Ohio

M&M Arranges Sale of 376-Unit Apartment Community

by Danielle Everson October 27, 2014

COLUMBUS — Marcus & Millichap has arranged the sale of Whispering Pines, a 376-unit apartment community in Columbus. Whispering Pines is located at E. Dublin-Granville Road between I-71 and I-270. The community features townhomes and one-, two- and three-bedroom floor plans. Amenities at the property include a clubhouse, community room, fitness center, laundry facility, swimming pool, tennis courts and picnic area. Michael Barron, Daniel Burkons and Joshua Wintermute of Marcus & Millichap’s Cleveland office, along with Richard Lattro and Jordan Marshall of the firm’s Columbus office, represented the seller, a Philadelphia-based limited liability company. Barron, Burkons and Wintermute also secured the buyer, an out-of-state private investment group.

October 27, 2014

Midwest Ohio

Mark F. Taggart Co., Fed One Dublin Developing Art Office Warehouse Space

by Danielle Everson October 24, 2014

GAHANNA, OHIO — Mark F. Taggart Co. and Fed One Dublin will develop an art office warehouse space at the Eastgate Industrial Park in Gahanna, a suburb northeast of Columbus. The 80,000-square-foot facility, located at 1801-1831 Deffenbaugh Court will feature insulated concrete tilt up panels, a 26-foot clear height, ESFR fire suppression, trailer parking and two story glass entrance features. The project broke ground on Oct. 1 and is scheduled for completion in January 2015. Mark F. Taggart Co. purchased the nearly seven-acre lot for an undisclosed sales price. Project financing was made possible through a construction/permanent loan.

October 24, 2014

Midwest Ohio Retail

M&M Brokers $5.2M Sale of 48,300 SF Retail Property

by Danielle Everson October 21, 2014

SPRINGDALE, OHIO —Marcus & Millichap has brokered the $5.2 million sale of a 48,300-square-foot retail property in Springdale, an area on the northeast side of Cincinnati. Wimbledons Plaza is located at 11770-11818 Springfield Pike. An Outback Steakhouse anchors the shopping center. Tenants include Penn Station, H&R Block, Select Staffing, Dairy Queen and other local and regional tenants. C.J. Jackson, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap’s Columbus and Cleveland offices represented the seller, a regional owner and developer. Nathan Whalen of the firm’s Indianapolis office represented the buyer, a private investment group.

October 21, 2014

Midwest Ohio Restaurant Retail

M&M Brokers Sale of 6,040 SF Restaurant Property

by Danielle Everson October 15, 2014

POWELL, OHIO — Marcus & Millichap has brokered the $930,000 sale of a 6,040-square-foot, net-leased restaurant property in Powell, approximately 17 miles north of Columbus. Luce Nuovo is located at 3499 Market St. The casual dining restaurant and wine bar serves Italian and French contemporary cuisine. Justin Fenn and Dan Yozwiak of Marcus & Millichap’s Columbus office represented the seller and buyer, both limited liability companies.

October 15, 2014

Hospitality Midwest Ohio

Value Place Opens New Hotel in Cleveland

by Danielle Everson October 14, 2014

CLEVELAND — Value Place has opened a newly constructed extended-stay hotel in Cleveland. The property is located at the intersection of I-480 and Grayton Road at 20829 Emerald Parkway. The new four-story, 124-room hotel features laundry facilities, high-speed wireless Internet and modified kitchens. The hotel opened Oct. 10. This is Value Place’s 10th hotel in Ohio. A ribbon-cutting event is planned for Oct. 23.

October 14, 2014

Loans Midwest Ohio

M&M Capital Corp. Arranges $5.2M Acquisition Loan for Data Center

by Danielle Everson October 10, 2014

CANTON, OHIO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.2 million acquisition loan for a single-tenant data center in Canton. The center is leased to a non-investment-grade tenant. Dean Giannakopoulos of MMCC’s Chicago downtown office arranged financing for the undisclosed borrower. The 25-year loan is fixed at 3.97 percent. The loan-to-value ratio is 70 percent.

October 10, 2014

Midwest Office Ohio

CT Corp. Renews Lease for 12,765 SF of Office Space in Columbus

by Danielle Everson October 10, 2014

COLUMBUS, OHIO — Cassidy Turley has arranged the lease of 12,765 square feet of office space in Columbus. New York-based CT Corp. has renewed its lease with Equity Office Properties at 4400 Easton Commons, Suite 125. Built in 2005, the office building in northeast Columbus has easy access to Interstate 71, Interstate 270 and Interstate 670. The property is less than a mile from Port Columbus International Airport. Randy Stephens and Brian Douglas represented CT Corp. in the transaction. Tyler Owens and Mark Friedman of Colliers International represented Chicago-based Equity Office Properties.

October 10, 2014

Healthcare Midwest Ohio Seniors Housing

NexCore Breaks Ground on 130,000 SF Fitness/Health Facility in Ohio

by Danielle Everson October 2, 2014

ORANGE TOWNSHIP, OHIO — NexCore Group LLC has broken ground on a 130,000-square-foot, integrated ambulatory care center for Mount Carmel Health System in Lewis Center, an unincorporated community of northwestern Orange Township. The site for MC Fitness & Health is located at 7100 Graphics Way. The three-level center will provide outpatient care, fitness, wellness education and rehabilitation facilities. In addition to housing primary care and specialty physicians with the Mount Carmel Medical Group, the facility will also provide approximately 20,000 rentable square feet of medical office space for independent physicians. Construction on the project is set for completion in October 2015. Denver, Colo.-based NexCore Group is the developer and is the owner of the project. OLC Architecture is providing architectural services. Elford Inc. is the construction manager and NexCore Properties LLC will manage the property.

October 2, 2014

Market Reports Midwest Midwest Market Reports Multifamily Ohio

Give An Assist to Apartment Renters for Helping Revitalize Cleveland’s CBD

by Danielle Everson October 2, 2014

To say that 2014 has been filled with great excitement for Cleveland would be an understatement. In early July, the Republican National Committee selected Cleveland as the host city for its 2016 convention. That same month, NBA star LeBron James announced his intent to return to his hometown Cavaliers. Beyond those splashy headlines, during the first half of the year several real estate projects were announced. The planned projects combined with those already under construction or completed since 2010 represent $5.5 billion in public and private investment in downtown Cleveland. Apartment Building Boom One of the most significant stories in Cleveland is that the residential boom downtown continues to gain momentum. The overall occupancy rate in the apartment sector within the CBD rose from 94.5 percent in the first quarter of 2014 to just over 98 percent at mid-year, according to a recent study released by the Downtown Cleveland Alliance. As a result, new projects continue to pile up in an effort to meet the ever-increasing demand. In addition to the 1,000-plus rental units currently under construction, there are now more than 1,100 units in various planning stages. Projects announced since the first of the year include The Standard Building …

October 2, 2014

Market Reports Midwest Midwest Market Reports Ohio

Speculative Building is Back in Some of Ohio’s Key Industrial Markets

by admin September 11, 2014

Before the Great Recession of 2008 and 2009, many developers believed they could continue to build commercial product and demand would follow. But as the economy came to a screeching halt, reality kicked in and many owners and developers were stuck with product that couldn’t be sold or leased. Fast forward to 2014, and that stagnant product has slowly been absorbed as the economy has gradually recovered. From 2008 to 2014, construction of commercial real estate fizzled, resulting in lower vacancy rates and increased net absorption. Now, construction activity is beginning to increase and speculative construction is back in action. This uptick in construction and speculative development is especially apparent in the industrial real estate market. In Ohio, the industrial vacancy rate sits at an average of 6.8 percent for 962 million square feet of industrial space that Colliers|Ohio tracks in Cincinnati, Cleveland, Columbus and Dayton. Colliers|Ohio recorded more than 10 million square feet of positive absorption in 2013, and 6.9 million square feet during the first half of this year. Colliers has tracked an uptick in absorption in the industrial market for several years, and the supply of quality Class A bulk product has diminished significantly. Developers have taken …

September 11, 2014

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