investment. The portfolio contains 11 seniors housing properties that are leased to Brookdale Senior Living, as well as 28 skilled nursing facilities leased to Genesis Healthcare. Welltower will retain 25 percent interest in the properties. The transaction is expected to close by year end and is subject to customary closing conditions. “With aging demographics and U.S. healthcare trends driving the need for innovative health care infrastructure, we believe the sector represents an attractive long-term investment opportunity,” says Greg Peng, CEO at Cindat Capital Management, representing Cindat and Union Life. “We have a significant appetite for investing in the sector and we look forward to a mutually beneficial relationship with Welltower to capitalize on this unique opportunity.” The agreement comes on the heels of Welltower’s third-quarter report, in which the company announced plans to significantly increase dispositions for 2016. The company initially planned to sell $1.3 billion of its assets, but announced it would like to sell …