Ohio

New York Life Provides $48M Loan for Crocker Park Near Cleveland

by Christina Cannon July 11, 2016

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.

July 11, 2016

Midwest Multifamily Ohio

Marcus & Millichap Brokers $1.2M Sale of Apartment Property in Columbus

by Christina Cannon July 11, 2016

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.

July 11, 2016

Illinois Industrial Loans Midwest Ohio

New York Life Provides $120M Loan for 15-Property Industrial Portfolio

by Christina Cannon July 8, 2016

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.

July 8, 2016

Midwest Ohio Retail

Cooper Commercial Negotiates Sale of Retail Property Near Cleveland for $4M

by Christina Cannon July 7, 2016

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.

July 7, 2016

Midwest Ohio Retail

Friedman Arranges Sale of 35,347 SF Retail Center Near Toledo

by Christina Cannon July 5, 2016

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.

July 5, 2016

Midwest Multifamily Ohio Seniors Housing

Lancaster Pollard Arranges Sale, Financing of 100-Bed Skilled Nursing Facility in Ohio

by Christina Cannon July 1, 2016

COLUMBUS, OHIO — Lancaster Pollard has arranged both the sale of, and acquisition financing for, Columbus West Park Nursing and Rehabilitation Center, a 100-bed skilled nursing facility in Columbus’ Westgate neighborhood. In the sale transaction, Chad Elliott and Steve Kennedy represented the seller, a family that has owned the property since 1992. The MacIntosh Company purchased the facility for an undisclosed price, expanding the company’s Central Ohio seniors housing portfolio to six communities. Columbus West Park was built in 1984, and the sale included excess land for potential future expansion. In the financing transaction, Chris Mauger and Brendan Healy arranged a balance-sheet loan to fund the acquisition. The financing was structured as a bridge-to-HUD loan.

July 1, 2016

Midwest Office Ohio

CBRE Arranges Lease Renewal, Expansion for Office Property in Cincinnati

by Christina Cannon June 30, 2016

CINCINNATI — CBRE Group Inc. has arranged an office lease renewal and expansion for Blue & Co., an independent accounting and advisory firm. The company, which will continue to occupy space on the first floor of the Sawyer Point Building, signed a lease for 5,359 additional square feet on the second floor, doubling its space. The Sawyer Point Building is a four-story, 185,000-square-foot office building located at 720 E. Pete Rose Way. Chuck Male of CBRE represented the tenant in the transaction. John Eckert and Travis Likes of CBRE represented the landlord.

June 30, 2016

Industrial Midwest Ohio

Industrial Realty Group Purchases 224,400 SF Industrial Building in Dayton

by Christina Cannon June 29, 2016

DAYTON, OHIO — Industrial Realty Group has purchased a 224,400-square-foot industrial building in Dayton for an undisclosed price. The facility is located on 15.4 acres at 678 Yellow Spring Fairfield Road. Industrial Realty Group will manage the property and oversee the lease of the remaining space in the multi-tenant building. Doug Whitten and Matthew Arnovitz of CBRE represented the seller, Transcontinental Ohio Inc. in the transaction.

June 29, 2016

Midwest Ohio Retail

NAI Harmon Group to Develop $75M Entertainment District Near Toledo

by Christina Cannon June 22, 2016

ROSSFORD, OHIO — NAI Harmon Group has unveiled plans to develop the Rossford Entertainment District, an upscale hotel and retail complex that will be connected to the Hollywood Casino in Toledo via an aerial gondola. The project will cost between $75 million and $85 million, according to The Toledo Blade, and will contain 100,000 square feet of retail space and a 150-room hotel with conference space and an outdoor pool. The project, to contain about 25 shops, will be situated on roughly 20 acres. Construction will start in the fall of 2017.

June 22, 2016

Loans Midwest Multifamily Ohio

Bellwether Closes Two Loans Totaling $11.5M for Multifamily Properties in Ohio

by Christina Cannon June 21, 2016

GREEN AND SYLVANIA, OHIO — Bellwether Enterprise Real Estate Capital LLC has closed two loans totaling $11.5 million for multifamily properties in Ohio. In the first transaction, Bellwether arranged a $9.3 million HUD loan to refinance Greenview Senior Assisted Living, a 99-unit seniors housing facility in Green, approximately 50 miles south of Cleveland. The facility, built in 2002, features a dining room, café, chapel, activity area, patio and lounges. The Inn at Green Limited LLC was the borrower. The non-recourse loan features a 35-year term. Barbara Sullivan and Jim Doyle of Bellwether arranged the financing. In the second deal, M&D McCord Road Holdings LLC refinanced The Colony, an apartment property approximately 15 miles west of Toledo. The Colony, built in 2015, consists of four single-story buildings and one two-story building, which contain a total of 34 units. All units are two-bedroom/two-bathroom. DJ Effler of Bellwether arranged the 15-year loan, which features five years of interest-only payments.

June 21, 2016

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