CINCINNATI — Bellwether Enterprise has arranged a $22.7 million loan for the acquisition of Vantage Pointe West Apartments in Cincinnati. The complex consists of 775 one-, two- and three-bedroom units across 11 residential buildings. Of the 775 units, 500 are reserved for very low-income tenants. The building underwent a $5 million renovation in 2014. Elmer B. Cole Jr. of Bellwether Enterprise arranged the 12-year, fixed-rate loan for the borrower, Four Towers Apartments LLC.
BOARDMAN TOWNSHIP, OHIO — Marcus & Millichap has arranged the sale of a net-leased medical office building in northeastern Ohio for $1.1 million. U.S. Oncology Inc. is located at 835 Southwestern Run. The 10,140-sqaure-foot building was upgraded in 2007. Ryan E. Moore, Paul Kerber and Christopher Mitchel marketed the property on behalf of the seller, a developer. The buyer was not disclosed.
PAINESVILLE, OHIO — Marcus & Millichap has brokered the sale of Painesville Mini-Storage in Painesville, about 30 miles northeast of Cleveland, for $1.2 million. The 48,240-square-foot facility is located at 649 Hoyt St. The 162 storage units range in size from 100 to 3,600 square feet. The facility has an on-site manager’s office, perimeter fencing, electric gage and concrete drives throughout. Brett R. Hatcher of Marcus & Millichap marketed the property on behalf of the buyer and seller, both limited liability companies.
COLUMBUS, OHIO — The Wagenbrenner Co. Commercial Real Estate Services has sold a student housing portfolio near the Ohio State University campus in Columbus. The 44,466-square-foot portfolio consists of seven properties with 72 units and 104 bedrooms. The properties include a mix of studio, one-, two-, three- and five bedroom units. The properties were fully leased for the 2016-2017 school year. Neither the buyer nor the sales price was disclosed. Matthew Brown of Wagenbrenner arranged the sale.
CINCINNATI — Woolpert, a national architecture, enginnering and geospatial (AEG) firm, has opened a new Cincinnati office in Over-the-Rhine. The office, located at 1203 Walnut St., will be home to at least 20 full-time architects, engineers, surveyors and support staff. Woolpert will occupy the second floor with a total of 6,302 square feet. Woolpert’s new Cincinnati office, which was funded by the City of Cincinnati through the Job Creation Tax Credit, will expand its commercial renovation and housing development, higher education, energy, government and aviation services. Woolpert’s headquarters will remain in Dayton.
DAYTON, OHIO — Capstone Apartment Partners has brokered the sale of Claypool Apartments in Dayton. The sales price was not disclosed. The 69-unit building was constructed in 1963. The property was 90 percent occupied at time of sale. The buyer was Pinnacle Dayton LLC. Stasiu Geleszinski, Sherief Gouda and Nathan Murphy of Capstone represented both the buyer and seller, Claypool Apartments LLC.
ZANESVILLE, OHIO — Time Equities Inc. (TEI) has acquired Colony Square Mall in Zanesville, 50 miles east of Columbus, for $31.5 million. The 425,430-square-foot shopping mall is located at 3575 Maple Ave. Tenants include TJ Maxx, Shoe Carnival, Planet Fitness, JC Penney and more. TEI’s Ami Ziff, Jonathan Kim and Adam Levitt represented the company in the acquisition. Margaret Caldwell and Eric Spencer of Jones Lang LaSalle represented the seller, Rouse Properties. Urban Retail Properties LLC will oversee the management, marketing and leasing operations on behalf of TEI.
CINCINNATI — Hines Global REIT II has acquired Rookwood Pavilion and Rookwood Commons in Cincinnati. The purchase price was $190 million, excluding transaction costs and working capital reserves, according to an SEC filing. The two shopping centers operate as a single property referred to as Rookwood. Rookwood Pavilion was built in 1993 and Rookwood Commons was built in 2000. The property consists of 600,071 square feet that is 97 percent leased to 73 retailers and restaurants, including Whole Foods, REI, Nordstrom Rack, T.J. Maxx, Joseph-Beth Booksellers, P.F. Chang’s and J. Alexander’s. Hines Global REIT II is a public, non-listed real estate investment trust sponsored by Hines. CLP-SPF Rookwood Commons LLC and CLP-SPF Rookwood Pavilion LLC were the sellers.
NILES, OHIO — Cooper Commercial Investment Group has brokered the sale of a single-tenant property net leased to Vitamin Shoppe in Niles, near the border of Pennsylvania, for $1.8 million. The Vitamin Shoppe has approximately six years remaining on its lease. Dan Cooper of Cooper Commercial represented the seller, an Ohio-based private investor. A Minnesota-based fund was the buyer.
CINCINNATI AND HOFFMAN ESTATES, ILL. — Macy’s Inc. (NYSE: M) and Sears Holdings Corp. (NASDAQ: SHLD) both announced on Wednesday plans to close a large number of department stores in an effort to improve their long-term operating performance. Macy’s will close 68 stores and Sears will close 150 non-profitable stores comprising 109 Kmart and 41 Sears locations. “We are taking strong, decisive actions today to stabilize the company and improve our financial flexibility in what remains a challenging retail environment,” says Edward Lampert, chairman and CEO of Sears Holdings. “We are committed to improving short-term operating performance in order to achieve our long-term transformation.” Jeff Green, president of Jeff Green Partners, a retail consultancy based in Phoenix that works with retailers and shopping center owners, suspects that the footprint of these department stores has contributed to the recent woes of Macy’s and Sears. “Department stores, by sheer definition, are oversized for this changing retail environment and may be a critical factor, though only one factor, in deciding which stores to close,” says Green. “It is interesting to see just how large some of the older stores on the Macy’s store closure list are. For example, two suburban stores to be …