CLEVELAND — Namdar Realty Group has acquired a 6,600-square-foot retail property in Cleveland for an undisclosed price. KeyBank currently occupies the one-story building located at 5900 St. Claire Ave. CRESCO Real Estate represented the seller, a private investment fund, in the off-market transaction. The KeyBank branch renewed its lease six months prior to the transaction. Joel Gorjian of Namdar Realty Group represented the company in the deal.
LIBERTY TOWNSHIP, OHIO — BMC Capital has arranged a $3.6 million acquisition loan for a property net leased to Walgreens in Liberty Township, approximately 30 miles north of Cincinnati. The 10-year, interest-only loan features a fixed rate of 5.23 percent and a 30-year amortization schedule. Jada Jordan of BMC Capital arranged the loan for the undisclosed borrower through a CMBS lender.
The Toledo industrial real estate market continued its steady improvement in the second half of 2015. Tenant demand for space was solid at a time when virtually no new speculative space was added, which led to a shrinking vacancy rate. At the end of 2015, the vacancy rate stood at 6.8 percent, down from 7.2 percent at mid-year and 7.7 percent at the end of 2014. The market absorbed 564,947 square feet in the last half of 2015 on top of the 632,775 square feet absorbed in the first half of the year. With vacancy rates contracting, the overall average asking rental rate in the Toledo industrial market rose 10 cents to $3.14 per square foot between June 2015 and the end of the year. We have commented in prior reports on the dearth of new speculative construction in the region. This trend continues. Only one speculative building has been constructed in the market since well before the Great Recession. That building — a 100,000-square-foot warehouse/distribution building located in Overland Industrial Park in the North Toledo submarket and developed by Harmon Family Properties — was delivered in the second half of 2015. As of December 2015, the building was still …
NORWOOD, OHIO — CBRE has arranged a 172,000-square-foot, long-term lease for CDK Global, the largest global provider of information technology and digital marketing solutions for the automotive retail industry. CDK Global will operate a national customer service center at Central Parke I & III in Norwood, approximately 10 miles northeast of Cincinnati. CDK Global will bring 1,000 full-time jobs to Norwood. Travis Likes and John Eckert from CBRE’s Cincinnati office, in addition to David Saad from the Chicago office, represented CDK Global in the deal.
COLUMBUS — SRS Real Estate Partners has brokered the sale of a retail property net leased to Champps Americana Restaurant in Columbus for an undisclosed price. The 10,582-square-foot restaurant is situated on two acres at 3993 Morse Crossing. Pickerington Square LP purchased the property, which is an outparcel to a power center. Kyle Stonis, Pierce Mayson, John Topping Jr. and Brad Gibbs of SRS Real Estate Partners represented the sellers, a group of tenant-in-common co-owners, in the transaction. The buyer was self represented.
CLEVELAND — Detroit-based Bedrock Real Estate Services has acquired The Avenue Shops at Tower City Center, a three-story, 366,000-square-foot retail center located in downtown Cleveland, from Forest City Realty Trust Inc. The sale price was $56.5 million, including contractual parking rights to approximately 3,300 associated parking spaces in attached decks and adjacent surface lots. The Avenue Shops at Tower City Center opened in 1990 after Forest City converted the historic Cleveland Union Terminal into the shopping mall. The center is currently comprised of more than 100 retailers and restaurants as well as an 11-screen movie theater. The Avenue Shops are connected to the Ritz-Carlton Hotel, Skylight Office Tower and Terminal Tower, and via indoor walkways to Quicken Loans Arena and JACK Cleveland Casino. Bedrock Real Estate Services is the real estate arm of Quicken Loans Inc. founder and chairman Dan Gilbert.
CINCINNATI — Cincinnati-based Phillips Edison Grocery Center REIT II Inc. and TPG Real Estate have formed a partnership to acquire value-add, grocery-anchored shopping centers throughout the United States. The partnership will invest up to $250 million of equity and plans to leverage this capital to achieve a $750 million acquisition target. The partnership plans to acquire six grocery-anchored shopping centers and will focus on growing the platform through additional acquisitions located in fundamentally strong markets that present attractive return potential through operational and capital improvements.
CINCINNATI — Marcus & Millichap has arranged the sale of Scarlet Oaks, a 183-unit continuing care retirement community in Cincinnati. Continuing care retirement communities are comprised of various operational models that include independent living, assisted living, memory care and skilled nursing. An East Coast-based private owner/operator purchased the 75-year-old property from a national owner/operator for $4.5 million, or $25,000 per unit. The names of the parties were not disclosed. Mark Myers, senior vice president of investments, and Joshua Jandris, vice president of investments, along with associates Ryan Fleming, Peyton Stanforth and Charles Hilding, all from Marcus & Millichap’s Chicago office, handled the sale.
ATHENS, OHIO — Construction is currently underway on River Gate, a 232-bed student housing property located near the Ohio University campus in Athens, located in the southeastern part of the state. The complex, developed by Columbus Pacific Properties and Homestead U, will offer fully furnished two-, three- and four-bedroom apartments. Community amenities include a resident life center featuring a bistro with gourmet coffee and a cyber lounge, a resort-style pool, private study rooms, a 24-hour fitness center, gaming room and an underground parking garage.
IRONTON, OHIO — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sunset Nursing Center, a 60-bed skilled nursing facility in Ironton, in the southeast corner of Ohio near the Kentucky and West Virginia borders. A joint venture between a regional operator and a value-add investor bought the facility from an undisclosed seller. The purchase price equates to $35,000 per bed. Jacob Gehl and Connor Doherty were the lead advisors on the transaction.
