Ohio

Alpine Realty Capital Brokers Sale of 123-Room Hotel in Mayfield Heights, Ohio

by Christina Cannon February 4, 2016

MAYFIELD HEIGHTS, OHIO — Alpine Realty Capital LLC has brokered the sale of a Staybridge Suites hotel in Mayfield Heights, approximately 22 miles east of Cleveland. A local developer sold the asset to Arbor Lodging Group for an undisclosed price. The 123-room extended stay hotel opened in 2007 and is located at 6103 Landerhaven Drive. Arbor Lodging Group plans to renovate and upgrade the guestrooms, public areas and hotel exterior. The hotel features a meeting room, outdoor pool and breakfast area. Ed Walsh of Alpine Realty Capital brokered the transaction.

February 4, 2016

Industrial Midwest Ohio

CBRE Arranges 218,704 SF Industrial Lease in Monroe, Ohio

by Christina Cannon February 3, 2016

MONROE, OHIO — CBRE has arranged a 218,704-square-foot industrial lease at a building within Park North at Monroe. Hagemeyer North America, a distributor of industrial maintenance, repair and operations products, will lease the remaining space in the 649,312-square-foot Building 4. Park North at Monroe is a master-planned park located midway between Cincinnati and Dayton. Additional tenants at the park include SSB Manufacturing, Cornerstone Brands, Home Depot and UGN Inc. Jeremy Kraus of CBRE represented the building’s developer, IDI Gazeley, in the transaction. Eric Ramer of ICON Commercial and Josh Young of Newmark Grubb Knight Frank represented the tenant, Hagemeyer North America.

February 3, 2016

Midwest Multifamily Ohio Seniors Housing

SLIB Arranges $12M Sale of Independent Living Community in Ohio

by Christina Cannon January 29, 2016

MAYFIELD HEIGHTS, OHIO — Senior Living Investment Brokerage Inc. (SLIB) has arranged the sale of Gates Mills Club, an independent living community in the Cleveland suburb of Mayfield Heights, for $12 million. Gates Mills contains 120 units and is located on a 1.7-acre plot. At the time of sale, the community was 88 percent occupied. The sales price, which equates to $100,000 per unit, represents a 6.7 percent capitalization rate. The community was built in 1979 as an assisted living facility. The seller, a private owner based in California, bought and remodeled the property for independent living in 2008. The buyer, also a private owner, is based in Kentucky. Ryan Saul, a managing director for SLIB, arranged the sale.

January 29, 2016

Midwest Ohio Retail

Marcus & Millichap Brokers $4.3M Sale of Retail Property in Cincinnati Suburb

by Christina Cannon January 27, 2016

HAMILTON, OHIO — Marcus & Millichap has brokered the sale of a 200,720-square-foot retail property for $4.3 million. Hamilton Crossings is located in Hamilton, approximately 33 miles north of Cincinnati, and was 70 percent occupied at the time of sale. Tenants at the retail property include Pease Warehouse, Youthland Academy, the U.S. Veterans Administration, Penn Station and Springleaf Financial. A private Ohio-based investor purchased the asset located at 1780 S. Erie Highway from an out-of-state investment firm. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap listed the property on behalf of the seller. The team also procured the buyer.

January 27, 2016

Healthcare Midwest Ohio

Doster Construction Co. to Build 60-Bed Hospital in Columbus Suburb

by Christina Cannon January 25, 2016

WESTERVILLE, OHIO — Doster Construction Co. has been selected to build a 60,000-square-foot hospital in Westerville, approximately 15 miles northeast of Columbus. The new 60-bed hospital will replace an inpatient rehabilitation unit at Mount Carmel West. The hospital will help patients transition from the hospital to home after suffering from a stroke, brain injury, major orthopedic surgery or other major illness or injury. The new facility will be located at the intersection of Polaris Parkway and Cleveland Avenue. Doster Construction Co. is the general contractor. Gresham, Smith and Partners is the architect of record. The hospital will be jointly developed and operated by HealthSouth Corp. and Mount Carmel Health System.

January 25, 2016

Industrial Midwest Office Ohio

Cooper Commercial Arranges $3.6M Sale of Flex Property in Cleveland Suburb

by Christina Cannon January 20, 2016

STRONGSVILLE, OHIO — The Cooper Commercial Investment Group has arranged the sale of a 41,184-square-foot office and warehouse building for $3.6 million. A private investor from Ohio sold the property located in the Strongsville Business & Technology Park along Foltz Parkway in Strongsville, approximately 20 miles southwest of Cleveland. The building can accommodate four tenants and is 98 percent occupied. Tyco SimplexGrinnell, a provider of emergency communication systems and services, is the most recent tenant to sign a lease at the property. The building sold for 92 percent of the list price and featured an 8.67 percent cap rate. Dan Cooper of Cooper Commercial Investment Group represented the seller in the transaction.

January 20, 2016

Midwest Mixed-Use Ohio

Hoar Construction Completes $146M Mixed-Use Development in Cincinnati Suburb

by Christina Cannon January 19, 2016

LIBERTY TOWNSHIP, OHIO — Hoar Construction has completed the $146 million construction of Liberty Center, a mixed-use development in Liberty Township, approximately 30 miles north of Cincinnati. The 1.1-million-square-foot development consists of 600,000 square feet of retail space, 100,000 square feet of Class A office space, a 130-room AC Hotel by Marriott, 220 luxury apartment units and a 60,000-square-foot, 14-screen movie theater. Liberty Center was co-developed by Steiner + Associates and Bucksbaum Retail Properties. Retail tenants at Liberty Center include Dillard’s, Forever 21, Kona Grill and Dick’s Sporting Goods.

January 19, 2016

Industrial Midwest Ohio

NGKF Arranges 1 MSF Industrial Lease in Columbus Suburb

by Christina Cannon January 18, 2016

GROVEPORT, OHIO — Newmark Grubb Knight Frank (NGKF) has arranged a 1 million-square-foot lease for an industrial facility located in Groveport, a southeastern suburb of Columbus. Saddle Creek Logistics Services will occupy the newly completed building located at 6606 Pontius Road in February, which is inside the Groveport Industrial Park. Benton Benalcazar and Ladson Montgomery of NGKF represented Saddle Creek, which signed a long-term lease for the warehouse and distribution facility. The property features 36-foot clear heights, ample car and trailer parking, a cross-dock warehouse, 100 dock positions, fours drive-in doors and an ESFR sprinkler system. The lease also features a 15-year, 100 percent real estate tax abatement.

January 18, 2016

Midwest Office Ohio

NewcrestImage Buys 375,000 SF Office Complex in Cincinnati

by Christina Cannon January 14, 2016

CINCINNATI — NewcrestImage has purchased a three-building office complex in Cincinnati for an undisclosed price. Fourth & Walnut Centre is comprised of a 19-story tower built in 1903, a four-story building built in 1937 and a six-story building that was constructed in 1961. Amenities at the property include two restaurants, a business center and a parking garage. The three assets total 375,000 square feet and are currently 56 percent occupied. NewcrestImage plans to enhance and re-configure the office space in an effort to appeal to the millennial mindset. The seller is undisclosed.

January 14, 2016

Industrial Midwest Ohio

CBRE Arranges $3.8M Sale of 179,509 SF Manufacturing Facility in Ohio

by Christina Cannon January 14, 2016

WEST CARROLLTON, OHIO — CBRE Group Inc. has arranged the $3.8 million sale of a 179,509-square-foot manufacturing property in West Carrollton, approximately 8 miles southwest of Dayton. NuVasive, a medical device company, purchased the facility, which is located at 805 Liberty Lane, from Stag II Dayton LLC. Doug Whitten, Mike Lowe, Tim Schenke and Jeremy Kraus of CBRE represented the seller in the transaction.

January 14, 2016

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