DUBLIN, OHIO — Crawford Hoying has arranged a 3,531-square-foot lease for 3 Palms Pizzeria and Bakery in Dublin, approximately 18 miles northwest of Columbus. 3 Palms is the latest tenant announced at Bridge Park, a $350 million, 30-acre mixed-use project. Other tenants include The Avenue, The RAM Restaurant and Brewery and Mesh Fitness. The Bridge Park restaurant will be 3 Palms’ third location and will be able to seat 100 guests.
DUBLIN, OHIO — The Cooper Commercial Investment Group has brokered the sale of a 30,493-square-foot retail property located in Dublin, approximately 17 miles northwest of Columbus, for $7.5 million. An private investment group from the East Coast sold Emerald Town Center to an undisclosed California-based buyer. Tenants at Emerald Town Center include Mango’s Place, NXStage Dialysis, The Gyro Shoppe, Ty Ginger, Jets Pizza, Snap Fitness, Rancho Alegre Mexican Restaurant, Michael Hendrick’s Veterinary Clinic and Ellie Nail Spa. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller in the transaction.
GARFIELD HEIGHTS, OHIO — Lancaster Pollard has arranged $28.3 million in financing for Sisters of the Holy Spirit, a faith-based nonprofit operator based in the Cleveland suburb of Garfield Heights. The financing is arranged as two loans. The first was a $12.6 million nonrecourse HUD loan that replaces existing bonds on Jennings Center for Older Adults, a 438-unit independent living, assisted living, skilled nursing and adult daycare community in Garfield Heights. The second transaction was $15.7 million in tax-exempt bond financing for the construction of a 74-unit assisted living community, to be named Jennings at Brecksville, in nearby Brecksville. The transactions were also structured around the creation of a new real estate company, which will allow Sisters of the Holy Spirit to distribute excess funds from the Garfield Heights community to the Brecksville community without penalty. Kass Matt led the transaction for Lancaster Pollard.
DAYTON, OHIO — The 399-room Marriott at the University of Dayton will undergo a $21 million renovation in May. The hotel will remain open and operational during the nine-month project. The renovation of guest rooms, meeting spaces, lounge areas and a restaurant is slated for completion in early 2017. Thomas Hamilton Associates will serve as the architect for the project. Concord Hospitality Enterprises Co., which manages the hotel, will oversee the renovation. The University of Dayton and Concord Hospitality purchased the hotel, located at 1414 S. Patterson Blvd., in 2014. The property was constructed in 1982 and sits on 9.8 acres. The hotel was last renovated in 2008. The Marriott at the University of Dayton includes 13,600 square feet of meeting space, a full-service restaurant and bar, a fitness center and pool.
TOLEDO, OHIO — Reichle Klein Group has brokered the $6.3 million sale of a 201-unit apartment property in Toledo. Beacon Place, located at 426 Beacon St., is comprised of 26 buildings situated on 16.5 acres. 401 E. Woodruff LLC sold the property to an undisclosed California-based investor. Tony Plath and Harlan Reichle of Reichle Klein Group represented the seller in the transaction.
WHITEHALL, OHIO — Developer Mark F. Taggart Co. and contractor Fed One Dublin have broken ground on Phase I of a new 140,000-square-foot office warehouse facility in Whitehall, approximately 10 miles east of Columbus. The Air South Commerce Center will be situated inside the Airport South Commerce and Tech Center and is expected to be complete this June. The facility, which will be located at 265-285 N. Hamilton Road, will feature 28-foot to 32-foot clear heights, an ESFR sprinkler system, trailer parking and insulated concrete tilt-up panels. Continental Auto Parks has pre-leased a 50,000-square-foot space in the building and was represented by Matt Osowski of NAI Ohio Equities. Civista Bank provided financing for the project.
GAHANNA, OHIO — Mainfreight USA Inc. has signed a 20,000-square-foot industrial lease at the Eastgate Business Center in Gahanna, approximately 10 miles northeast of Columbus. The 80,000-square-foot Eastgate Business Center is located within the Eastgate Industrial Park. Mainfreight, a global supply chain support and logistics service company, brings the building to full occupancy with its lease. Other tenants in the facility include HF Group, CORT Furniture Solutions and Distributor Wire & Cable. Mark F. Taggart Co. and Fed One Dublin are the landlords. Jeff Lyons of CBRE represented the tenant in the transaction.
CINCINNATI — The AC Hotel Cincinnati by Marriott has opened at Liberty Center, a 1.2 million-square-foot mixed-use development. Raymond Management Co. is the developer and operator of the 130-room hotel. Amenities at the hotel include a fitness center, indoor pool, on-site parking, local restaurant dinner delivery and a full-service business center. The property also features AC-branded amenities such as a kitchen, lounge, store, library and meeting space. The 64-acre Liberty Center includes over 800,000 square feet of retail and entertainment space, 75,000 square feet of office space and 240 luxury apartment units. The shopping district opened last October.
CINCINNATI — CareTrust REIT Inc. has acquired Victory Park Nursing Home, a 55-bed skilled nursing facility, and Victoria Retirement Community, which contains 90 skilled nursing beds and 69 assisted living units. Both facilities are located in Cincinnati. The two communities will be added to CareTrust’s existing master lease with Pristine Senior Living. CareTrust will provide Pristine with $500,000 to perform immediate upgrades to the community. Although the purchase price was not disclosed, CareTrust placed its aggregate investment in the communities at $15.2 million. The Pristine master lease has a remaining initial term of approximately 14.5 years, with two five-year renewal options and CPI-based rent escalators. CareTrust funded the acquisition using proceeds from its follow-on equity offering in March. The publicly traded REIT is based in San Clemente, Calif. Pristine Senior Living currently operates over 1,500 beds across 17 seniors housing properties in Ohio.
LAKEWOOD, OHIO — Phillips Edison Grocery Center REIT II Inc. has acquired Lakewood City Center, a 67,280-square-foot shopping center located in the Cleveland suburb of Lakewood, for an undisclosed price. A 39,400-square-foot Marc’s grocery store anchors the center, which is also home to tenants such as Gamestop, Best Cuts, Pet Supplies Plus, the UPS Store, Boston Market, Marco’s Pizza, Ace Cash Express, T-Mobile, Palm Beach Tan and Chipotle Mexican Grill.
