COLUMBUS — A joint venture comprised of CASTO, The Daimler Group and The New Albany Company has unveiled plans to develop a 320-acre, mixed-use project in Columbus. Hamilton Quarter, which will be located at the State Route 161 and Hamilton Road interchange, will include over 700,000 square feet of office space, 1 million square feet of retail, restaurant, and entertainment space, up to 800 multifamily units and 130 senior living units. The development will also include hospitality components. The development team and the City of Columbus will also develop the S-Curve extension, a new roadway that will connect the Hamilton Road exit directly with Hamilton Road to the west. In addition to the S-Curve extension, part of Dublin Granville Road will be rerouted to allow for a Central Boulevard to be constructed. The Central Boulevard will be a walkable, destination space that will feature Main Street-style restaurants and retail spaces. The first wave of development on Hamilton Quarter is expected to begin in late 2016 or early 2017.
COLUMBUS — The Cooper Commercial Investment Group has arranged the $2.9 million sale of a 101,621-square-foot retail center in Columbus. Livingston Avenue Center is anchored by Big Lots and Save-a-Lot. Dan Cooper of Cooper Commercial represented the seller, a Columbus-based private investment group, in the transaction. The private investment buyer was based in California. The transaction featured an 8.2 percent capitalization rate and was sold at 99 percent of list price.
TROY, OHIO — Midland Atlantic Properties has acquired Troy Towne Center, a 144,000-square-foot retail center in Troy, approximately 20 miles north of Dayton, for an undisclosed price. The shopping center is anchored by Kohl’s, Petco and Dollar Tree. Troy Towne Center is shadow anchored by a Walmart Supercenter and is surrounded by numerous retail outparcels. Other tenants at the retail center include Shoe Carnival, Sleep Outfitters and Verizon Wireless. The center, built in 1990, is 96 percent occupied. The seller in the transaction was undisclosed.
BLUE ASH, OHIO — NXT Capital has provided a $26 million refinancing loan for a 242-unit apartment community in Blue Ash, approximately 12 miles northeast of Cincinnati. Charleston at Blue Ash is a Class A community, located at 4870 Hunt Road, that features amenities such as a business center, covered parked, gated access, a fitness center, a tanning bed and a swimming pool. Unit amenities include 9-foot ceilings, balconies or patios, appliances and in-unit washers and dryers. The borrower in the transaction was undisclosed.
ASHTABULA, OHIO — The Cooper Commercial Investment Group has brokered the $1.9 million sale of a 16,820-square-foot retail center in Ashtabula, approximately 60 miles northeast of Cleveland. A Cleveland-based private investor sold AT&T Plaza to a Kansas buyer. Tenants at the shopping center include AT&T, Springleaf Financial, Best Cuts and Cashland. Dan Cooper of Cooper Commercial represented the seller in the transaction.
NORTH CANTON, OHIO — Embassy Suites by Hilton has opened a new 150-room hotel in North Canton, approximately 55 miles south of Cleveland. CPX Canton Airport LLC owns the Embassy Suites by Hilton Akron Canton Airport, and Commonwealth Hotel Collection is managing the property. The hotel includes a heated indoor swimming pool, fitness facility, business center, gift shop and a complimentary shuttle service within a 10-mile radius. All suites are equipped with two 42-inch LCD TVs, microwave, refrigerator, wet bar and Wi-Fi service. The hotel also features a ballroom, conference room and professional boardroom, which collectively make up over 6,000 square feet and can accommodate up to 500 guests.
MARYSVILLE, OHIO — Marcus & Millichap has arranged the sale of a 13,026-square-foot retail center in Marysville, approximately 33 miles northwest of Columbus, for $1.6 million. Millcreek Center was 84 percent occupied at the time of sale, and tenants include Subway, Anytime Fitness, All Smiles Family Dental Care and TK Nails. A private, out-of-state investor sold the asset, located at 15590 U.S. Route 36, to a local investor. C.J. Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap listed the property on behalf of the seller.
Berkeley Point Capital Provides $15M Refinancing Loan for 231-Unit Seniors Housing Complex in Dayton
DAYTON, OHIO — Berkeley Point Capital has provided a $15 million refinancing loan through Freddie Mac for a seniors housing complex in Dayton. Wilmington Place is a 231-unit facility that was constructed in the 1850s. The building was previously used as an insane asylum and then converted into the Dayton State Hospital, which closed in 1978. The building was added to the National Historic Register the following year. Wilmington Place is situated on 24 acres and consists of 22 memory care units, 58 assisted living units and 151 independent living units that provide over 30 different floor plans. The property is licensed for 90 Alzheimer’s beds with the Ohio Department of Health. The fixed-rate loan features a 20-year term.
When talking about the retail sector, the economy has to be part of the conversation. Trends in retail concepts follow consumer behavior. In 2010, when the recovery began, wealthy consumers were the first to return to the marketplace. Not surprisingly, luxury retail concepts followed these wealthy shoppers. To appeal to consumers who were experiencing a slower recovery and to address the concerns of consumers who were still budget-conscious coming out of the downturn, discount retailers and off-price concepts also flooded the market at the same time. These two ends of the spectrum have dominated the retail landscape, leading to challenges for the middle-priced retailers. Despite the acceleration of the economic recovery, these retailers will continue to face challenges as many consumers have maintained a fiscally conservative, or even frugal, mindset. E-Commerce Has Clout The prediction that the advent of the Internet would spell the death of the brick-and-mortar store has not come to fruition. However, e-commerce’s impact on retail is certainly undeniable. Although 75 percent of retail sales still take place in stores, consumers are becoming more educated about products and prices as a result of the Internet. Consumer surveys show that 75 percent of millennials use the Internet to …
CINCINNATI — Gramercy Property Trust has closed on the sale of a three-building office portfolio in Cincinnati for $87 million, the equivalent of $161 per square foot. McAuley Place and Landings I & II were 96 percent occupied at the time of sale. The exit cap rate was 9 percent based on the existing net operating income. The buyer in the transaction was undisclosed.