Ohio

NGKF Brokers $4.5M Sale of 147,000 SF Industrial Property Near Cleveland

by Christina Cannon April 28, 2016

WESTLAKE, OHIO — Newmark Grubb Knight Frank (NGKF) has brokered the purchase of an industrial property in Westlake, approximately 15 miles southwest of Cleveland, for $4.5 million. The property, located at 1006-1008 Crocker Road, features 23,000 square feet of office space and 147,000 square feet of warehouse and manufacturing space. The facility, situated on 18.7 acres, also includes a retention pond and running trails. Chris Haas, president and CEO of All Pro Trucking/All Pro Freight Systems, purchased the facility under 1006-1008 Crocker Road LLC. Bonne Bell, which was formerly headquartered in the building, was the seller. Mike Petrigan of NGKF represented the buyer in the transaction, and Kevin Kelly of Cushman & Wakefield/CRESCO represented the seller.

April 28, 2016

Market Reports Midwest Midwest Market Reports Office Ohio

Dayton Office Market Continues Steady Recovery Amid Urban Renaissance

by Christina Cannon April 28, 2016

For the Dayton office market, it’s all about timing. In one of Miami Valley’s largest office leases in recent memory, CareSource early this year signed a five-year lease to occupy 50,000 square feet on two floors at the 486,000-square-foot Kettering Tower downtown. The nonprofit managed healthcare plan is the largest Medicaid plan in Ohio and the second largest in the United States. CareSource said it will assess current and future business needs and redistribute business units from corporate headquarters and offices at 40 W. Second St. to Kettering Tower. In addition, some staff hired during the first quarter of this year also will be placed at the new location. The CareSource location at Kettering Tower increases the company’s footprint to nearly 600,000 square feet in downtown Dayton. The four downtown Dayton locations — including CareSource’s corporate headquarters at 230 N. Main St., Ballpark Village at 220 E. Monument Ave., offices at 40 W. Second St. and Kettering Tower will support 2,200 staff. The $6 million build-out of the multi-tenant Kettering Tower is specifically designed to accommodate CareSource. Tower Partners LLC, an entity whose investors include New York businessman Albert Macanian, owns the building. But the deal bringing 300 new jobs …

April 28, 2016

Midwest Ohio Restaurant Retail

3 Palms Pizzeria and Bakery Signs 3,531 SF Lease in Bridge Park in Ohio

by Christina Cannon April 25, 2016

DUBLIN, OHIO — Crawford Hoying has arranged a 3,531-square-foot lease for 3 Palms Pizzeria and Bakery in Dublin, approximately 18 miles northwest of Columbus. 3 Palms is the latest tenant announced at Bridge Park, a $350 million, 30-acre mixed-use project. Other tenants include The Avenue, The RAM Restaurant and Brewery and Mesh Fitness. The Bridge Park restaurant will be 3 Palms’ third location and will be able to seat 100 guests.

April 25, 2016

Midwest Ohio Retail

Cooper Commercial Brokers $7.5M Sale of 30,493 SF Shopping Center in Columbus Suburb

by Christina Cannon April 22, 2016

DUBLIN, OHIO — The Cooper Commercial Investment Group has brokered the sale of a 30,493-square-foot retail property located in Dublin, approximately 17 miles northwest of Columbus, for $7.5 million. An private investment group from the East Coast sold Emerald Town Center to an undisclosed California-based buyer. Tenants at Emerald Town Center include Mango’s Place, NXStage Dialysis, The Gyro Shoppe, Ty Ginger, Jets Pizza, Snap Fitness, Rancho Alegre Mexican Restaurant, Michael Hendrick’s Veterinary Clinic and Ellie Nail Spa. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller in the transaction.

April 22, 2016

Loans Midwest Multifamily Ohio Seniors Housing

Lancaster Pollard Arranges $28.3M for Refinancing, Construction of Seniors Housing Communities in Ohio

by Christina Cannon April 19, 2016

GARFIELD HEIGHTS, OHIO — Lancaster Pollard has arranged $28.3 million in financing for Sisters of the Holy Spirit, a faith-based nonprofit operator based in the Cleveland suburb of Garfield Heights. The financing is arranged as two loans. The first was a $12.6 million nonrecourse HUD loan that replaces existing bonds on Jennings Center for Older Adults, a 438-unit independent living, assisted living, skilled nursing and adult daycare community in Garfield Heights. The second transaction was $15.7 million in tax-exempt bond financing for the construction of a 74-unit assisted living community, to be named Jennings at Brecksville, in nearby Brecksville. The transactions were also structured around the creation of a new real estate company, which will allow Sisters of the Holy Spirit to distribute excess funds from the Garfield Heights community to the Brecksville community without penalty. Kass Matt led the transaction for Lancaster Pollard.

April 19, 2016

Hospitality Midwest Ohio

399-Room Marriott at University of Dayton to Undergo $21M Renovation

by Christina Cannon April 18, 2016

DAYTON, OHIO — The 399-room Marriott at the University of Dayton will undergo a $21 million renovation in May. The hotel will remain open and operational during the nine-month project. The renovation of guest rooms, meeting spaces, lounge areas and a restaurant is slated for completion in early 2017. Thomas Hamilton Associates will serve as the architect for the project. Concord Hospitality Enterprises Co., which manages the hotel, will oversee the renovation. The University of Dayton and Concord Hospitality purchased the hotel, located at 1414 S. Patterson Blvd., in 2014. The property was constructed in 1982 and sits on 9.8 acres. The hotel was last renovated in 2008. The Marriott at the University of Dayton includes 13,600 square feet of meeting space, a full-service restaurant and bar, a fitness center and pool.

April 18, 2016

Midwest Multifamily Ohio

Reichle Klein Group Brokers $6.3M Sale of 201-Unit Apartment Complex in Toledo

by Christina Cannon April 18, 2016

TOLEDO, OHIO — Reichle Klein Group has brokered the $6.3 million sale of a 201-unit apartment property in Toledo. Beacon Place, located at 426 Beacon St., is comprised of 26 buildings situated on 16.5 acres. 401 E. Woodruff LLC sold the property to an undisclosed California-based investor. Tony Plath and Harlan Reichle of Reichle Klein Group represented the seller in the transaction.

April 18, 2016

Industrial Midwest Ohio

Mark F. Taggart Co., Fed One Dublin Break Ground on Phase I of 140,000 SF Industrial Facility Near Columbus

by Christina Cannon April 14, 2016

WHITEHALL, OHIO — Developer Mark F. Taggart Co. and contractor Fed One Dublin have broken ground on Phase I of a new 140,000-square-foot office warehouse facility in Whitehall, approximately 10 miles east of Columbus. The Air South Commerce Center will be situated inside the Airport South Commerce and Tech Center and is expected to be complete this June. The facility, which will be located at 265-285 N. Hamilton Road, will feature 28-foot to 32-foot clear heights, an ESFR sprinkler system, trailer parking and insulated concrete tilt-up panels. Continental Auto Parks has pre-leased a 50,000-square-foot space in the building and was represented by Matt Osowski of NAI Ohio Equities. Civista Bank provided financing for the project.

April 14, 2016

Industrial Midwest Ohio

Mainfreight Signs 20,000 SF Industrial Lease in Columbus Suburb

by Christina Cannon April 13, 2016

GAHANNA, OHIO — Mainfreight USA Inc. has signed a 20,000-square-foot industrial lease at the Eastgate Business Center in Gahanna, approximately 10 miles northeast of Columbus. The 80,000-square-foot Eastgate Business Center is located within the Eastgate Industrial Park. Mainfreight, a global supply chain support and logistics service company, brings the building to full occupancy with its lease. Other tenants in the facility include HF Group, CORT Furniture Solutions and Distributor Wire & Cable. Mark F. Taggart Co. and Fed One Dublin are the landlords. Jeff Lyons of CBRE represented the tenant in the transaction.

April 13, 2016

Hospitality Midwest Ohio

AC Hotel Cincinnati by Marriott Opens at Liberty Center in Ohio

by Christina Cannon April 11, 2016

CINCINNATI — The AC Hotel Cincinnati by Marriott has opened at Liberty Center, a 1.2 million-square-foot mixed-use development. Raymond Management Co. is the developer and operator of the 130-room hotel. Amenities at the hotel include a fitness center, indoor pool, on-site parking, local restaurant dinner delivery and a full-service business center. The property also features AC-branded amenities such as a kitchen, lounge, store, library and meeting space. The 64-acre Liberty Center includes over 800,000 square feet of retail and entertainment space, 75,000 square feet of office space and 240 luxury apartment units. The shopping district opened last October.

April 11, 2016

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