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

Loans Midwest Multifamily Ohio

NorthMarq Capital Arranges $3M Refinancing for Multifamily Property in Cincinnati

by Christina Cannon January 14, 2016

CINCINNATI — NorthMarq Capital has arranged a $3 million refinancing for a 156-unit multifamily property in Cincinnati. Ferguson Woods Apartments is located at 2890 Four Towers Drive. The transaction was structured with a fully amortizing 20-year term. The borrower is undisclosed.

January 14, 2016

Midwest Multifamily Ohio

Marcus & Millichap Brokers $15.3M Sale of Apartment Complex in Toledo, Ohio

by Christina Cannon January 13, 2016

TOLEDO, OHIO — Marcus & Millichap has brokered the sale of a 200-unit apartment community for $15.3 million. Quail Hollow at the Lake is located in Toledo. Quail Hollow was built in 1999 and features a combination of one-, two- and three-bedroom units. Units include a private entrance, 9-foot ceilings, fully furnished kitchens, walk-in closets, washers and dryers and a private balcony or patio. Community amenities include a clubhouse with fitness center, outdoor pool with sundeck and Jacuzzi, a playground and a dog park. Michael Barron, Daniel Burkons and Joshua Wintermute of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.

January 13, 2016

Midwest Multifamily Ohio Seniors Housing

SLIB Arranges $6.3M Sale of Two Assisted Living Communities in Ohio

by Christina Cannon January 12, 2016

FINDLAY AND SPRINGFIELD, OHIO — Senior Living Investment Brokerage has arranged the sale of Fox Run Manor in Findlay, about 50 miles south of Toledo, and a second unnamed community in Springfield, about 50 miles west of Columbus, for $6.4 million. A private owner based in Kentucky purchased the assisted living communities, which have a combined 147 units, from an undisclosed seller. Fox Run was built in 1984, and comprises 52,591 square feet on approximately four acres. Occupancy at the time of sale was 78 percent. The Springfield community was built in 1989 and comprises 53,382 square feet on 5.4 acres. Occupancy at the time of sale was 82 percent. Ryan Saul led the SLIB team in the transaction.

January 12, 2016

Midwest Ohio Retail

CBRE Brokers $2.4M Sale of 85,498 SF Retail Property in Cincinnati

by Christina Cannon January 12, 2016

CINCINNATI — CBRE has brokered the $2.4 million sale of an 85,498-square-foot retail property in Cincinnati. Crossings of Colerain LLC acquired the property from an undisclosed seller. The Crossings of Colerain is located at the intersection of Colerain Avenue and Ronald Reagan Cross County Highway. The retail property was largely vacant at the time of sale, and the buyer plans to backfill the vacant spaces with new retail tenants. Current tenants include Wing Eyecare and ImmediaDent. Hank Davis of CBRE brokered the transaction.

January 12, 2016

Midwest Office Ohio

Rubenstein Partners Sells Seven-Building Office Portfolio Near Cleveland for $30M

by Christina Cannon January 11, 2016

FAIRLAWN, OHIO — Rubenstein Partners LP, along with an affiliate of Mark Munsell, has sold a seven-building office portfolio in Fairlawn, approximately 30 miles south of Cleveland, for $30 million. Embassy Park Akron LP, an affiliate of Group RMC, acquired the Class A portfolio. The properties are known collectively as the Embassy Parkway Portfolio. John Dellagnese & Associates built the seven assets, which total 400,000 square feet. The portfolio was approximately 80 percent occupied at the time of sale. Russell Rogers and Thomas Gustafson of Colliers International brokered the deal. Colliers International also brokered the transaction in 2012 when Rubenstein Partners acquired the portfolio.

January 11, 2016

Midwest Multifamily Ohio Seniors Housing

Lancaster Pollard Arranges $43.6M in Bond Financing for Construction of Seniors Housing Facility in Ohio

by Christina Cannon January 8, 2016

NEW ALBANY, OHIO — Lancaster Pollard has arranged $43.6 million in bond financing for the construction of Wesley Woods, a new continuing care retirement community in the Columbus suburb of New Albany. The recipient of the proceeds is Methodist ElderCare Services, an affiliate of the West Ohio Conference of the United Methodist Church that provides housing, healthcare and services to seniors in central Ohio. Wesley Woods will be located on 37.8 acres alongside a nature preserve. The size of the community and number of units were not disclosed. The bond financing will also be used to add a wellness center to Wesley Ridge, another Methodist ElderCare development in Ohio that offers assisted living and independent living. In addition to providing new funds for the construction projects, the debt structure will refinance Methodist ElderCare’s existing 2005, 2010 and 2011 tax-exempt bonds. The Series 2015A and Series 2015B bonds were privately placed with two regional banks. The first 50 percent of entry fee receipts are earmarked and estimated to pay down the Series 2015B bonds of $6 million over a four-year period. Kass Matt led the transaction for Lancaster Pollard.

January 8, 2016

Midwest Ohio

Institutional Property Advisors Arranges $27.7M Sale of Two Retail Properties in Northeast Ohio

by Christina Cannon January 5, 2016

AMHERST AND SHEFFIELD VILLAGE, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a two-property retail portfolio in Northeast Ohio for $27.7 million, which equates to $143 per square foot. The portfolio is comprised of Amherst Marketplace and Sheffield Crossing. Amherst Marketplace, located at 2201 Kresge Drive in Amherst, includes tenants such as Giant Eagle, Monster Tan and Best Cuts. Sheffield Crossing tenants include Giant Eagle, Cracker Barrel, SVS Vision Holding, Arby’s Verizon Wireless and BP Exploration & Oil. The property is located at 5231 Detroit Road in Sheffield Village. Craig Fuller, Scott Wiles and Erin Patton of IPA, along with Seth Richard and Laurie Ann Drinkwater of Marcus & Millichap, represented the seller and procured the buyer, who were both undisclosed.

January 5, 2016

Illinois Midwest Ohio Retail

Phillips Edison Grocery Center REIT Buys Three Shopping Centers Throughout Ohio, Illinois

by Christina Cannon December 24, 2015

CINCINNATI — Cincinnati-based Phillips Edison Grocery Center REIT II Inc. has acquired three grocery-anchored shopping centers throughout Ohio and Illinois for an undisclosed price. Amherst Marketplace, anchored by Giant Eagle, is a 79,945-square-foot retail facility located in Amherst, Ohio, approximately 34 miles east of downtown Cleveland. Other tenants at the center include Get Go Gas, Monster Tan and Best Cuts. Sheffield Crossing is an 113,688-square-foot shopping center that is also anchored by Giant Eagle. The property is located in Sheffield Village, Ohio, approximately 25 miles east of downtown Cleveland. Tenants at Sheffield Crossing include Edward Jones, Great Clips, Weight Watchers and Verizon Wireless. The Shoppes at Windmill Place is located in Batavia, Ill., approximately 43 miles west of Chicago and is a 122,176-square-foot retail property. Jewel Osco anchors the center, and other tenants include Dunkin Donuts, Mattress Firm, Zano Salon, Hair Cuttery, Subway, Hallmark and GNC.

December 24, 2015

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