CINCINNATI — A joint venture between Skanska and Megen Construction will undertake a $70 million renovation of the University of Cincinnati’s Fifth Third Arena. The 26-year old facility, originally named the Myrl H. Shoemaker Center, is home to the University of Cincinnati Bearcats men’s and women’s basketball teams and women’s volleyball team. The renovation will include a seating bowl with space for 11,500 spectators, new concessions and restrooms, an upper-level concourse with fan amenities, expanded food and beverage options, a new Bearcats lounge, “super suites” and a new main entrance and plaza. Construction is scheduled to begin in June and is slated for completion in November 2018.
CINCINNATI — Fairbridge Properties, a private investment company, has acquired Pictoria Tower, a 252,985-square-foot, Class A office property in Cincinnati for an undisclosed price. The eight-story building, located at 225 Pictoria Drive within the Pictoria Corporate Center, is 98 percent leased. Amenities at the property include covered access to a seven-level parking garage, conference center, upgraded lobby and two-story water feature. Tenants at Pictoria Tower include First Financial Bancorp, Northrop Grumman Corp., Beckfield College, HealthSpan, Ameriprise Financial, Yusen Logistics and Ultimus Fund Solutions LLC. There is currently a 4,000-square-foot vacancy in the building. Thomas Powers, James O’Connell and Michael Sullivan of Cushman & Wakefield represented the undisclosed seller in the transaction.
VANDALIA, OHIO — NorthMarq Capital has arranged a $4.9 million acquisition loan for a 192,910-square-foot industrial property in Vandalia, approximately 10 miles north of Dayton. The Plow & Hearth Vandalia Distribution Center is located at 6400 Sand Lake Drive. The transaction was structured with a 10-year term and 20-year amortization schedule. Susan Branscome of NorthMarq arranged financing for the undisclosed 1031 exchange buyer through its relationship with a commercial bank.
NORWOOD, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $14.5 million sale of Victoria Retirement Community and Victory Park Nursing Home, both located in the Cincinnati suburb of Norwood. Victoria Retirement Community, built in 1991, contains a mix of 90 skilled nursing beds and 68 assisted living beds. Victory Park Nursing Home was built in 1965 and expanded in 1989. It contains 55 skilled nursing beds. The seller was a private family investment group whose operator planned to let its lease expire. The buyer was an undisclosed real estate investment trust with a strong presence in the region that has a new operator lined up.
BLUE ASH, OHIO — Harborview Capital Partners has arranged $73 million in loans for the refinancing of a skilled nursing portfolio operated by CommuniCare, a healthcare owner-operator based in the Cincinnati suburb of Blue Ash. The nine-building portfolio includes 936 beds and is located throughout Ohio and Maryland. The financing consists of a $12 million revolver loan and a $61 million bridge-to-HUD loan. The capital stack was further enhanced by a mezzanine loan in the amount of $8.5 million. The funds were used to refinance existing debt, exercise purchase options and consolidate balance sheets in preparation for bringing the portfolio to HUD. The five-year, floating-rate loan is non-recourse and has a LIBOR-based interest rate with one year of interest-only payments. Ephraim Kutner and Jonathan Kutner, both principals with Harborview, originated the loan. Gershon Yarmush, senior loan analyst, negotiated the terms.
It’s no longer a secret. Residential housing is one of the biggest stories to hit Cleveland’s central business district in over a quarter century. The only thing more impressive than the long list of residential projects that have been completed over the last five years is an even longer list of residential projects that are either planned or under construction. Despite this prolonged surge in activity, several questions remain, with most centered around the viability and sustainability of this sector. But before we take a look forward, let’s first take a look back. Downtown Cleveland has added approximately 1,700 new rental units over the past five years, with the total residential rental inventory standing at nearly 5,900 units. Last year alone saw 573 new units come on line as the direct result of converting nearly 500,000 square feet of former commercial and office space to residential. But despite this additional inventory, the occupancy rate has increased nearly 2 percent over the last five years, ending 2015 at 97.5 percent. Population surge in CBD The downtown area contains approximately 14,000 residents, a 79 percent increase since 2000, according to a newly released report from the Downtown Cleveland Alliance. The average rent …
CINCINNATI — CBRE Group Inc. has arranged the sale of a two-story office building in Cincinnati for $3.1 million. The 42,000-square-foot property, 111 Tri-County Parkway, is 100 percent leased to Cincinnati Bell Technology Services, which uses the facility as a support center for help desk functions, bench-testing and fulfillment services. Keith Yearout, Jim Vondran and Hank Davis of CBRE represented the seller, OA Development, in the transaction. Wang Brothers Investment, a California-based private equity investor, was the buyer.
TOLEDO, OHIO — The Cooper Commercial Investment Group has negotiated the sale of Great Eastern Shopping Center, a 335,000-square-foot retail center in Toledo for an undisclosed price. Super Dollar Tree, Dollar General and McDonald’s anchor the retail property. A New York-based private investment group acquired the property from a large institutional seller out of New York. Bob Havasi and Dan Cooper of Cooper Commercial Investment Group represented the seller in the transaction.
INDEPENDENCE, OHIO — Newmark Grubb Knight Frank (NGKF) has brokered the $10 million sale of a 54,611-square-foot medical office building in Independence, approximately 10 miles south of Cleveland. Dennison Development Group sold the property, located at 6701 Rockside Road, to a healthcare real estate company based in Tennessee. Dennison Development Group built the three-story Rockside Medical Center in 1980. The building features a surgical center, new HVAC system, new roof and recent renovations to common areas. The multi-tenant building is 65 percent leased to St. Vincent Charity Medical Center and The Cleveland Clinic. Bob Nosal and Susan Licciardi of NGKF represented the seller in the transaction.
SUNBURY, OHIO — The Cooper Commercial Investment Group has brokered the $1.3 million sale of a building net leased to Starbucks in Sunbury, approximately 25 miles north of Columbus. An Ohio-based private investor sold the approximately 1,613-square-foot asset to a Florida buyer in an all-cash transaction. The asset sold for 98 percent of the list price at a 5.1 percent capitalization rate.