CINCINNATI AND CHICAGO — First Financial Bancorp. (Nasdaq: FFBC) has agreed to acquire BankFinancial Corp. (Nasdaq: BFIN) in an all-stock transaction valued at approximately $142 million. Upon completion of the transaction, BankFinancial’s consumer, trust/wealth management and selected commercial credit lines of business will be incorporated into First Financial’s respective business lines, and all BankFinancial bank employees will become First Financial associates. The merger agreement has been unanimously approved by the boards of directors of both companies. The deal is expected to close in the fourth quarter, subject to customary closing conditions, regulatory approvals and approval of BankFinancial shareholders. As of June 30, Cincinnati-based First Financial Bancorp. had $18.6 billion in assets, $11.8 billion in loans, $14.4 billion in deposits and $2.6 billion in shareholders’ equity. The company’s subsidiary, First Financial Bank, founded in 1863, provides banking and financial services to businesses and consumers. The company operated 128 full-service banking centers in Ohio, Indiana, Kentucky and Illinois as of June 30. Chicago-based BankFinancial is a commercial lender with 18 full-service banking offices located in Cook, DuPage, Lake and Will counties within Illinois. BankFinancial NA operates as a subsidiary of BankFinancial Corp.
By Andrew Jacob, Colliers The Cincinnati/Northern Kentucky industrial market demonstrated notable resilience in the second quarter of 2025, balancing strong long-term fundamentals with cautious short-term sentiment. Amid national headlines of slowing industrial demand and heightened uncertainty, the region continues to distinguish itself with a combination of strategic location, steady demand and disciplined development. Market fundamentals At the close of the second quarter, the market’s total inventory stood at approximately 293.6 million square feet, supported by a healthy vacancy rate of 5.2 percent, which remains below the national average of 7.1 percent. Bulk warehouse asking rates have remained relatively steady at $5.95 per square foot, reflecting a market rebalancing after several years of oversupply from robust development activity. In contrast, flex space asking rates continue to climb, now averaging $8.11 per square foot. This upward pressure is fueled by a scarcity of new supply — driven by land constraints and elevated construction costs. The market recorded 539,000 square feet of positive net absorption in the second quarter, bringing the year-to-date total to over 1 million square feet. This consistent absorption highlights enduring occupier demand despite broader caution in the national market. New construction activity continued at a measured pace, with 2 …
COLUMBUS, OHIO — LV Collective and Virtus Real Estate Capital have opened Rambler Columbus, a 407,465-square-foot student housing development in Columbus. The 379-unit, 889-bed project is a three-minute walk from The Ohio State University’s main quads. Floor plans range from studios to six-bedroom units. There are also two-level, two-bedroom townhomes. Amenities include private study spots, conference rooms, a fitness center, yoga studio, sauna, cold plunge pool, pet spa and pool deck with a Jumbotron, grilling area and firepits. An onsite coffee shop, Daydreamer Café, serves handcrafted espresso drinks, coffee, tea, pastries and snacks. The first retail tenant is Victory Lap, which offers an Ohio State-themed sports bar. Rambler Columbus features an additional 4,000 square feet of retail space. The project team included Elford Inc. as general contractor, OZ Architecture as the architect, Variant Collaborative as the interior designer, E.P. Ferris as civil engineer and Realm Collaborative as landscape architect.
HUDSON, OHIO — Industrial Realty Group (IRG) has begun the redevelopment of the 1.4 million-square-foot former headquarters campus of fabrics retailer Joann in Hudson, located roughly midway between Cleveland and Akron. The 130-acre campus currently features industrial and office space, as well as undeveloped land. IRG plans to redevelop the campus to support uses such as corporate headquarters, distribution, research and development, manufacturing and retail, through both ground-lease and build-to-suit opportunities. In addition, the company will rebrand the campus as Hudson District and has tapped CBRE as the leasing agent. Joann filed for Chapter 11 bankruptcy in 2024 and earlier this year announced that it would begin closing all its retail stores.
COLUMBUS, OHIO — ACRES Capital has provided a $72 million loan for the refinancing of the GVX Portfolio, a collection of three multifamily properties in Columbus. The assets include 8 on the Park, Midpoint East and Midpoint West. The portfolio features 347 units and 51,138 square feet of retail space that are part of a larger development known as Grandview Crossing. Thrive Cos. was the borrower.
By Brooke Jacobsen, Colliers The Greater Cincinnati and Northern Kentucky office market is weathering the post-pandemic era with surprising nuance. While national headlines continue to focus on uncertainty and high vacancy, the local market is quietly seeing stable, albeit selective, activity, especially in healthcare and specialized user segments. After a slow winter, leasing activity across the region began to thaw in the second quarter of 2025. Year-to-date net absorption remains slightly negative, but market sentiment is gradually shifting, particularly among small to mid-size tenants. Most of the deal activity is coming from users in the 2,500- to 5,000-square-foot range, with several groups focused on healthcare and logistics services. Cincinnati’s Class B and C office space is seeing an unexpected level of demand, driven by affordability, location flexibility and users with highly specific space needs. Medical office continues to stand out as one of the most active sectors. Demand is strong across both urban and suburban submarkets, with notable traction in Cincinnati submarkets. Much of the recent healthcare-related activity has come from specialty practices, private groups and regional health systems looking to reposition their outpatient services. While Northern Kentucky offers value, many users are choosing to locate on the Cincinnati side …
COLUMBUS, OHIO — O’Connor Capital Partners has acquired full ownership of Polaris Fashion Place, a shopping mall in Columbus. The seller was locally based Washington Prime Group, according to The Columbus Dispatch. As part of the acquisition, O’Connor will assume full operational control of the property, overseeing day-to-day management, leasing and operations. O’Connor has been a longstanding investor in the center for more than a decade. Polaris Fashion Place, which totals nearly 1.3 million square feet and opened in October 2001, is home to more than 160 national and local retail, dining and entertainment tenants. The lifestyle center comprises both enclosed and open-air components.
CHAGRIN FALLS, OHIO — The Cooper Commercial Investment Group has brokered the $8.8 million sale of the Winbury Professional & Medical Center in the Cleveland suburb of Chagrin Falls. The 54,505-square-foot medical office building features landscaped grounds, private entrances and a conference room. Dan Cooper of Cooper Group represented the seller, a local real estate investment group out of Cleveland. The private West Coast-based buying group purchased the asset at 98 percent of the list price and $168 per square foot.
COLUMBUS, OHIO — The Cooper Commercial Investment Group has brokered the $3.2 million sale of a single-tenant restaurant property occupied by Buffalo Wild Wings within the Easton retail corridor in Columbus. Dan Cooper of Cooper Group represented the seller, a private investment group out of West Virginia. The buyer purchased the asset at a cap rate of 5.85 percent, 98 percent of the list price and $413 per square foot. The all-cash transaction closed in approximately 40 days. Buffalo Wild Wings has 10 years remaining on its lease with a rental increase in 2030. The property was renovated in 2020.
CLEVELAND — CBRE has opened its new 17,500-square-foot office on the eighth floor of Oswald Tower at 950 Main Ave. in Cleveland’s Flats neighborhood. The firm has relocated from the second floor of the same building, where it provides leasing and property management services. The new office is part of CBRE’s Workplace360 program, which features innovative technology and a variety of collaborative spaces designed to support hybrid working. CBRE has opened more than 100 Workplace360 offices across the globe. CBRE has been an anchor tenant at the Cleveland office tower since the property was built in 2013.