HILLIARD, OHIO — Marcus & Millichap has arranged the $2.1 million sale of George’s Corner IV, a 4,749-square-foot retail property in Hilliard, approximately 13 miles northwest of Columbus. George’s Corner IV is located at 1840 Hilliard Rome Road. The two-tenant center features Visionworks, an eyewear retailer, and Tom + Chee, a Cincinnati-based specialty grilled-cheese restaurant. The center is a renovated former restaurant located on an outparcel to a Target center. A Memphis, Tenn.-based limited liability company purchased the property. John Reehil and Arthur Kaplan of Marcus & Millichap’s Columbus office represented the seller, a limited liability company.
URBANCREST, OHIO — Value Place, an extended-stay hotel brand, has opened a newly constructed hotel in Urbancrest, Ohio. Value Place partnered with VP Columbus LLC to open the new hotel. The hotel is located at 3205 Centerpoint Drive and is within 10 miles of Columbus. The four-story, 124-room hotel features laundry facilities, high-speed wireless Internet and modified kitchens. The opening of this hotel brings the brand’s hotel count in Ohio to 13, with locations in Dayton, Cincinnati and Cleveland.
CHICAGO — KeyBank Real Estate Capital has arranged a $334.4 million Fannie Mae credit facility for Enlivant, a Chicago-based owner and operator of senior care facilities across the United States. The loan was arranged for 54 assisted living properties in 12 states including Iowa, Indiana, Kentucky, Michigan, Nebraska, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Washington and Wisconsin. The new loan structure provides Enlivant with access to growth capital at attractive rates during the 10-year term. Key’s Healthcare Mortgage Banking Team was led by Carolyn Nazdin and Charlie Shoop and worked in conjunction with Fannie Mae to originate and close the loan in less than 60 days.
FINDLAY, OHIO — Mascia Development LLC has purchased Findlay Marketplace, a 30,100-square-foot retail center at 2023 Tiffin Ave. in Findlay. The shopping center is more than 90 percent occupied with tenants such as Armed Forces Career Center, AT&T, Penn Station Subs and Pet Supplies Plus. Mascia Development raised more than $1.5 million from crowdfunding, using the recently passed Jumpstart Our Business Startups (JOBS) Act regulations, for the purchase. The JOBS Act allows companies to raise capital more quickly and cost efficiently, according to Mark Mascia of president and CEO Mascia Development, who was involved in the transaction.
MASSILLON, OHIO — Retail Properties of America Inc. has arranged a 50,500-square-foot retail lease in Massillon, approximately eight miles west of Canton. Dunham’s Sports will occupy the space within Massillon Commons located at SR 172. RPAI and Dunham’s Sports will renovate the space, which previously served as a grocery store. The store is expected to open this fall. The sporting goods store operates more than 200 stores in 19 states.
LORAIN, OHIO — Namdar Realty Group has acquired a 200,000-square-foot shopping center in Lorain, approximately 29 miles west of Cleveland. The Center of Sheffield features national and regional tenants including Apple’s Market, Marc’s and H&R Block. The property is located at 400 Sheffield Center. Joel Gorjian led the Namdar Realty Group team in the transaction. Namdar’s portfolio consists of 16 million square feet of commercial real estate nationwide.
TOLEDO, OHIO — Reichle Klein Group has arranged the $1.5 million sale of Oakridge Apartments, a 48-unit apartment complex in Toledo. The property is located at 5300 Oakridge Drive. Harlan Reichle, Evan Riggle and Walter (Tony) Plath represented the seller, Stanbery Homes Inc. The buyer, Oakridge Apartments LLC, represented itself in the purchase.
CUYAHOGA FALLS, OHIO — Mission Capital Advisors has arranged non-recourse financing totaling $14.3 million on behalf of PEBB Enterprises for two shopping centers. The properties include the Shoppes at Chapel Hill, a regional shopping center in Cuyahoga Falls, Ohio, and Walden Park Shopping Center in Austin, Texas. Jordan Ray, Ari Hirt, Steve Buchwald and Jamie Matheny of Mission Capital Advisors represented PEBB Enterprises in arranging the 10-year loans for both deals. The Shoppes at Chapel Hill is an 85,229-square-foot shopping center. Staples and Michael’s anchor the shopping center, which also includes Panera Bread and Brick House Tavern. The 57,569-square-foot Walden Park Shopping Center includes a mix of national and local retailers.
CINCINNATI — Hyde Park Commercial Group has arranged a $12.3 million acquisition and renovation loan for a 220-key Wyndham Garden Inn hotel. An undisclosed buyer acquired the hotel and will implement extensive property improvements. Cincinnati-based Hyde Park advised and arranged a non-recourse loan facility, which includes a three-year interest-only term with two, one-year extension options. Hyde Park was able to arrange the full request through an East Coast collateralized debt obligation.
CUYAHOGA FALLS, OHIO — Marcus & Millichap has brokered the $1.6 million sale of a Huntington Bank triple-net ground-lease in Cuyahoga Falls, located approximately 39 miles south of Cleveland. The property is an out-parcel to the recently constructed Portage Crossing development, which is anchored by Giant Eagle Market District, LA Fitness and Cinemark. Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap’s Cleveland and Columbus offices represented the seller, an Ohio-based limited liability company. Colliers Phoenix represented the California-based buyer who purchased the property in a 1031 tax-deferred exchange.