Ohio

Institutional Property Advisors Arranges $27.7M Sale of Two Retail Properties in Northeast Ohio

by Christina Cannon January 5, 2016

AMHERST AND SHEFFIELD VILLAGE, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a two-property retail portfolio in Northeast Ohio for $27.7 million, which equates to $143 per square foot. The portfolio is comprised of Amherst Marketplace and Sheffield Crossing. Amherst Marketplace, located at 2201 Kresge Drive in Amherst, includes tenants such as Giant Eagle, Monster Tan and Best Cuts. Sheffield Crossing tenants include Giant Eagle, Cracker Barrel, SVS Vision Holding, Arby’s Verizon Wireless and BP Exploration & Oil. The property is located at 5231 Detroit Road in Sheffield Village. Craig Fuller, Scott Wiles and Erin Patton of IPA, along with Seth Richard and Laurie Ann Drinkwater of Marcus & Millichap, represented the seller and procured the buyer, who were both undisclosed.

January 5, 2016

Phillips Edison Grocery Center REIT Buys Three Shopping Centers Throughout Ohio, Illinois

by Christina Cannon December 24, 2015

CINCINNATI — Cincinnati-based Phillips Edison Grocery Center REIT II Inc. has acquired three grocery-anchored shopping centers throughout Ohio and Illinois for an undisclosed price. Amherst Marketplace, anchored by Giant Eagle, is a 79,945-square-foot retail facility located in Amherst, Ohio, approximately 34 miles east of downtown Cleveland. Other tenants at the center include Get Go Gas, Monster Tan and Best Cuts. Sheffield Crossing is an 113,688-square-foot shopping center that is also anchored by Giant Eagle. The property is located in Sheffield Village, Ohio, approximately 25 miles east of downtown Cleveland. Tenants at Sheffield Crossing include Edward Jones, Great Clips, Weight Watchers and Verizon Wireless. The Shoppes at Windmill Place is located in Batavia, Ill., approximately 43 miles west of Chicago and is a 122,176-square-foot retail property. Jewel Osco anchors the center, and other tenants include Dunkin Donuts, Mattress Firm, Zano Salon, Hair Cuttery, Subway, Hallmark and GNC.

December 24, 2015

Loans Midwest Multifamily Ohio

Dougherty Mortgage Originates $11M Fannie Mae Acquisition Loan for Apartment Property in Columbus

by Christina Cannon December 23, 2015

COLUMBUS, OHIO — Dougherty Mortgage LLC has closed on an $11 million Fannie Mae acquisition loan for a multifamily property in Columbus. Parkview Apartments is a 216-unit market rate apartment property. Unit amenities include walk-in closets, fully equipped kitchens and washer and dryer connections. A partnership between Old Capital Lending and Dougherty arranged the 10-year term, 30-year amortization loan for Wolfe Diamond Loch LLC.

December 23, 2015

Midwest Multifamily Ohio

Pillar Originates $11.8M Fannie Mae Loan for Multifamily Property in Cleveland

by Christina Cannon December 17, 2015

CLEVELAND — Pillar has originated an $11.8 million Fannie Mae loan for a multifamily property in Cleveland. Mariner’s Watch is a Class A property that was built in 2014. The 62-unit, four-story building includes 33 one-bedroom units and 29 two-bedroom units. The property also features an indoor parking garage and is 100 percent leased. Joe Markech and Brooke Jackson of Pillar originated the fixed-rate, 10-year loan that two-years of interest-only payments to refinance the original construction loan followed by a 30-year amortization schedule. The undisclosed borrower is a local multifamily property owner and operator. The Mariner’s Watch property has obtained a Energy Star certification for energy efficiency.

December 17, 2015

Loans Midwest Multifamily Ohio

NorthMarq Arranges $1.4M in Acquisition Financing for Multifamily Property in Cincinnati

by Christina Cannon December 15, 2015

CINCINNATI — NorthMarq Capital has arranged $1.4 million in acquisition financing for the buyer of a 72-unit multifamily property in Cincinnati. Williamstown Apartments is located at 5500 Glengate Lane. The five-year loan includes 18 months of interest-only payments followed by a 25-year amortization schedule. Noah Juran of NorthMarq originated the loan for the undisclosed out-of-state borrower through a local bank.

December 15, 2015

Midwest Ohio Retail

Cooper Commercial Arranges $2.3M Sale of 116,843 SF Retail Center In Akron, Ohio

by Christina Cannon December 14, 2015

AKRON, OHIO — The Cooper Commercial Investment Group has arranged the $2.3 million sale of Chapel Hill Crossing, a 116,843-square-foot retail center in Akron. Tenants at Chapel Hill Crossing, located about 40 miles south of Cleveland, include Gold’s Gym and Roses Discount Store. Bob Havasi and Dan Cooper of Copper Commercial represented the seller in the transaction, a large institutional group based in Tennessee. The undisclosed private investment buyer is based in Texas.

December 14, 2015

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Provides $7.4M Bridge Loan for Acquisition of Affordable Housing Property in Cleveland

by Christina Cannon December 10, 2015

CLEVELAND — KeyBank Real Estate Capital has provided a $7.4 million bridge loan for the acquisition for a multifamily property in Cleveland. The Community Builders Inc. is the borrower. Commodore Place Apartments is a 198-unit, mixed-income apartment complex that was built in 1924. The property is located in the University Circle neighborhood of Cleveland. Kelly Frank of KeyBank Real Estate Capital arranged the financing.

December 10, 2015

Loans Midwest Ohio

Cohen Financial Arranges $14.5M Bridge Loan for Parking Structure in Cleveland

by Christina Cannon December 9, 2015

CLEVELAND — Cohen Financial has arranged a $14.5 million bridge loan for a parking structure in Cleveland. Huntington Garage is a 1,100-stall structure that is located at 999 Chester Ave. in downtown Cleveland. Dan Rosenberg of Cohen Financial secured the bridge loan with Prime Finance Partners for the undisclosed borrower.

December 9, 2015

Loans Midwest Multifamily Ohio

Pillar Originates $9.1M in Fannie Mae Loans for Three Multifamily Properties in Ohio

by Christina Cannon December 9, 2015

LAKEWOOD, EUCLID AND WICKLIFFE, OHIO — Pillar has originated $9.1 million in Fannie Mae refinance loans for three apartment properties in Ohio. Joe Markech and Brooke Jackson of Pillar originated the three fixed-rate, 12-year loans that include a 30-year amortization schedule. Mayfair Apartments, a 144-unit building located in Lakewood, a western suburb of Cleveland, received $5 million in refinancing. Pillar also originated a $1.8 million loan at 65 percent loan-to-value for Euclid Terrace Apartments in Euclid, a northeastern suburb of Cleveland. The property consists of four two-story buildings totaling 91 units. The buildings were built in 1958 and 1964. Wickliffe Gardens & Manor also received a $2.2 million loan at 65 percent loan-to-value from Pillar. Located in Wickliffe, a northeast suburb of Cleveland, Wickliffe Gardens is a 55-unit building and Wickliffe Manor is a 26-unit apartment property.

December 9, 2015

Industrial Midwest Ohio

Meridian Completes Construction of Two Industrial Facilities in Metro Cleveland Totaling 510,722 SF

by Christina Cannon December 3, 2015

TWINSBURG, OHIO — Meridian Design Build has completed the construction of two industrial buildings for developer Scannell Properties. The buildings, which total 510,722 square feet, are located in Twinsburg, approximately 20 miles southeast of Cleveland. The new facilities consist of a 303,888-square-foot build-to-suit building and a 207,360-square-foot speculative building. The assets are located on 59 acres of land within the Cornerstone Business Park. The build-to-suit project features 99 loading docks, 236 interior van loading positions, 509 exterior trailer stalls and 15,434 square feet of office space. The multi-tenant speculative building includes 171 auto parking stalls, five tenant entrances and 26 loading docks. Precept Design LLC provided the architectural services for the projects, and Weber Engineering Services provided the civil engineering work.

December 3, 2015

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