HILLIARD, OHIO — Marcus & Millichap has brokered the sale of a 6,100-square-foot retail center to an undisclosed buyer for $3.6 million in Hilliard. The center is located at 1593 Hilliard Rome Road, about 14 miles northwest of Columbus. A Starbucks and Mattress Firm occupy the property. Construction on the retail center was completed this summer. Lisa Sickinger of Marcus & Millichap’s Cincinnati office represented the seller, a limited liability company.
GROVE CITY, OHIO — Hamilton Point Investments LLC has acquired Collier Park, an apartment property in Grove City, about 10 miles southwest of Columbus. The purchase price was $14.6 million. Built in 2001, Collier Park is a 232-unit apartment complex located directly off I-71 and I-270. Collier Park features one- and two- bedroom apartment homes with lake views and a variety of amenities including fully equipped kitchens, washer/dryer connections, air conditioning and spacious closets. Hamilton Point Investments, based in Old Lyme, Conn., has plans to make modest interior and exterior upgrades at the property over the coming year. George Skaff of ARA Newmark represented the seller, Champion Cos., in the transaction.
COLUMBUS, OHIO — The Boulder Group has brokered the sale of a single-tenant net leased Walgreens property located at 4755 W. Broad St. in Columbus for $7.7 million. The 14,820-square-foot property was constructed in 2009 and is located on two acres. The triple-net lease expires in February 2034. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private partnership, in the transaction. The buyer was a real estate investment and property management company based in Ohio.
Cincinnati’s central business district (CBD) is humming with activity, particularly in the office sector with nearly 13 million square feet of office space spread across 54 buildings. Class A office space has been in high demand in the past year as approximately 245,000 square feet was absorbed by area businesses, according to DTZ. During that time, the vacancy rate declined 380 basis points and now sits at 16.4 percent. The Banks, an 18-acre mixed-use development on the Ohio River between Great American Ball Park and Paul Brown Stadium, is driving much of the recent activity downtown. It links entertainment venues and connects the CBD to the waterfront via a riverfront park. A much-anticipated 340,000-square-foot office building is currently under construction there. The Banks’ office building, developed for General Electric’s new U.S. Global Operations Center, will accommodate up to 2,000 employees. The riverfront development edged out bids from other areas in the region, including Oakley and Mason, to land GE’s new operations center. In June, GE announced that it is leasing 80,000 square feet in the Atrium Two building on a three-year temporary basis, allowing the company time to set up operations during construction. Cincinnati Bell recently leased 220,000 square feet …
MIAMISBURG, OHIO — Oberer Cos. has completed the sale of the 81,438-square-foot Home Center shopping center located on SR 725 in Washington Township near Miamisburg. The price was not disclosed. Oberer had owned the 81,438-square-foot property since 1995 when it bought the property at auction. The combination of falling market capitalization rates and strong investor demand led the partnership owners to conclude that the timing was right to cash in on the long held asset. The retail center contains stores such as Hauer Music, Bargo’s Grill & Tap, Pour Haus and Creative Images. Hutchins Commercial Realty represented the undisclosed buyer in the transaction. Oberer Realty Services and Marcus Millichap represented the undisclosed seller in the transaction.
CINCINNATI — Engineering consulting company Fosdick & Hilmer has inked a deal to lease 16,387 square feet of office space at Huntington Center, located at 525 Vine St. in downtown Cincinnati. Built in 1984 and renovated in 2006, Huntington Center totals 394,366 square feet. Fosdick & Hilmer is relocating due to the recent sale of the office building it occupied at 309 Vine St., which is being converted to residential space. Bill Schneller, vice president of CBRE’s Cincinnati office, represented Fosdick & Hilmer in the transaction. Scott Yards and Travis Likes of CBRE represented Huntington Center. Fosdick and Hilmer plan to relocate to Huntington Center October 1, 2015.
TIPP CITY, OHIO — Integra Real Estate Capital has secured a $6.7 million refinance loan through a Wall Street conduit lender for Tipp City Plaza. Russell Kimyagarov of Integra arranged the non-recourse, 10-year loan for the borrower, TCP Center. Located in Tipp City, 15 miles north of Dayton, the 114,850-square-foot shopping center was remodeled in 2004. Foodtown, CVS Pharmacy, and Family Dollar anchor the shopping center.
MILFORD, OHIO — Marcus & Millichap has brokered the sale of Day Heights Self-Storage located in Milford, about 16 miles northeast of downtown Cincinnati. The 64,896-square-foot facility sold for $1.7 million. The facility includes 470 units, ranging from 25 square feet to 720 square feet. Brett Hatcher of Marcus & Millichap’s Columbus office represented the seller, a limited liability company. The buyer, also a limited liability company, was a local self-storage operator.
The Cleveland retail market has shown a dramatic recovery over the last five years. The overall vacancy rate has fallen from just over 14 percent in 2011 to slightly under 9 percent at the beginning of 2015, and rental rates have noticeably increased. As a result, there have been some landmark sales as part of a brisk investment market and new retail development has started in earnest. However, there are also some high-profile retail centers that continue to be plagued by a variety of issues, in spite of the market’s turnaround. Nearly $400 million of retail properties have changed hands over the last 12 months and this sector is the most active of all the property types. While local investors have certainly played a part, the majority of the buyers have been from outside the region. Among the most active non-local purchasers has been a pair of REITs — Inland Real Estate Corp. (NYSE: IRC) and Devonshire REIT. Recent purchases by Inland include Creekside Commons, a 200,000-square-foot center that sold for $28.3 million and Cedar Center North, a 60,000-square-foot center that sold for $15.4 million. Meanwhile, Devonshire REIT has acquired The Plaza at Chapel Hills, a 450,000-square-foot center that sold …
AKRON, OHIO — McKinley has secured $32.9 million in credit tenant lease financing with KeyBank Real Estate Capital for FirstEnergy Plaza in downtown Akron. After executing a long-term lease with FirstEnergy Corp., McKinley secured the loan to finance major improvements at the 19-story, 335,000-square-foot Class A office tower. FirstEnergy Tower is part of a 530,000-square-foot twin-tower development, which includes Akron Center Plaza, owned by McKinley.
