Ohio

Nassimi Realty Acquires Two Shopping Centers in Illinois, Ohio for $30M

by Kristin Harlow November 8, 2023

NILES, ILL. AND GARFIELD HEIGHTS, OHIO — Nassimi Realty has acquired two shopping centers in Illinois and Ohio for approximately $30 million. The two properties total about 500,000 square feet. Four Flaggs, a 326,084-square-foot center, is situated at the southeast corner of Golf Road and Milwaukee Avenue in Niles, a northern suburb of Chicago. The property is 75 percent leased to tenants such as Fresh Farms, Marshalls, PetSmart, Old Navy, JoAnn, Five Below and Ashley Furniture. Ben Wineman and Rick Drogosz of Mid-America Real Estate Corp. represented the seller, IRC Retail Centers/DRA Advisors. The property was managed by Pine Tree. Turney Town Plaza is located on Turney Road in Garfield Heights, a southern suburb of Cleveland. Tenants include Dave’s Market, Advance Auto Parts and Sherwin-Williams. Seller information was not provided.

November 8, 2023

Midwest Ohio Retail

SITE Centers to Spin Off Convenience Retail Assets into Separate Publicly Traded REIT

by Kristin Harlow November 7, 2023

BEACHWOOD, OHIO — SITE Centers Corp. (NYSE: SITC), a Beachwood-based owner of open-air shopping centers in suburban communities, has approved a plan to spin off its convenience retail assets into a separate publicly traded REIT to be named Curbline Properties Corp. (CURB). According to SITE Centers, the spin-off creates the first and only public REIT exclusively focused on convenience assets, which generally consist of a row of unanchored shops that are positioned on the curb line of well-trafficked intersections. The tenants within these centers cater to daily convenience trips. Examples include Starbucks, Darden, JPMorgan Chase, Verizon and Chipotle. “The convenience sector offers attractive, inflation-protected returns driven by high renewal and retention rates and limited operating capital expenditures,” states SITE Centers. There are more than 68,000 unanchored assets in the U.S., according to ICSC, with over $40 billion of assets traded between 2018 and 2022. The median asset size of the CURB portfolio as of Sept. 30 was 20,000 square feet, with 91 percent of base rent generated by units less than 10,000 square feet. Since launching its convenience strategy in 2019, the company has amassed a portfolio of 61 wholly owned properties. As of Sept. 30, the CURB portfolio was …

November 7, 2023

Leasing Activity Midwest Office Ohio

Civil and Environmental Consultants Expands Office Lease in Toledo, Ohio, to 16,000 SF

by Kristin Harlow November 7, 2023

TOLEDO, OHIO — Civil and Environmental Consultants Inc. (CEC) has expanded its office lease at One Seagate in Toledo by an additional 4,000 square feet. The company now occupies 16,000 square feet at the 725,000-square-foot office building, which is owned by AmTrust RE. One Seagate features a lobby lounge, café, auditorium and shared conference space. CEC is an engineering and environmental consulting firm that provides services across various disciplines such as air quality, civil engineering, ecological science and waste management. Stephanie Kuhlman of NAI Harmon Group represented CEC. Anne Holker, Mike Abernathy and Jason Westendorf represented AmTrust RE on an internal basis along with Harlan Reichle of Reichle/Klein Group.

November 7, 2023

Acquisitions Company News Midwest Ohio Retail

Cedar Fair, Six Flags Agree to Merge in $8B Deal

by Kristin Harlow November 2, 2023

SANDUSKY, OHIO AND ARLINGTON, TEXAS — Sandusky-based Cedar Fair Entertainment Co. (NYSE: FUN) and Arlington-based Six Flags Entertainment Corp. (NYSE: SIX) have entered into a definitive merger agreement to combine in a merger of equals transaction. The all-stock deal values the combined company at approximately $8 billion, including debt. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Cedar Fair investors will receive one share of common stock for each unit they own, and Six Flags shareholders will receive .58 shares for each share they own. Following the close of the transaction, Cedar Fair unitholders will own approximately 51.2 percent and Six Flags shareholders will own about 48.8 percent of the combined company’s equity. “Our merger with Six Flags will bring together two of North America’s iconic amusement park companies to establish a highly diversified footprint and a more robust operating model to enhance park offerings and performance,” says Richard Zimmerman, president and CEO of Cedar Fair. The combined company will operate a portfolio of 27 amusement parks, 15 water parks and nine resort properties across 17 states in the U.S., Canada and Mexico. The companies expect the merger to …

November 2, 2023

Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Provides $11.3M in Financing for New Affordable Seniors Housing Project in Cleveland

by Kristin Harlow October 31, 2023

CLEVELAND — KeyBank Community Development Lending and Investment (CDLI) has provided $11.3 million in 9 percent tax credit equity to finance the new construction of Garrett Square Apartments in Cleveland. The 49-unit affordable seniors housing community will be situated in the city’s Glenville neighborhood. The four-story building will be reserved for seniors age 55 and older. The project will be partially subsidized with 19 units supported by 20-year project-based vouchers through Cuyahoga Metropolitan Housing Authority. The project site is currently home to a parking lot and vacant retail building, which will be razed prior to development. The borrower and developer is Volker Development Inc., and Marous Brothers Construction is the general contractor. The Famicos Foundation will serve as the property manager. Famicos will also offer supportive services such as financial literacy, cooking classes, gardening programs, emergency preparedness workshops, food delivery and distributions, neighborhood events, healthcare referrals, tax preparation and access to its legal clinic, Famicos CARES. Derek Reed and Greg Kiger of KeyBank CDLI structured the tax credit equity and debt financing. KeyBank is providing a $9 million construction loan and a $2.3 million permanent loan. Additional permanent financing sources include secondary soft loans of $1.7 million provided through the …

October 31, 2023

Acquisitions Industrial Midwest Ohio

Tempus Realty Partners Buys 57,948 SF Industrial Facility in Berea, Ohio, for $4.4M

by Kristin Harlow October 24, 2023

BEREA, OHIO — Tempus Realty Partners has purchased a 57,948-square-foot industrial facility located at 140 Blaze Industrial Parkway in Berea, a western suburb of Cleveland. The purchase price was $4.4 million. Tempus acquired the property from TMG Performance Products LLC.

October 24, 2023

Development Industrial Midwest Ohio

NorthPoint Development Underway on Two-Building Fairfield Trade Center in Suburban Cincinnati

by Kristin Harlow October 18, 2023

FAIRFIELD, OHIO — NorthPoint Development is underway on Fairfield Trade Center in Fairfield, about 25 miles north of Cincinnati. The project comprises two buildings totaling 304,364 square feet and 313,833 square feet, respectively. Completion is slated for the second quarter of 2024. Doug Whitten of CBRE is handling leasing of the development, which is situated in proximity to major transportation arteries.

October 18, 2023

Acquisitions Industrial Midwest Ohio

NK Parts Acquires Industrial Facility in Sidney, Ohio, for $6.5M

by Kristin Harlow October 17, 2023

SIDNEY, OHIO — NK Parts has acquired the former Norcold headquarters facility at 600 Kuther Road in Sidney, about 40 miles north of Dayton. The purchase price was $6.5 million. Sidney-based NK Parts currently occupies a 785,000-square-foot facility at 777 Kuther Road. Specializing in logistics and supply chain management, NK caters specifically to the automotive industry. The additional 205,000 square feet from the Norcold building will alleviate some of NK’s space constraints and enable them to better serve their clients, according to Industrial Property Brokers, which brokered the deal. NK plans to make improvements to the electrical system and parts of the roof that require replacement. The tenant expects to take occupancy in November. Tim Echemann and Conrad Echemann of Industrial Property Brokers represented NK in the transaction. “The opportunity for NK to acquire a 205,000-square-foot building right across the street from its existing operations is nothing short of incredible,” says Tim Echemann. “This expansion couldn’t have come at a better time, especially considering the escalating demands from NK’s customers for more space.”

October 17, 2023

Acquisitions Midwest Ohio Retail

Midland Atlantic Properties, Next Realty Acquire 160,000 SF Shopping Center in Cincinnati

by Kristin Harlow October 11, 2023

CINCINNATI — A joint venture between affiliates of Midland Atlantic Properties and Next Realty has acquired Waterstone Center, a 160,000-square-foot shopping center in Cincinnati. The purchase price and seller were undisclosed. The fully leased property is home to Best Buy, Ross Dress for Less, Michaels, Old Navy, Petco and Verizon. BWE arranged acquisition financing through Goldman Sachs.

October 11, 2023

Development Industrial Midwest Ohio

Red Rock Developments Underway on 946,400 SF Spec Industrial Building in Pataskala, Ohio

by Kristin Harlow October 4, 2023

PATASKALA, OHIO — Red Rock Developments is underway on a 946,400-square-foot speculative industrial building in Pataskala, about 19 miles east of Columbus. The project is situated on 83 acres at 7409 Mink St. within Red Chip Farms industrial park. Completion is slated for May 2024. The facility will feature a clear height of 40 feet, 156 dock doors, four drive-in doors, 210 trailer parking spaces, office space and 200-foot truck courts. Shane Woloshan of Colliers is leading leasing efforts for the new building as well as build-to-suit opportunities within Red Chip Farms.

October 4, 2023

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