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IndustrialLoansMidwestOhio

iBorrow Provides $12.7M Acquisition Loan for Sale-Leaseback of Industrial Facility in Toledo, Ohio

by Kristin Harlow

TOLEDO, OHIO — iBorrow has provided a $12.7 million loan to finance the sale-leaseback of a 208,968-square-foot industrial facility in Toledo. The property was previously owned by a subsidiary of Stellantis, a manufacturer of brands such as Jeep, Chrysler and Dodge. To facilitate the transaction, iBorrow customized the financing package to accommodate potential re-leasing activities, including a future funding component for light capital expenditures and other costs, and incorporated the ability for the borrower to refinance with long-term debt in the future. The building supports warehousing and logistics operations for a 3 million-square-foot Stellantis manufacturing facility, which is also located in Toledo. The property features a clear height of 34 feet, 102 truck doors and roughly 292 parking spaces. The single-tenant facility is fully leased. The borrower is an owner and operator of industrial real estate properties nationwide.

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AcquisitionsIndustrialMidwestOhio

Advanced Innovative Manufacturing Acquires 105,124 SF Industrial Building in Aurora, Ohio

by Kristin Harlow

AURORA, OHIO — Advanced Innovative Manufacturing (AIM) has acquired a 105,124-square-foot industrial building located at 200 Francis Kenneth Drive in Aurora, a southeast suburb of Cleveland. The purchase price was undisclosed. AIM is transforming the former steel coil storage facility into a state-of-the-art manufacturing complex and expects to relocate from its current facility in Aurora in summer 2024. Eliot Kijewski of Cushman & Wakefield | CRESCO Real Estate represented AIM in the transaction. George Pofok of Cushman & Wakefield | CRESCO Real Estate represented the seller, Brennan Investment Group.

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Affordable HousingIndianaLoansMidwestMultifamilyOhio

Merchants Capital Provides $184M for Refinancing of Seven Midwest Workforce Housing Properties

by Kristin Harlow

INDIANA, KENTUCKY AND OHIO — Merchants Capital has provided $184 million in separate seven-year loans for the refinancing of seven workforce housing properties in Indiana, Kentucky and Ohio. Zidan Management Group, a Midwest-based multifamily owner and developer, was the borrower. The properties include: Barton Farms Apartment Homes in Greenwood, Ind.; Bexley Village in Greenwood, Ind.; Creekside at Meadowbrook in Lowell, Ind.; Tymberwood Trace Apartments in Louisville, Ky.; Crestview Apartments in Louisville, Ky.; Camelot East Apartments in Fairfield, Ohio; and Meadow View Apartments & Townhomes in Springboro, Ohio. There are more than 1,500 units across the portfolio. The communities offer naturally occurring affordable housing with rent pricing affordable to households earning at or below 80 percent of the area median income.

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AcquisitionsIllinoisMidwestOhioRetail

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

by Kristin Harlow

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.

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MidwestOhioRetail

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

by Kristin Harlow

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 …

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Leasing ActivityMidwestOfficeOhio

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

by Kristin Harlow

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.

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AcquisitionsCompany NewsMidwestOhioRetail

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

by Kristin Harlow

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 …

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LoansMidwestMultifamilyOhioSeniors Housing

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

by Kristin Harlow

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 …

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DevelopmentIndustrialMidwestOhio

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

by Kristin Harlow

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.

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