Wednesday, October 30, 2024
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DevelopmentIndustrialMidwestOhio

Geis Underway on $200M Manufacturing Facility for Viega in Shalersville, Ohio

by Kristin Harlow

SHALERSVILLE, OHIO — Geis Development is underway on the construction of a new 220,000-square-foot manufacturing facility for Viega in Shalersville, about 40 miles southeast of Cleveland. Viega works in press technology for metal pipe fittings and valves. The project is situated within Geis’ Turnpike Commerce Center. Construction began in November and is slated for completion in early 2025. The 80-acre parcel and construction of the new plant represent an investment of approximately $200 million in Ohio. Geis is collaborating with Viega’s design team to ensure that the project aligns with Viega’s sustainability goals, which include reducing the carbon emissions associated with importing products by manufacturing more items in the U.S. The new facility will be completely carbon neutral from the start, supporting the company’s long-term goal of achieving net-zero carbon emissions for all its plants by 2035.

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LoansMidwestOhioRetail

BWE Arranges $31.8M Loan for Refinancing of 506,870 SF Shopping Center in Fairlawn, Ohio

by Kristin Harlow

FAIRLAWN, OHIO — BWE has arranged a $31.8 million loan for the refinancing of Market Square at Montrose, a Home Depot-anchored shopping center in Fairlawn near Akron. Built in the 1990s and located at 4020 Medina Road, the 506,870-square-foot property is currently 88 percent leased. Tenants include Dick’s Sporting Goods, Staples, Cost Plus, Steak N Shake and Golf Galaxy. A new lease with Tesla has recently been executed. Brian Bruening of BWE arranged the floating-rate loan with no interest rate caps on behalf of the undisclosed borrower. The lender was also undisclosed.

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DevelopmentMidwestMixed-UseOhioRetail

Developer to Transform Former Tri-County Mall in Ohio into City Center Springdale Mixed-Use Project

by Kristin Harlow

SPRINGDALE, OHIO — A group of investors operating as AV Cincinnati Acquisition LLC is set to transform the former Tri-County Mall site in Springdale, a northern suburb of Cincinnati, into a mixed-use destination named City Center Springdale. Plans call for roughly 600,000 square feet of retail, entertainment and restaurant space, 750,000 square feet of office space, 2,600 multifamily units, 200,000 square feet of fitness facilities and 400 hotel rooms. The new ownership group, which is led by MarketSpace Capital, purchased the property earlier this year. Lee & Associates is handling leasing and management for the project. The mall closed in 2022.

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AcquisitionsMidwestOhioRetail

SRS Brokers $8.6M Sale of Lowe’s-Occupied Retail Property in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — SRS Real Estate Partners has brokered the $8.6 million sale of a 125,357-square-foot retail property occupied by Lowe’s Home Improvement in Columbus. Situated on 12.8 acres, the building at 2888 Brice Road features a corporate-guaranteed lease that was recently extended for 10 more years. The property is adjacent to Brice Park, a 158,000-square-foot shopping center. Matthew Mousavi and Patrick Luther of SRS represented the undisclosed seller. A West Coast-based private investor purchased the asset at a cap rate of 6.4 percent.

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AcquisitionsMidwestOhioRetail

Marcus & Millichap Arranges $4.2M Sale of Charles Schwab-Occupied Property in Westlake, Ohio

by Kristin Harlow

WESTLAKE, OHIO — Marcus & Millichap has arranged the $4.2 million sale of a 7,187-square-foot property net leased to Charles Schwab in Westlake, about 12 miles west of downtown Cleveland. Built in 2020, the asset is located across from the Crocker Park retail center. Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap represented the seller, a Cleveland-based family office. A California-based 1031 exchange investor was the buyer. Michael Glass, broker of record in Ohio, assisted in closing the transaction.

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AcquisitionsHospitalityMidwestOhio

NewcrestImage Purchases 194-Room DoubleTree Suites Hotel in Downtown Columbus

by Kristin Harlow

COLUMBUS, OHIO — NewcrestImage has acquired the DoubleTree Suites by Hilton Hotel Columbus Downtown in Ohio for an undisclosed price. The 15-floor hotel features 194 rooms, all of which are suites. The property is convenient to the Ohio State Capital complex and the Greater Columbus Convention Center as well as two miles from the Ohio State University. Amenities include nearly 7,000 square feet of conference space, concierge services, a business center, fitness center, lounge and full-service restaurant, The Presidents Dining room. Tim Osborne and Spencer Davidson of Hunter Hotel Advisors represented the institutional seller in the transaction.

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AcquisitionsIndustrialMidwestOhio

Easterly Government Properties Acquires 99,246 SF Facility Near Wright-Patterson Air Force Base in Ohio

by Kristin Harlow

BEAVERCREEK, OHIO — Easterly Government Properties Inc. (NYSE: DEA) has acquired a 99,246-square-foot facility fully leased to Northrop Grumman Systems Corp. in Beavercreek, a suburb of Dayton. The purchase price was undisclosed. Northrop Grumman, a multinational aerospace and defense company, has occupied the build-to-suit facility since 2012. The property sits adjacent to Gate 22B at the Wright-Patterson Air Force Base, the main access point for the Air Force Research Laboratory’s headquarters and the Air Force Institute of Technology. With this acquisition, Easterly owns 95 properties totaling 9.3 million square feet. The Washington, D.C.-based firm focuses on the acquisition, development and management of Class A commercial properties that are leased to the U.S. Government.

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Big-Lots-Inglewood-California
Company NewsMidwestOhioRetailTop Stories

Big Lots Files for Chapter 11 Bankruptcy, Enters into Sale Agreement with Nexus Capital

by Taylor Williams

COLUMBUS, OHIO — Big Lots (NYSE: BIG) has filed for voluntary Chapter 11 bankruptcy protection and has entered into a sale agreement with Los Angeles-based private equity firm Nexus Capital Management, a deal that would take the Ohio-based discount retailer private. Under the terms of the agreement, Nexus will serve as the “stalking horse bidder” (the approved investor that sets the low-end bar for a bankrupt company) in a court-supervised auction to acquire “substantially all” of Big Lots’ physical assets and ongoing business operations. Big Lots expects to keep the majority of its stores and online platform open and operational during the reorganization process as well as to be able to pay its employees and “certain critical vendors in the ordinary course of business.” The sale is expected to close during the fourth quarter, assuming Nexus is the winning bidder. In connection with this court-supervised process, Big Lots has secured commitments for $707.5 million in debtor-in-possession (DIP) financing, including $35 million in new financing from certain current lenders. Coupled with cash from ongoing operations, the financing is expected to provide sufficient liquidity for the sale process. The announcement comes after multiple reports of an imminent bankruptcy filing for Big Lots, …

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oLiv Madison Student Housing, Madison, Wisconsin
CaliforniaDevelopmentMultifamilyOhioPennsylvaniaSouth CarolinaStudent HousingTop StoriesWisconsin

Core Spaces Delivers Six Student Housing Developments Totaling 4,549 Beds

by Jeff Shaw

CHICAGO — Core Spaces has completed six student housing communities totaling 4,549 beds across the United States. All six communities have opened to residents ahead of the 2024-2025 school year. The communities are all located near the campuses of major universities, including UC Berkeley, University of Cincinnati, Penn State, University of Wisconsin-Madison and Clemson University. The six new properties include: The communities feature a variety of high-end, student-focused amenities. For example, ōLiv Madison boasts a spa, sauna, fitness center, coworking spaces, private study rooms and a sprawling rooftop sundeck with pool and hot tub. Each property offers a diverse mix of floor plans and unit types to appeal to a range of resident needs and price points. “After years of work to bring a project to life, welcoming new residents home is one of the best parts of what we do,” said Marc Lifshin, CEO of Core Spaces. Core Spaces is a residential developer, owner and operator headquartered in Chicago. The company currently owns or manages more than 38,600 beds. The developer currently has a pipeline of approximately 43,000 beds. The pipeline includes an 800-bed project in Knoxville, Tennessee; three developments in Madison totaling 4,000 beds; a 665-unit, 2,195-bed project in …

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DevelopmentMidwestMultifamilyOhio

Redwood Opens 136-Unit Apartment Community Near Sandusky, Ohio

by Kristin Harlow

PERKINS TOWNSHIP, OHIO — Redwood Living Inc. has opened Redwood Sandusky, a 136-unit, single-story apartment community in Perkins Township near Sandusky. Developed and managed by Redwood, the property features two-bedroom floor plans ranging in size from 1,294 to 1,620 square feet. Each unit includes an attached two-car garage. Monthly rents start around $1,799.

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