MASON, OHIO AND NORTH VERNON, IND. — DTZ has brokered the $8.3 million sale of two single-tenant industrial properties located in Mason and North Vernon. The Cincinnati Fan property, situated on 17.6 acres, is located at 7697 Snider Road in Mason, northeast of Cincinnati. The 122,898-square-foot industrial manufacturing facility was sold to Robinson & Sons LLC for $4.7 million. Cincinnati Fan and Ventilator will continue to operate in the property. In the other transaction, Agracel Inc. acquired a manufacturing facility in North Vernon from Martinrea Industries. The 140,960-square-foot building, situated on 11.5 acres, sold for $3.6 million. Martinrea Industries, a Tier I automotive supplier, will continue to operate in the facility on a long-term lease. DTZ’s capital markets and industrial leasing teams represented owners Cincinnati Fan and Martinrea Industries in both investment sales transactions.
INDEPENDENCE, OHIO — Time Equities Inc. has acquired a six-property office portfolio in Independence for $20 million. The Rockside Office Portfolio includes six commercial buildings spread across three office parks totaling 422,037 square feet. Buildings within this acquisition include: Rock Run North, a two-story, Class B, 63,294-square-foot building located at 5700 Lombardo Center; Rock Run Center, a two-story, Class B, 63,294-square-foot building located at 5700 Lombardo Center; Freedom Square I, a four-story, Class B, 40,435-square-foot building located at 4401 Rockside Road; Freedom Square II, a five-story, Class B, 114,680-square-foot building located at 6000 Freedom Square Drive; Freedom Square III, a four-story, Class A, 71,052-square-foot building located at 4511 Rockside Road; Oak Tree Place, a five-story, Class B, 69,318-square-foot building located at 6111 Oak Tree Boulevard. The portfolio was 66 percent occupied to 29 tenants at the time of sale. Jim Postweiler of JLL Capital Markets Group brokered the deal on behalf of the seller, Duke Realty. In-house counsel represented TEI while Angela Hsu of Duke Realty represented the seller. JLL will manage the property. CBRE will lease space within the portfolio.
INDEPENDENCE, OHIO — CBRE has brokered the $26.5 million sale of Summit Office Park, a 492,936-square-foot office complex in Independence, a suburb southeast of Cleveland. The four-building office complex is located in the Rockside Road corridor just off I-77. Vicki Maeder and Mary Izant of CBRE’s Cleveland office and Andrew Banister and Daniel Richardson of CBRE’s Indianapolis office represented the seller, IWA Inc. A Canadian-based firm purchased the property, which was 69 percent occupied at the time of sale.
MENTOR, OHIO — Marcus & Millichap has brokered the $5.4 million sale of Mentor Plaza, a 103,910-square-foot retail property in Mentor, approximately 24 miles north of Cleveland. The shopping center is located at 8485 Market St. Gabriel Brothers and Big Lots anchor the plaza. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap’s Cleveland and Columbus offices marketed the property on behalf of the seller, a private investment fund. The team also represented the buyer, a limited liability company.
COLUMBUS — Vineyard Vines, a clothing and accessories retailer, has opened a 3,000-square-foot store at Easton Town Center in Columbus. The retailer leased space at the property located at 160 Easton Town Center. The store is the brand’s third Midwest location after Chicago and St. Louis. The Georgetown Co. and Steiner + Associates developed Easton Town Center, a 1.7 million-square-foot shopping center that opened in 1999. Vineyard Vines plans to open 10 more stores in major markets throughout the U.S. by the end of 2015.
FOREST PARK, OHIO — Brennan Investment Group has sold a 149,760-square-foot industrial facility in Forest Park, a suburb of Cincinnati. The Class A industrial facility is fully leased to National Bedding Co. (NBC) under a long-term net lease. The property, located at 1680 Carillon Blvd., was built for NBC in 2004. NBC uses the facility to assemble and distribute Serta mattresses. The acquisition also included additional land for future expansion of the building. Ted Staszak and Mike Caprile, of CBRE, represented Brennan in the transaction.
AKRON, OHIO — Phillips Edison Grocery Center REIT II Inc. has acquired a 75,866 square foot grocery-anchored shopping center in Akron for $8 million. The REIT purchased the property from Garrison Central Harvest Plaza LLC, a Delaware limited liability company. Harvest Plaza is located at the intersection of Akron-Canton Road and E. Waterloo Road in the Ellet neighborhood on the southeast side of Akron. A Giant Eagle grocery store anchors the shopping center. Other tenants include Papa John’s, Subway and Super Cuts. The shopping center was fully occupied at the time of sale.
CLEVELAND — Westcore Proprieties has sold a historic, Class C office building in downtown Cleveland for $6 million to Millennia Cos., an apartment developer and property manager. The 11-story, 160,000-square-foot Garfield Building, a masonry and steel-frame building, is located at 1965 E. Sixth St., on the corner of Euclid Avenue and East Sixth Street. Originally built in 1893, the building is the former home of National City/ PNC Bank. Westcore Properties purchased the property in 2008. Millennia Cos. plans to develop the building into multifamily rental housing. Eliot Kijewski and Rico Pietro with CRESCO Real Estate, a member of the Cushman & Wakefield Alliance, represented Westcore Proprieties in the transaction. Allegro Reality represented Millennia Cos.
WESTERVILLE, OHIO — Marcus & Millichap has brokered the $10.75 million sale of a 99,380-square-foot Kohl’s department store in Westerville. The triple-net-leased asset is located off I-270 in a shopping plaza with an Office Max, a Marc’s discount drugstore and a grocery store. Other nearby retailers include Walmart, Kroger and Tuesday Morning. SPMC Urban Properties purchased the property in a 1031-tax-deferred exchange. Dean Zang of Marcus & Millichap’s Washington D.C. office and Craig Fuller of the firm’s Cleveland office represented the buyer. Zang, Fuller and Scott Wiles, of the firm’s Cleveland office, along with Erin Patton of the firm’s Columbus office, represented the seller, Garrison Central II LLC.
COLUMBUS — IKEA plans to open a 354,000-square-foot store in Columbus in the summer of 2017. The proposed store and its 1,200 parking spaces would be built on 33 acres at the Polaris Centers of Commerce development, approximately 15 miles north of downtown Columbus. The property is located at the northeastern corner of I-71 and Gemini Place. IKEA Columbus will feature nearly 10,000 exclusively designed items, 50 inspirational room-settings, three model home interiors, a supervised children’s play area and a 450-seat restaurant. During the construction phase, more than 500 jobs will be created and approximately 300 employees are expected to work at the new store once it opens.