Ohio

Pillar Originates $9.1M in Fannie Mae Loans for Three Multifamily Properties in Ohio

by Christina Cannon December 9, 2015

LAKEWOOD, EUCLID AND WICKLIFFE, OHIO — Pillar has originated $9.1 million in Fannie Mae refinance loans for three apartment properties in Ohio. Joe Markech and Brooke Jackson of Pillar originated the three fixed-rate, 12-year loans that include a 30-year amortization schedule. Mayfair Apartments, a 144-unit building located in Lakewood, a western suburb of Cleveland, received $5 million in refinancing. Pillar also originated a $1.8 million loan at 65 percent loan-to-value for Euclid Terrace Apartments in Euclid, a northeastern suburb of Cleveland. The property consists of four two-story buildings totaling 91 units. The buildings were built in 1958 and 1964. Wickliffe Gardens & Manor also received a $2.2 million loan at 65 percent loan-to-value from Pillar. Located in Wickliffe, a northeast suburb of Cleveland, Wickliffe Gardens is a 55-unit building and Wickliffe Manor is a 26-unit apartment property.

December 9, 2015

Industrial Midwest Ohio

Meridian Completes Construction of Two Industrial Facilities in Metro Cleveland Totaling 510,722 SF

by Christina Cannon December 3, 2015

TWINSBURG, OHIO — Meridian Design Build has completed the construction of two industrial buildings for developer Scannell Properties. The buildings, which total 510,722 square feet, are located in Twinsburg, approximately 20 miles southeast of Cleveland. The new facilities consist of a 303,888-square-foot build-to-suit building and a 207,360-square-foot speculative building. The assets are located on 59 acres of land within the Cornerstone Business Park. The build-to-suit project features 99 loading docks, 236 interior van loading positions, 509 exterior trailer stalls and 15,434 square feet of office space. The multi-tenant speculative building includes 171 auto parking stalls, five tenant entrances and 26 loading docks. Precept Design LLC provided the architectural services for the projects, and Weber Engineering Services provided the civil engineering work.

December 3, 2015

Midwest Ohio

Columbus Takes LEED on Green City

by Christina Cannon December 1, 2015

Whoever said you can’t find nature in the heart of the city has never been to Columbus, Ohio — well at least not recently. Columbus is making a big effort to replace roadways with greenways and alter people’s perceptions about what it means to live downtown. What used to be a dilapidated department store is what started it all. In 2002, Mayor Michael Coleman and the city council formed the nonprofit Columbus Downtown Development Corp. (CDDC), which was tasked with reshaping and revitalizing downtown into an urban hub. In 2008, The Lazarus Building, a department store that has been an urban icon for the last 100 years, received a $1 million facelift and is now fully leased to a mix of commercial, cultural and retail tenants in 1 million square feet of space. “The Lazarus Building suffered the same fate as malls and department stores in downtowns throughout the country,” recalls Guy Worley, CDDC president. “As more people left the cities for the suburbs, these malls and department stores were left to decay.” The building was the first LEED Gold-certified renovation project in Central Ohio — something the city takes pride in. “We didn’t want this project to come at …

December 1, 2015

Midwest Mixed-Use Ohio

Weston, Citymark Capital Unveil Plans for 3 Million SF Mixed-Use Project in Cleveland

by Christina Cannon November 24, 2015

CLEVELAND, OHIO — Weston Inc. and Citymark Capital have unveiled plans for a 3 million-square-foot mixed-use development in Cleveland. The five-acre area is currently occupied by parking lots that will be converted into luxury apartments, retail facilities, restaurants and green spaces. The development will include 1,200 residential units with a rooftop bar, deck and pool; approximately 100,000 square feet of retail space; green spaces and covered garage parking. The project will be built in fours phases. Phase I will include 352 units, 22,000 square feet of retail and 390 parking spots. Developers hope to break ground on Phase I in the spring of 2016. The first phase is slated for completion in the summer of 2017. The development will be one block west of Cleveland’s Public Square. Gensler will serve as the primary architect for the project and Gilbane Inc. will perform the construction.

November 24, 2015

Midwest Ohio Retail

Marcus & Millichap Brokers $17.1M Sale of Net Leased Property Near Cleveland

by Christina Cannon November 23, 2015

MAYFIELD HEIGHTS, OHIO — Marcus & Millichap has arranged the $17.1 million sale of a retail building triple-net leased to Walmart in Mayfield Heights, located about 20 miles east of Cleveland. Walmart has seven years remaining on its 20-year lease at the building constructed in 2002. Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap represented the seller, a Cleveland-based investor. The trio also procured the buyer, a Midwest-based investor in a 1031 exchange.

November 23, 2015

Loans Midwest Multifamily Ohio

KeyBank Provides $9.3M Refinancing Loan for Multifamily Property in Metro Columbus

by Christina Cannon November 23, 2015

REYNOLDSBURG, OHIO — KeyBank Real Estate Capital has provided $9.3 million in Freddie Mac financing for a multifamily property in Reynoldsburg, an eastern suburb of Columbus. Eden at Caleb’s Crossing is a 360-unit complex that was constructed between 1971 and 1982. Tim Migchelbrink of KeyBank arranged the adjustable rate financing, which was used to refinance an existing KeyBank loan.

November 23, 2015

Midwest Ohio Retail

Marcus & Millichap Brokers $1.3M Sale of Net-Leased Retail Property in Urbana, Ohio

by Christina Cannon November 20, 2015

URBANA, OHIO — Marcus & Millichap has brokered the $1.3 million sale of a net-leased retail property in Urbana, approximately 40 miles northeast of Dayton. The 9,000-square-foot building, located at 1620 E. U.S. Highway 36, is leased by Dollar Tree, which recently signed a 10-year lease. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap listed the property on behalf of the seller, an Indiana-based developer. The trio, along with Dustin Javitch of Marcus & Millichap, also procured and represented the buyer, a California-based investor.

November 20, 2015

Midwest Multifamily Ohio

Marcus & Millichap Arranges $4.9M Sale of 120-Unit Apartment Community in Ohio

by Christina Cannon November 19, 2015

LANCASTER, OHIO — Marcus & Millichap has arranges the sale of a 120-unit apartment community in Lancaster for $4.9 million. Oak Valley is located at 1899 Independence Blvd. and was built between 1993 and 1998. The property offers one- and two-bedroom townhomes and ranch units. Jordan Marshall, Richard Lattro, Daniel Burkons, Michael Barron and Joshua Wintermute of Marcus & Millichap listed the property on behalf of the sellers and procured the buyer in the transaction. Both parties were undisclosed.

November 19, 2015

Industrial Midwest Ohio

Lee & Associates Arranges $14.3M Sale of Net-Leased Industrial Building in Ohio

by Christina Cannon November 17, 2015

GENEVA, OHIO — Lee & Associates has arranged the $14.3 million sale of a manufacturing facility used for research and development in Geneva, approximately 50 miles northeast of Cleveland. Triple Net Acquisitions LLC purchased the single-tenant property from Chadbourne Industries and Austieboy LLC. The property consists of 239,454 square feet split between two buildings. The buildings were renovated in 2006 and 2008. At the time of sale, Hunter Defense Technologies (HDT Global Inc.) had 10 years remaining on a 15-year, triple-net lease. HDT Global is a manufacturer of products for mobile expeditionary missions in extreme environments for military, government, industrial and commercial market customers. Ryan Barr, Ryan Bennett and Joseph Greenberg of Lee & Associates represented the sellers in the transaction. Brian Garbutt of Lee & Associates represented the buyer.

November 17, 2015

Midwest Ohio Retail

Foresite Realty Brokers Sale of 117,410 SF Retail Center Near Dayton

by Christina Cannon November 17, 2015

MIAMISBURG, OHIO — Foresite Realty OH LLC, an affiliate of Foresite Realty Partners, has brokered the sale of an 117,410-square-foot shopping center in Miamisburg, a southwest suburb of Dayton, for an undisclosed price. Southland 75 Shopping Center is anchored by Hobby Lobby and Dollar Tree. The retail center, located at 8265-8361 Springboro Pike, is shadow anchored by Furniture Fair and the Dayton Mall. The buyer, an affiliate of RCG Ventures that specializes in value-add retail properties, was represented by Jeff Miller of RCG. Foresite Realty represented the undisclosed seller in the transaction.

November 17, 2015

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