DAYTON, OHIO — Namdar Realty Group has acquired Salem Plaza, a 141,616-square-foot shopping center in Dayton, for an undisclosed price. Garrison Investment Group sold the property, which is located at 45-15 Salem Ave. Burlington Coat Factory occupies 70 percent of the shopping center. Family Dollar is another tenant at Salem Plaza. Marcus & Millichap represented the seller in the transaction, and Joel J. Gorjian of Namdar Realty Group represented the buyer internally.
HILLIARD, OHIO — Spectrum Retirement Communities has opened Hilliard Assisted Living & Memory Care, a 100-unit assisted living and memory care community in the Columbus suburb of Hilliard. The new community features 75 assisted living units, 25 memory care units and a transitional memory care program for seniors with only mild cognitive impairment. The 87,000-square-foot community includes studio, one-bedroom and two-bedroom units. Spectrum currently has three other communities under construction in the Columbus area and another in the planning stages. Based in Denver, Spectrum owns and operates 31 communities in 12 states totaling more than 3,700 units, with eight more communities currently under construction.
WEST CHESTER, OHIO — Franklin Street Capital Advisors has closed a $3.2 million loan for a 16,200-square-foot retail strip center in West Chester, approximately 25 miles north of Cincinnati. Union Place is fully occupied and includes tenants such as First Watch, PNC Bank, El Rancho Bueno and Jimmy John’s. The shopping center is situated on 5.5 acres and was built in 2004. Ben Miller and Casey Siggins of Franklin Street Capital secured the loan on behalf of the buyer in a 1031 exchange. The five-year loan includes a 4.2 percent fixed rate with a 25-year amortization schedule. Fort Knox Federal Credit Union was the lender.
CINCINNATI — Chicago-based fitness franchise The Barre Code is set to open a new location at 615 Main St. in downtown Cincinnati early next year. The new 2,250-square-foot location will include a studio room and changing rooms with fully stocked vanity areas. Megan Fair of CBRE represented the tenant in the lease transaction. CBRE’s project management team is also facilitating a buildout at the location.
CINCINNATI — Development firm City Club Apartments LLC has broken ground on a luxury apartment project in Cincinnati. City Club Apartments will consist of 294 units and 45,000 square feet of retail, restaurant and office space. Construction on the building is slated for completion by the end of next year. The historic 11-story, 300,000-square-foot building was originally built in 1928 as an annex to the PNC Tower. Amenities at City Club Apartments will include a rooftop dog park, concierge, demonstration kitchen, indoor/outdoor pool with hot tub, grilling stations, a Zen garden, fire pit, fitness center, conference and business center, bike storage and 330 valet parking spaces. Unit amenities will include granite countertops, island kitchens, custom closets, hardwood and ceramic floors, and 10- to 18-foot ceilings. The building will offer over 50 distinct floor plans with units ranging from 400 to 1,500 square feet. Unit configurations include studio, one-bedroom, two-bedroom, three-bedroom, two-level and penthouse apartments. Brinkmann Constructors is the general contractor for the project, and Village Green will manage the property. US Bank provided financing for the development.
WESTLAKE, OHIO — New York Life Real Estate Investors has provided a $48 million refinancing loan for The Promenade at Crocker Park in Westlake, approximately 15 miles southwest of Cleveland. The Promenade at Crocker Park is a 276,000-square-foot, Class A retail property. The shopping center features over 95 tenants including Apple, Trader Joe’s, DSW Shoe Warehouse and Dick’s Sporting Goods. The borrower, Stark Enterprises, is the original developer and has owned and managed the property since 1993. The fixed-rate loan features a 15-year term.
COLUMBUS — Marcus & Millichap has brokered the sale of a 16-unit apartment property in Columbus for $1.2 million. Moreland Drive Apartments, located at 4831-4873 W. Moreland Drive, is comprised entirely of two-bedroom/1.5-bathroom townhomes. Units feature private patios, eat-in kitchens, full basements and washer and dryer connections. Both the buyer and the seller in the transaction were undisclosed limited liability companies. Jordan Marshall, Richard Lattro, Michael Barron, Dan Burkons and Josh Wintermute of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.
CHICAGO AND CINCINNATI — New York Life Real Estate Investors has provided a $120 million mortgage loan secured by a 15-property industrial portfolio. The Class A buildings, which total 3.3 million square feet, are located in the Chicago, Cincinnati and Memphis metro areas. An affiliate of Industrial Property Trust Inc. is the borrower that received the eight-year, fixed-rate loan.
STOW, OHIO — The Cooper Commercial Investment Group has negotiated the sale of a 53,191-square-foot retail property in Stow, approximately 35 miles south of Cleveland, for $4 million. Oregon Trails is shadow anchored by Discount DrugMart and was roughly 70 percent occupied at the time of sale. Tenants at the property, which was built in 1988, include Fifth Third Bank, Wing Warehouse, H&R Block, Subway, Edward Jones, Hallmark, Kirbie’s Meats, All About Dance, Sweet Frog Frozen Yogurt and Great Harvest Bread Co. The seller was a California-based private investor, and the undisclosed buyer was also California based. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller in the transaction.
SYLVANIA, OHIO — Friedman Integrated Real Estate Solutions has arranged the sale of Timberstone Center, a 35,347-square-foot retail property in Sylvania, approximately 15 miles west of Toledo, for an undisclosed price. CSFB 2004-C5 Sylvania Avenue LLC sold the center through Ten-X.com to Parviz Benhuri. Timberstone Center, situated on 6.8 acres at 7561-7633 W. Sylvania Ave., is shadow-anchored by Kroger. Other tenants include Hallmark, Pizza Hut, Subway and Weight Watchers. Rich Deptula of Friedman represented both parties in the transaction.
