CINCINNATI — CBL & Associates has completed the disposition of Eastgate Crossing, a retail center located on Eastgate Boulevard in Cincinnati. A joint venture of Inland Real Estate Corp. purchased the 174,700-square-foot property for $22.8 million, including $1.7 million of future earn-out payments and the assumption of a $14.6 million loan secured by the property. The property is 97 percent leased to a mix of national and regional tenants, including Kroger, Marshalls, Ashley Furniture, Jo-Ann Fabrics and Dollar Tree. Margaret Caldwell of Jones Lang LaSalle represented CBL in the transaction.
AKRON, OHIO — Cooper Commercial Investment Group has brokered the sale of Chapel Center, a retail plaza located in the Chapel Hill shopping district of Akron. A New York-based private investment group bought the 14,545-square-foot property for $2.4 million, which was 97 percent of the original list price. The center is tenanted by Men’s Wearhouse, Sprint, H&R Block, Mattress Warehouse and Check n’ Go. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller, a private Ohio-based investment group, and the buyer in the transaction.
POWELL, OHIO — Fortress Real Estate Cos. has inked a deal for WesBanco to join the retail roster at Shoppes at Wedgewood in Powell, a city in central Ohio. Construction is underway for a 5,000-square-foot building, including three drive-thru lanes with drive-up ATM and night depository service, for the new tenant. WesBanco is scheduled to take occupancy in October. Located at the corner of Sawmill Parkway and Branford Court, Shoppes at Wedgewood is anchored by a 130,000-square-foot Target. Jack Tzagournis, principal of Fortress Real Estate Cos., announced the new tenant.
MONROE, LA. AND GARFIELD HEIGHTS, OHIO — Lancaster Pollard has arranged the refinancing of two seniors housing communities: one for Paramount Healthcare Consultants (PHC) in Monroe for $20.2 million and another for The Jennings Center for Older Adults in Garfield Heights for $12.6 million. The PHC refinancing is a HUD loan for three facilities — Avalon Place, a 115-bed skilled nursing facility (SNF); Leslie Lakes, a 150-bed SNF and 19-unit independent living facility; and Princeton Place, a 112-bed SNF. Scott Blount, healthcare banker out of Austin, Texas, led the transaction for Lancaster Pollard. Lancaster Pollard also assisted PHC with a corporate restructuring to ensure compliance with HUD’s single asset entity and master lease requirements. The existing indebtedness and swap termination fee were completely funded through the FHA Sec. 232/223(f) loans and no equity was required from PHC. The Jennings Center is a nonprofit community featuring 174 private suites of skilled nursing, 54 units of assisted living, 10 independent living units, adult day services, child day care, a wellness center, transportation services and community programs. The main campus was founded in 1942 and is sponsored by the Sisters of the Holy Spirit. Lancaster Pollard arranged the refinance Jennings’ 2009 bonds using …
NORTHERN OHIO — Cooper Commercial Investment Group has brokered the sale of a two-tenant office building in Northern Ohio. A Midwest-based private investment group acquired the property for $4.5 million, or 94 percent of the list price, from a Midwest-based private ownership group. The property is occupied by two well-known national/regional tenants. Dan Cooper of Cooper Commercial represented both parties in the transaction.
KENT, OHIO — EP Madison Properties LLC has acquired Parkview Kent Apartments in Kent for $625,000. Located at 809 and 841 Silver Meadows, the property features 24 multifamily units. Gary Cooper and Ben Baker of Colliers represented the buyer in the transaction. The name of the seller was not released.
COLUMBUS, OHIO — NXT Capital has provided a $20.6 million first mortgage loan for the acquisition of two multifamily properties, totaling 284 apartment units, in Columbus. An undisclosed borrower acquired the properties: The Reserve at Walnut Creek and The Ravines at Rocky Ridge. Amenities at both properties include a swimming pool, 24-hour fitness center, community center with WiFi, movie theater and billiards area. Additional terms of the financing were not released.
CANAL WINCHESTER, OHIO — Marcus & Millichap has arranged the $1.2 million sale of Ebright Self Storage, a 37,200-square-foot self-storage property located in Canal Winchester. The property is located at 5207 Ebright Road. Brett Hatcher of Marcus & Millichap’s Columbus office represented the seller and the buyer, both limited liability companies.
SPRINGFIELD, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $19.9 million sale of Springfield Commons, a 207,497-square-foot shopping center in Springfield. Lori Schneider of IPA represented the seller, a private investor. American Realty Capital Properties Inc. facilitated the acquisition on behalf of Cole Credit Property Trust IV Inc. Michael Glass of Marcus & Millichap’s Cleveland office is the firm’s broker of record in Ohio. Built in 1995 on 26.5 acres, the asset is located on Springfield’s main retail corridor at 1501 Bechtle Ave. with frontage on Bechtle Avenue, State Route 68 and State Route 41. Tenants at the shopping center include Lowe’s, Best Buy, PetSmart, Aaron’s, Planet Fitness and Mattress Firm.
MASSILLON, OHIO — Marcus & Millichap has brokered the $5.8 million sale of Massillon City Center, a 50,266-square-foot retail property located on Lincoln Way West in Massillon. The center is 91 percent occupied. Tenants at the property include Buffalo Wild Wings, Verizon Wireless and Rockne’s. A Bob Evans restaurant is an outparcel at the property. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap’s Cleveland and Columbus offices represented the seller, a private fund, and the buyer, an individual New York-based investor.