Ohio

Clear Height Properties, MLG Capital Complete Lease-up of 290,573 SF Industrial Building in Columbus, Ohio

by Kristin Harlow December 7, 2023

COLUMBUS, OHIO — A joint venture between Clear Height Properties and MLG Capital has completed the lease-up of a 290,573-square-foot industrial building in Columbus. A single tenant, a mechanical contracting services provider for large-scale construction projects, leased the building at 1675 Watkins Road that is part of the larger Watkins Road Industrial Park. Nick Tomasone, Joe Davis and Josh Weithman of JLL represented ownership, while Mike Semon of NAI Ohio Equities LLC represented the tenant.

December 7, 2023

Affordable Housing Indiana Loans Lument Midwest Multifamily Ohio

Lument Provides Four Loans Totaling $11.5M for Refinancing of Affordable Housing Properties Across Three States

by Kristin Harlow December 4, 2023

OHIO, INDIANA AND TENNESSEE — Lument has provided four loans totaling $11.5 million on behalf of United Church Homes, a nonprofit that has developed more than 2,700 residential units and specializes in affordable and mixed-income apartment communities. Paul Weissman and Andy Nicoll of Lument originated the FHA Section 223(f) loans. The four loans include $1.8 million for Pickfair Square, a 33-unit property in Pickerington, Ohio; $4.8 million for Salem Manor, an 84-unit property in Fort Wayne, Ind.; $2.3 million for Fox Hollow, a 40-unit community in Covington, Tennessee; and $2.5 million for Canal Village, a 45-unit asset in Canal Winchester, Ohio. Loan proceeds enable the borrower to make significant repairs to the units.

December 4, 2023

Development Midwest Ohio Retail

Victoria’s Secret Opens Renovated Store at Easton Town Center in Columbus, Ohio

by Kristin Harlow November 28, 2023

COLUMBUS, OHIO — Victoria’s Secret has opened its newly renovated store at Easton Town Center, a shopping destination in Columbus. The “store of the future” concept aims to create a more welcoming space for all shoppers with mannequins representing a range of sizes, inclusive product offerings and an easy-to-navigate layout. The store also features more efficient lighting and HVAC systems along with low-flow toilets. New fitting room technology, Crave, links each product with the store’s computer system through radio frequency identification tags. The technology enables customers to communicate with store associates from their fitting rooms.

November 28, 2023

Acquisitions Industrial Midwest Ohio

Comunale Acquires 19,671 SF Industrial Building in Hilliard, Ohio

by Kristin Harlow November 27, 2023

HILLIARD, OHIO — Comunale Properties has acquired a 19,671-square-foot industrial building located on Parkway Lane in Hilliard, a northwest suburb of Columbus. The purchase price was undisclosed. The seller will lease back a portion of the property’s warehouse space on a short-term basis while relocating its operations. Immediately upon acquisition, Comunale leased the remainder of the building to a national mechanical, fire protection and HVAC services company that will eventually occupy the entire premises. Situated on three acres, the building features a clear height of 24 feet. Ray Boll and Jeff Boll of RJ Boll Realty represented the undisclosed seller.

November 27, 2023

Acquisitions Midwest Ohio Retail

Matthews Real Estate Brokers $31.5M Sale of Pavilion Shopping Center in Beachwood, Ohio

by Kristin Harlow November 21, 2023

BEACHWOOD, OHIO — Matthews Real Estate Investment Services has brokered the $31.5 million sale of Pavilion Shopping Center in Beachwood, an eastern suburb of Cleveland. Located at 24055 Chagrin Blvd., the retail property features 207,000 square feet of leasable area and is fully occupied by 19 tenants. Anchor tenants include Giant Eagle, Ross Dress for Less, Big Lots and Michaels. The center was built in 1975 and renovated in 2013, according to LoopNet. Ben Snyder, Zachary Bates and Matthew Wallace of Matthews Real Estate represented the undisclosed seller. Marquee Capital was the buyer. The deal marked the second largest shopping center transaction in Ohio this year, according to the brokerage.

November 21, 2023

Affordable Housing Development Midwest Multifamily Ohio

NRP Group Opens The Davis Affordable Housing Community in Cleveland

by Kristin Harlow November 17, 2023

CLEVELAND — The NRP Group has opened The Davis, a 52-unit affordable housing community in Cleveland’s Glenville neighborhood. NRP partnered with University Hospitals to develop the project, which also includes the UH Community Wellness Center. The project marks NRP’s third “Health and Housing” development. Each of these affordable housing communities was created in partnership with the City of Cleveland. The UH Community Wellness Center offers healthy cooking demonstrations, a Food For Life Market, support for pregnant women and young mothers, programs to combat senior citizen isolation, telehealth services and training in workforce and financial literacy. The Davis is located on the site of the former Harry E. Davis Elementary School, which has sat vacant since 2006. Harry E. Davis was a Cleveland native who served four consecutive terms in the Ohio State House before becoming the first African American member of the Cleveland Civil Service Commission and serving as an Ohio State Senator. The property comprises one-, two- and three-bedroom units along with four-bedroom townhomes. Residents must earn at or below 60 percent of the area median income. Amenities include a community room, fitness center, playground, business center and laundry facilities. RDL Architects served as the architect. Ohio Finance Housing …

November 17, 2023

Acquisitions Industrial Midwest Ohio

Colliers Arranges Sale of 182,000 SF UPS Distribution Center Near Toledo, Ohio

by Kristin Harlow November 15, 2023

ROSSFORD, OHIO — Colliers has arranged the sale of a 182,000-square-foot distribution center in Rossford near Toledo for an undisclosed price. UPS Mail Innovations Inc., a wholly owned subsidiary of UPS Inc., occupies the facility on a new seven-year double net lease with two five-year renewal options. Located at 29940 Glenwood Road directly off I-75, the newly built property features a clear height of 32 feet and 32 dock doors. Alex Cantu and Alex Davenport of Colliers represented the buyer, an entity doing business as Congaree River LLC. Scannell Properties, which developed the facility in 2022, was the seller.

November 15, 2023

Industrial Loans Midwest Ohio

iBorrow Provides $12.7M Acquisition Loan for Sale-Leaseback of Industrial Facility in Toledo, Ohio

by Kristin Harlow November 13, 2023

TOLEDO, OHIO — iBorrow has provided a $12.7 million loan to finance the sale-leaseback of a 208,968-square-foot industrial facility in Toledo. The property was previously owned by a subsidiary of Stellantis, a manufacturer of brands such as Jeep, Chrysler and Dodge. To facilitate the transaction, iBorrow customized the financing package to accommodate potential re-leasing activities, including a future funding component for light capital expenditures and other costs, and incorporated the ability for the borrower to refinance with long-term debt in the future. The building supports warehousing and logistics operations for a 3 million-square-foot Stellantis manufacturing facility, which is also located in Toledo. The property features a clear height of 34 feet, 102 truck doors and roughly 292 parking spaces. The single-tenant facility is fully leased. The borrower is an owner and operator of industrial real estate properties nationwide.

November 13, 2023

Acquisitions Industrial Midwest Ohio

Advanced Innovative Manufacturing Acquires 105,124 SF Industrial Building in Aurora, Ohio

by Kristin Harlow November 13, 2023

AURORA, OHIO — Advanced Innovative Manufacturing (AIM) has acquired a 105,124-square-foot industrial building located at 200 Francis Kenneth Drive in Aurora, a southeast suburb of Cleveland. The purchase price was undisclosed. AIM is transforming the former steel coil storage facility into a state-of-the-art manufacturing complex and expects to relocate from its current facility in Aurora in summer 2024. Eliot Kijewski of Cushman & Wakefield | CRESCO Real Estate represented AIM in the transaction. George Pofok of Cushman & Wakefield | CRESCO Real Estate represented the seller, Brennan Investment Group.

November 13, 2023

Affordable Housing Indiana Loans Midwest Multifamily Ohio

Merchants Capital Provides $184M for Refinancing of Seven Midwest Workforce Housing Properties

by Kristin Harlow November 8, 2023

INDIANA, KENTUCKY AND OHIO — Merchants Capital has provided $184 million in separate seven-year loans for the refinancing of seven workforce housing properties in Indiana, Kentucky and Ohio. Zidan Management Group, a Midwest-based multifamily owner and developer, was the borrower. The properties include: Barton Farms Apartment Homes in Greenwood, Ind.; Bexley Village in Greenwood, Ind.; Creekside at Meadowbrook in Lowell, Ind.; Tymberwood Trace Apartments in Louisville, Ky.; Crestview Apartments in Louisville, Ky.; Camelot East Apartments in Fairfield, Ohio; and Meadow View Apartments & Townhomes in Springboro, Ohio. There are more than 1,500 units across the portfolio. The communities offer naturally occurring affordable housing with rent pricing affordable to households earning at or below 80 percent of the area median income.

November 8, 2023

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