Ohio

PCCP Provides $29.5M Acquisition Loan for Apartment/Office Property in Ohio

by Danielle Everson April 6, 2015

WORTHINGTON, OHIO — PCCP has provided a $29.5 million senior loan to a private, high-net-worth investor for the acquisition and lease-up of The Heights, a newly constructed two-building, Class A apartment complex in Worthington, a suburb of Columbus. The property includes 193 units and 23,320 square feet of office space. Located at 160 W. Wilson Bridge Road, the property includes one- and two-bedroom apartments. Unit amenities include washers and dryers, granite countertops, patios and balconies. The seller was Crawford Hoying, a local developer, who began construction of The Heights in September 2013. The smaller, 59-unit building was completed in September 2014 and the larger, 134-unit apartment building, which includes commercial space, is anticipated for completion this month. PCCP is a real estate finance and investment management firm.

April 6, 2015

Midwest Multifamily Ohio Student Housing

Gilbane Breaks Ground on New Student Housing Development in Cincinnati

by Danielle Everson April 6, 2015

CINCINNATI — Gilbane Development Co. has begun development on The Verge, a student housing project near the University of Cincinnati. Located at the corner of West McMillan St. and West Clifton Ave., The Verge is located one block from the university’s main campus. The 245,000-square-foot building is expected to be completed for August 2016 occupancy, and will feature 495 beds within 178 apartment units and 380 parking spaces. Residents will have access to amenities including a clubhouse, gaming tables, cyber cafe, media room, fitness center with tanning room, seating areas, group study rooms and a private landscaped courtyard featuring a barbecue grill and fire pit with seating areas. High-speed Internet and Wi-Fi will be available throughout the building. The project is eco-friendly, and will attain LEED Silver certification. Additionally, 7,500 square feet of commercial space will be located along the prominent commercial corridor along West McMillan and Clifton.

April 6, 2015

Midwest Multifamily Ohio Student Housing

Asset Campus Buys Dorm Facility in Cleveland for $4.5M

by Danielle Everson April 6, 2015

CLEVELAND — Asset Campus Housing has purchased the 140-dorm facility and YMCA in Cleveland’s downtown campus district for $4.5 million. Euclid Avenue Development Corp. sold the facility, built in 1912, after purchasing it in 2009 to eliminate a troubled loan. Asset Campus will convert the facility into private student housing. Newmark Grubb Knight Frank represented the seller in the transaction. The 152,390-square-foot, nine-story building is situated on three acres, includes 175 parking spaces and has been the longtime home of the Downtown Cleveland YMCA, which will relocate in March 2016. Asset has renamed Heritage Hall as The Domain at Cleveland and plans to revamp the property with a clubhouse featuring group fitness classes, a computer lab with dedicated study rooms and a resident lounge with free coffee. The studio, one-bedroom and two-bedroom units will be renovated with new appliances, cabinets and countertops in the kitchenettes, upgraded bathrooms and new A/C and heating systems. The company is leasing apartments for the fall 2015 academic year.

April 6, 2015

Midwest Ohio Retail

JV Inland Real Estate Corp., PGGM Acquire Shopping Center in Ohio for $15.4M

by Danielle Everson April 3, 2015

SOUTH EUCLID, OHIO — Inland Real Estate Corp., in a joint venture with Dutch pension fund administrator PGGM, has acquired Cedar Center North, a 61,400-square-foot shopping center located in the east Cleveland suburb of South Euclid. The joint venture purchased the property for $15.4 million. Built in 2012, the center is 90 percent leased and features retailers such as Panera, Starbucks, Five Guys, Chipotle, Jimmy Johns, Wing Stop, Sport Clips, Sprint and Huntington Learning Center. PetSmart anchors the shopping center. Cedar Center North is within walking distance of John Carroll University. The center is shadow anchored by Whole Foods, located across the street in the Cedar Center South shopping center that was acquired by the IRC-PGGM venture in 2013.

April 3, 2015

Midwest Ohio Restaurant Retail

M&M Arranges Sale of 8,000 SF Texas Roadhouse Restaurant Ground-Lease in Canton, Ohio

by Danielle Everson April 2, 2015

CANTON, OHIO — Marcus & Millichap has arranged the $1.5 million sale of a Texas Roadhouse ground lease, an 8,000-square foot net-leased restaurant in Canton. The asset is an out parcel to a T.J. Maxx and Burlington Coat Factory-anchored shopping center. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap’s Cleveland and Columbus offices listed the property on behalf of the seller, a New York-based investment group. Fuller, Patton and Wiles also represented the buyer, a California-based investor.

April 2, 2015

Midwest Ohio Retail

M&M Brokers $4.7M Sale of 29,400 SF Retail Property in Lancaster, Ohio

by Danielle Everson March 31, 2015

LANCASTER, OHIO — Marcus & Millichap has brokered the $4.7 million sale of The Shops at Ety Village, a 29,400-square-foot retail property in Lancaster. The property is located at 1348-1374 Ety Road. The property was a bank-owned deal and was 69 percent occupied at the time of sale. Tenants include Panera Bread, Pet Supplies Plus, Gamestop and Great Clips along with a few local retailers. The asset sits as an outparcel to a Giant Eagle grocery store and is across the street from Walmart, Menards and Kohls. C.J. Jackson, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap’s Columbus and Cleveland offices marketed the property on behalf of the seller, a regional bank. Jackson, Patton, Wiles and Fuller also secured and represented the buyer, a private investor.

March 31, 2015

Midwest Ohio Retail

America’s Realty, ARCJ Capital Buy 335,000 SF Shopping Center in Columbus

by Danielle Everson March 27, 2015

COLUMBUS — America’s Realty and ARCJ Capital LLC have purchased Great Western Shopping Center in Columbus from 410 Investments LTD. The property was purchased for an undisclosed amount. The 335,000-square-foot shopping center is located at the intersection of W. Broad St. and N. Wilson Road. The property is 72 percent leased and has access to I-70 and I-270. America’s Realty and ARCJ Capital LLC plan to renovate the property.

March 27, 2015

Midwest Ohio Retail

Easton Gateway Adds 13 New Tenants

by Danielle Everson March 24, 2015

COLUMBUS, OHIO — Easton Town Center, a 1.7 million-square-foot shopping center located in Columbus, has signed lease agreements with 13 new tenants that will be included in the shopping center’s new 500,000-square-foot north district, Easton Gateway. Steiner + Associates and The Georgetown Co. are the co-developers for the project. Tenants include JoS. A. Bank, The Container Store, Z Gallerie, FUSIAN, BJ’s Restaurant and Brewhouse, Payless ShoeSource, Total Comfort Shoes, European Wax Center and more. The new tenants will join Golf Galaxy, J. Alexander’s, Melt, Pies & Pints and Whole Foods, which were previously announced in December and are currently under construction. Several other major retailers have already opened at Easton Gateway development including Costco, REI, Dick’s Sporting Goods, Field & Stream and Saks Fifth Avenue Off 5th.

March 24, 2015

Hospitality Midwest Ohio

Aries Capital Arranges $11.5M Loan for Hotel Portfolio in Ohio

by Danielle Everson March 23, 2015

COLUMBUS, OHIO — Aries Capital has arranged an $11.5 million, non-recourse, CMBS loan for a portfolio of three limited-service hotels in the Columbus, Ohio area. Borrower, Andy Vasani, CEO of Ohio-based Innvite Hospitality Group, used the proceeds to refinance two hotels with a total of 188-rooms, and to acquire a 79-room Hampton Inn. Rushi Shah of Aries Capital’s Chicago office arranged the loan for the borrower. The loan features a 10-year fixed rate and a 25-year amortization schedule.

March 23, 2015

Midwest Multifamily Ohio

NAI Daus Arranges $1.3M Sale of 50-Unit Apartment Complex in Cleveland Heights, Ohio

by Danielle Everson March 19, 2015

CLEVELAND HEIGHTS, OHIO — NAI Daus has arranged the $1.3 million sale of a 50-unit apartment complex in Cleveland Heights. The apartment property is located at 2734 Noble Road. Boston, Mass.-based Noble Summit Apartment Properties LLC purchased the property. Alec Pacella of NAI Daus represented the seller, Noble Summit I&II LLC.

March 19, 2015

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