DELAWARE, OHIO — Time Equities Inc. has acquired a 119,960-square-foot industrial building located at 1275 S. Houk Road in Delaware, about 30 miles north of Columbus. The purchase price was $7.5 million. Cardinal Industrial was the seller.
ZANESVILLE, OHIO — The Downtown Exchange, a revitalization project designed to foster small business growth and economic development, has opened in downtown Zanesville, about 55 miles east of Columbus. The Downtown Exchange business owners, in partnership with JobsOhio, Ohio Southeast Economic Development, the Zanesville-Muskingum County Port Authority and the Zanesville-Muskingum County Chamber of Commerce, hosted a ribbon-cutting ceremony Monday, Aug. 14. Over $1.1 million was invested to redevelop the historic building into a mixed-use marketplace and coworking space. A first-floor food hall features a variety of local eating, drinking and social gathering space, along with a bar and patio at the rear of the building. The second and third floors are coworking spaces featuring small and large conference rooms along with collaborative areas and open desk coworking. Formerly known as The Black-Elliot Block, The Downtown Exchange is a historic commercial building consisting of three contiguous structures on Main Street. The building dates back to 1876. The project was supported by a JobsOhio Vibrant Community grant of over $400,000.
CINCINNATI — Blueprint Healthcare Real Estate Advisors has arranged the sale of St. Theresa Care Center in Cincinnati for an undisclosed price. A public REIT elected to execute the strategic sale of the facility following an operator transition earlier this year. St. Theresa Care Center is licensed for 92 assisted living beds and 99 skilled nursing beds. Designated as a National Historic Landmark, the property was originally built as an acute care hospital in the mid-1920s and was later expanded in the late 1950s. The building was ultimately converted to its current use, also featuring units available for independent living residents. However, the independent living and assisted living floors were most recently underutilized. The buyer was an owner-operator with a growing presence in the area. The facility has been renamed The Mariemont Care Center. Michael Segal, Connor Doherty, Ben Firestone and Ryan Kelly of Blueprint brokered the sale.
VIOLET TOWNSHIP, OHIO — DHL Supply Chain has broken ground on a new 755,000-square-foot distribution center in Violet Township, an eastern suburb of Columbus. The facility, which will be located near DHL Supply Chain’s U.S. headquarters in Westerville, is slated to open in the second quarter of 2024 and create approximately 200 jobs in the region. The project brings DHL’s total footprint to more than 15 million square feet in its home state and 161 million square feet in North America. The Violet Township facility will leverage the latest robotics technology and automation processes as well as sustainable building planning and construction. DHL Supply Chain’s expansion of its warehousing footprint is led by DHL Real Estate Solutions.
ETNA, OHIO — The I-70 Logistics Center, located at 9157 Mink St. SW in the Columbus suburb of Etna, has traded hands for an undisclosed price. Hines Global Income Trust Inc. was the buyer. The 700,000-square-foot property is fully leased to a third-party logistics provider and features a clear height of 40 feet. The facility offers convenient access to two rail providers, reaching roughly 60 percent of the North American population within a one-day drive. Ed Halaburt and Ross Bratcher of JLL represented the seller, Core5 Industrial Partners.
ETNA, OHIO — CRG and an affiliate of its capital partner, LXP Industrial Trust, have begun development of a 250,020-square-foot speculative distribution center in Etna, an eastern suburb of Columbus. The project is known as Building D at The Cubes at Etna 70, a 305-acre industrial park near I-70. Building D will feature a clear height of 36 feet, 62 trailer stalls, 32 dock positions and a 60-foot speed bay. The property offers a 15-year, 100 percent tax abatement. Contegra Construction is the general contractor, and Lamar Johnson Collaborative is the architect. The industrial park has three remaining pad-ready sites. The Cubes is a North American industrial brand owned and developed by CRG.
AURORA, OHIO — The Staubach Co. Inc. has sold a retail property occupied by CVS Pharmacy in Aurora, a southeast suburb of Cleveland, for $5.4 million. The 10,125-square-foot building is located at 118 W. Garfield Road. Woody’s Columbus Properties LLC was the buyer.
WESTERVILLE, OHIO — Ziegler has arranged $59.9 million in bond financing for Ohio Living, a Westerville-based nonprofit operator of 12 seniors housing communities in Ohio. Proceeds of the bonds will be used to refund existing bank debt, terminate an interest rate swap agreement, fund a debt-service reserve fund equal to approximately one year of debt service, fund approximately $3 million of capital expenditures and pay certain costs of issuance associated with the financing. The bonds consist of tax-exempt, fixed-rate serial and term bonds with an 18-year final maturity. The financing includes a three-year interest-only period with annual principal amortization starting in 2026. Ohio Living decided to utilize fixed-rate bonds to refund a portion of its bank capital following the turbulence experienced in early 2023 in the bank credit markets.
By Jamie Dunford, CBRE Outside of office product, Cleveland and Northeast Ohio haven’t historically been of interest for most out-of-town multifamily developers and investors. They viewed the region as a tertiary or secondary market with a declining population and a lackluster economy. Until recently, urban living in the central business district (CBD) and surrounding neighborhoods was rare — Cleveland was a commuter city with a strong office market from the 90s until the Great Financial Crisis (GFC) in 2008. At one point in time, Northeast Ohio boasted one of the highest concentrations of Fortune 500 companies with headquarters or other office space in the region, and the CBD had the largest job hub in the state of Ohio. Most office buildings in the CBD were owned by institutional capital or national developers. However, the GFC vastly altered this landscape as unemployment rose, companies left or downsized, and many office assets went back to the lender. This left an oversupply of office product in the market, and the older buildings suffered the most. However, this created a market opportunity that Cleveland developers seized, and the city eventually became a national leader in converting historic office assets to multifamily while taking advantage …
CINCINNATI — City Club Apartments (CCA) has topped off construction of its Union Central development in downtown Cincinnati. The project will combine both the Union Central building and the Annex building, currently CCA CBD Cincinnati, to become City Club Apartments Union Central, an apartment and penthouse community. There will be a total of more than 575 units. First move-ins are slated for November. Residents will have access to amenities located across the two buildings and connected by a sky bridge. Union Central will have a 19th-floor sky park with a pool overlooking the Ohio River, outdoor kitchen, sky club, lobby lounge library and penthouse clubroom. The Annex will have an indoor-outdoor pool, sky park, sky club and lobby lounge library that is directly connected to the Shires Café. Union Central will also have a restaurant, salon, health club, dry cleaner and pet store. The Annex will feature a rooftop restaurant named the Views at Shires Garden, along with a daycare, market and pet spa. CCA coworking amenities include conference rooms, two business centers, communal tables and high-speed WiFi throughout the common areas.