WELLINGTON, OHIO — Marcus & Millichap has brokered the sale of a retail property located ta 642 S. Main St. in Wellington. The 9,014-square-foot asset sold for $770,000. Dollar General currently occupies the property. Dan Yozwiak and John Reehil of Marcus & Millichap’s Columbus office represented the seller, a limited liability company, while Justin Fenn, also of Marcus & Millichap Columbus, represented the buyer, a limited liability company, in the transaction.
SPRINGFIELD, OHIO — Treetop Development has acquired Sunset Hills, a 128-unit HUD apartment complex in Springfield. Located at 924 Sunset Ave., Sunset Hills consists of studio, one-, two- and three-bedroom units. The property is part of a four-property portfolio, totaling 588 units, that Treetop purchased from GHC Housing for $22.1 million. The other properties are the 160-unit Wayman Manor in Temple, Texas; the 100-unit Talladega Downs in Talladega, Ala.; and the 200-unit Summit Ridge in Birmingham, Ala. Marcus & Millichap represented Treetop Development, and Steven Fleissig of Greenberg Traurig provided legal counsel in the transaction.
COLUMBUS, OHIO — The Cooper Commercial Investment Group has brokered the sale of Bethel Plaza, a 12,516-square-foot retail center located in Columbus. The property sold for $1.6 million, representing an 8.38 percent capitalization rate, or the annual return to the buyer based on the purchase price and the asset’s current net operating income. Anchored by Papa John’s, the center is 100 percent occupied by a variety of tenants. Dan Cooper of Cooper Commercial represented the seller, a private investment group, and the local buyer in the transaction.
COLUMBUS, OHIO — Kaufman Development plans to redevelop 78 residential units in the top 24 floors of LeVeque Tower in Columbus. Tower 10, a local investment group principally owned by Don Casto and Robert Meyers, purchased the 46-story building in 2011 and began immediate renovation work on the lower floors and exterior including facility upgrades, a lobby redesign and streetscape improvements. Kaufman’s residential units will include marble flooring, updated appliance packages, stone and quartz countertops, spa-like bathrooms, high-efficiency home technology and large closets with extensive shelving. Residents will also have access to a full floor of storage. The rental units will offer one-bedroom options ranging from 750 to 1,150 square feet, and two bedroom options ranging from 1,250 to 2,400 square feet. The condominiums will include both flat and duplex units. Occupancy is set to begin in the spring-summer season of 2016
STRONGSVILLE, OHIO — Marcus & Millichap has brokered the sale of Strongsville Shopping Center, a 30,750-square-foot retail property in Strongsville, a suburb of Cleveland. The asset, which is anchored by Tutor Time, sold for $3.9 million. Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap represented the seller, a Florida- and Ohio-based joint venture, in the transaction.
CLEVELAND, OHIO — Newmark Grubb Knight Frank (NGKF) has brokered the sale of the Huntington Building, located at 925 Euclid Ave. in Cleveland. Hudson Holdings LLC purchased the 1.4 million-square-foot office building for $22.5 million from Optima925 LLC. The buyer plans to redevelop the 22-story property. Terry Coybe and Richard Sheehan of NGKF represented the seller in the transaction. Additionally, NGKF will market the property, which is currently 8 percent occupied, for lease.
FAIRBORN, OHIO — Newmark Grubb Knight Frank (NGKF) has brokered the sale of two office buildings located at 2900 and 3000 Presidential Drive within Wright Executive Center in Fairborn, near Dayton. Presidential LP acquired the properties, which total 120,000 square feet, for $5.2 million. The buyer plans to renovate the buildings’ common areas and offer tenant improvement allowances. Benton Benalcazar of NGKF and David Elson of Neyer Management represented the sellers, 2900 Presidential Drive LLC and 3000 Presidential Drive LLC, in the transaction.
SANDUSKY, OHIO — Marcus & Millichap has arranged the sale of Add More Storage, a self-storage facility located at 2908 Venice Road in Sandusky. Situated on nearly six acres, the property features 401 storage units, ranging from 64 to 336 square feet. A limited liability company acquired the asset for $1.2 million. Joseph Holloway and Brett Hatcher of Marcus & Millichap represented the seller, also a limited liability company, and secured the buyer in the transaction.
COLUMBUS, OHIO — Alterra Real Estate Advisors, with a group of investors, has acquired an industrial building located at 711 Distribution Drive in Columbus. Situated on nine acres, the 208,000-square-foot property sold for $2 million, or $9.76 per square foot. Alterra will lease and manage the property, which is currently 50 percent occupied by Quad Graphics. The property was acquired at auction.
NEWARK, OHIO — Marcus & Millichap has arranged the sale of Spring Valley, an apartment complex located at 269 Quail Creek Drive in Newark. The asset sold for $2.5 million. Built in 1992, the property features 76 two-bedroom townhome units. Michael Barron, Daniel Burkons, Joshua Wintermute, Richard Lattro and Jordan Marshal of Marcus & Millichap represented the seller, a private investor, and the buyer, a local investment group that specializes in properties located within tertiary markets throughout Central Ohio, in the transaction.
