Ohio

ZANESVILLE, OHIO — Woda Cooper Cos. Inc. has broken ground on Munson Crossing, a 43-unit affordable housing community in Zanesville, about 50 miles east of Columbus. The co-developer for the $13.8 million project is Housing Services Alliance. Munson Crossing is located in the West Main Street Community Reinvestment Area (CRA) on the site of the former Munson Elementary School building, which was demolished last year. Munson Crossing will provide 14 one-bedroom units that offer 663 square feet, 23 two-bedroom apartments with 858 square feet and six three-bedroom units totaling 1,105 square feet each. Projected rental rates will range from $330 to $1,025 per month, depending on unit size and the resident’s income. All units are reserved for tenants whose income is 30 to 80 percent of the area median income. Amenities will include a multipurpose room with kitchenette, package room, laundry room and dedicated supportive service space. The project received housing tax credits allocated by the Ohio Housing Finance Agency, which also provided an equity bridge loan and will provide a second permanent mortgage. PNC Bank provided $6.1 million in Low-Income Housing Tax Credit equity. RiverHills Bank is the construction lender, providing a loan of $7.8 million. Cedar Rapids Bank …

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COLUMBUS, OHIO — Affinius Capital LLC has provided $165.7 million in loans for the refinancing of three multifamily properties in Columbus. The communities include The Thomas at Grandview Crossing, The Sage at Jeffrey Park and The Tillmore at Quarry Trails. The borrower was Columbus-based developer Thrive Cos. The Thomas at Grandview Crossing offers 310 units across four buildings. Amenities include a fitness center, outdoor living area and numerous lounging areas. The property is located within Grandview Crossing, a 55-acre mixed-use development. The Sage at Jeffrey Park is a 310-unit community with amenities such as two pools, a sauna, coffee shop, coworking space, bike storage and a community center with gaming room and fitness center. The property is nestled within Jeffrey Park, a 41-acre mixed-use development. The Tillmore at Quarry Trails offers 293 units across nine buildings. Situated within a 180-acre park, the property features a pool, fitness center, business center and clubhouse.

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SHELBY, OHIO — Newmark has arranged the sale of Wall Street Storage Unit Rentals, a 23,789-square-foot self-storage facility in Shelby, a city in northern Ohio. The sales price was undisclosed. The six-building property is located at 82 Wall St. The property’s zoning can accommodate the development of up to four additional buildings. Longtime owner Marjorie Roush sold the asset to locally based builder Soggy Dollar Properties LLC, marking the first transfer of ownership since Roush’s family acquired the land a century ago. Kris Parker and Jim Clark of Newmark represented the seller. The buyer plans to convert the two existing buildings with warehouse spaces into climate-controlled self-storage units.

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CLEVELAND — Farbman Group has taken over management of the 508,397-square-foot, 27-story Fifth Third Center in downtown Cleveland. The Class A office building is situated near the city’s historic Superior Avenue. Tenants include Fifth Third Bank, McDonald Hopkins, HWH Architects Engineers Planners, Brouse McDowell and more. Farbman manages more than 30 million square feet of office, retail, multifamily, student housing and industrial space throughout the Midwest.

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WEST CHESTER, OHIO — JLL Capital Markets has brokered the sale of a five-building industrial portfolio totaling 278,000 square feet in West Chester near Cincinnati. The sales price was undisclosed. The portfolio is 97.1 percent leased to 33 tenants. Each of the buildings is located on Windisch Road with immediate access to I-75. John Huguenard, Sean Devaney and Ross Bratcher of JLL represented the seller and procured the buyer, both of which requested anonymity. JLL’s Mark Volkman provided leasing expertise, while Ken Martin and Brian Walsh of JLL provided financing support.

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MARYSVILLE, OHIO — Contegra Construction Co. has completed a 1.3 million-square-foot distribution center for The Scotts Miracle-Gro Co. in Marysville, about 27 miles northwest of Columbus. Developed by Crawford Hoying, the facility is located about two miles from Scotts MiracleGro’s headquarters and primary manufacturing plant. The company has consolidated five central Ohio distribution operations into the new location, adding 40 jobs and enhancing its distribution capabilities ahead of the 2024 spring lawn and garden season. Located on an 84-acre site at 12575 Industrial Parkway, the building consists of 8,000 square feet of office space with the remaining space devoted to storage and distribution. The property features a clear height of 38 feet, 120 dock doors and four drive-in doors.

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RICHMOND HEIGHTS, OHIO — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Richmond Heights Place, a continuing care retirement community in Richmond Heights, a northeast suburb of Cleveland. The property, featuring a total of 138 seniors housing units and skilled nursing beds, was part of a strategic exit plan by a West Coast-based owner-operator. A private owner-operator looking to expand in the Midwest acquired the asset for an undisclosed price. Connor Doherty, Ryan Kelly and Dan Mahoney of Blueprint brokered the sale.

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HUDSON, OHIO — The Cooper Commercial Investment Group has brokered the $3 million sale of University Hospital’s Hudson Health Center in Hudson, a northern suburb of Akron. The medical office building totals 16,352 square feet and is situated on 2.3 acres. There are just under five years remaining on the lease, which features annual rental increases. Bob Havasi and Dan Cooper of Cooper Group represented the undisclosed seller. The asset sold to an all-cash buyer based in California. The sales price represented a cap rate of 7.77 percent.

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TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has agreed to acquire 25 active adult properties from Affinity Living Communities for $969 million. The off-market transaction is part of a long-term strategic partnership between the two companies, with plans for future development activity together. The portfolio encompasses nearly 3,900 units predominately located in the Pacific Northwest. Welltower says the acquisition will enable the company to strategically scale the geographic reach of its active adult portfolio into markets with a five-year projected population growth in the 55-plus demographic that is more than 2.5 times higher than the U.S. average. Post-closing, Affinity will continue to manage the portfolio subject to a terminable management contract. Welltower plans to fund the acquisition using cash on hand and the assumption of $523 million of below-market-rate debt with an average interest rate of 3.8 percent and a nine-year weighted average maturity. The purchase price of approximately $249,000 per unit represents a significant discount to replacement cost, according to Welltower. The average property age is eight years. The transaction is expected to close in tranches over the next several months with timing dependent on property-level loan assumption approvals. The deal will expand Welltower’s in-place and under-development active adult …

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COLUMBUS, OHIO — Six new retailers are slated to open at Easton Town Center in Columbus this year. Louis Vuitton is opening a newly expanded and redesigned space at the shopping center, marking its largest retail space within Ohio. David Yurman, Golden Goose, BOSS and Breitling are all opening their first stores in Ohio. Additionally, L’Occitane is moving and expanding into a larger space at Easton, which opened 25 years ago and is home to more than 250 fashion, dining and entertainment offerings.

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