TOLEDO, OHIO — Marcus & Millichap has brokered the $2.2 million sale of a 2,325-square-foot restaurant property net leased to Chipotle in Toledo. Built in 2025, the building at 3360 Glendale Ave. features a “Chipotlane” drive-thru. Scott Woodard and Derrick Dougherty of Marcus & Millichap procured the buyer, a private net-lease owner based in New York. The undisclosed seller developed the site, which is located adjacent to Southland shopping center and the University of Toledo Medical Center.
WEST CHESTER, OHIO — CBRE has arranged the $13 million sale of a 183,178-square-foot industrial property in West Chester near Cincinnati. Located at 9113 LeSaint Drive, the building served as the former headquarters of The O’Gara Group. Built in 1986 and renovated in 2023, the property features seven dock doors and eight drive-in doors on a 10.9-acre site. At the time of sale, the asset was fully occupied by three tenants. Will Roberts, Steve Timmel and Tim Schenke of CBRE represented the seller, TradeLane Properties. Plymouth Industrial REIT Inc. was the buyer.
COLUMBUS, OHIO — ACRES Capital Corp. has provided a $72.5 million bridge loan for the refinancing of 4th & 5th Apartments, a 311-unit apartment complex in Columbus. The Class A property features a 557-space parking garage and two retail suites totaling 5,492 square feet. Amenities include a clubhouse, courtyard, fitness center, rooftop area and swimming pool. The community is located on the southern edge of the city’s Weinland Park neighborhood, which is directly east of the Short North Arts District. Loan terms and the borrower were not provided.
COLUMBUS, OHIO — Eight new retailers with a focus on men’s fashion are opening soon at Easton Town Center, which is home to more than 250 fashion, dining and entertainment offerings in Columbus. Now open is Allen Edmonds, a U.S.-based manufacturer of premium men’s footwear and accessories. The Madewell store is now offering Madewell Men’s. Coming soon to the property are first-in-Ohio locations for Faherty, Peter Millar, State & Liberty, Suitsupply and Todd Snyder. Additionally, the first Vuori store in Columbus will debut.
WASHINGTON, D.C. — The Midwest showed modest population growth from 2023 to 2024 with average rates varying by population size, according to the U.S. Census Bureau’s Vintage 2024 estimates released May 15. Places with fewer than 5,000 residents saw an average growth of 0.1 percent. Those with populations between 5,000 and 9,999 recorded a 0.6 percent average increase, while cities and towns with 10,000 to 49,999 residents grew by an average of 0.7 percent — the same rate observed in places with populations of 50,000 or more. Nationally, cities with populations fewer than 5,000 grew by 0.3 percent on average, compared with average growth rates of 1 percent for those with populations of 5,000 to 9,999; 1.1 percent for populations of 10,000 to 49,999; and 1 percent for populations of 50,000 or more. Between 2023 and 2024, 22 cities and towns in 16 states nationwide crossed the 20,000-population threshold. Four were in the Midwest. Rosemount, Minnesota, was ranked as one of the top 10 fastest-growing cities and towns with populations of 20,000 or more. The population grew 10.6 percent to 30,581. Rosemount was the only city in the Midwest to make the top 15 list. Chicago was ranked No. 7 …
COLUMBUS, OHIO — Newmark has negotiated a 207,740-square-foot office and industrial headquarters lease for Homage, a vintage sports apparel brand, at 885 Stelzer Road in Columbus. The speculative property is situated across the street from John Glenn International Airport and was built in 2024 to revitalize a former vacant wooded lot. Terry Coyne and Derek Lichtfuss of Newmark represented the landlord, Weston Inc. Homage plans to take occupancy before the end of the year. Weston Devore of CBRE represented the tenant. Founded by Ryan Vesler, Columbus-based Homage has investors such as NFL star Jason Kelce, NBA star Kevin Durant, actors Ryan Reynolds and Rob McElhenney and Haslam Sports Group, which owns the Cleveland Browns, Columbus Crew and is shared controlling owner of the Milwaukee Bucks.
COLUMBUS, OHIO — Woda Cooper Cos. Inc. and its co-developer Community Development for All People (CD4AP) have opened Columbus Renaissance Housing, a 46-unit affordable housing community located at 33 W. Morrill Ave. in Columbus. The property is reserved for renters with household incomes up to 60 percent of the area median income, which is $61,980 per year for a family of four. The project is comprised of one three-story building. There are 12 one-bedroom units, 28 two-bedroom apartments and six three-bedroom units. The property is certified LEED Silver. Amenities include a community room, parcel room, fitness center, central laundry, a playground, onsite office and bike racks. CD4AP is operating an onsite office to assist residents with advocacy, financial literacy, community enrichment activities and goal setting as well as referrals for addiction counseling, childcare, healthcare, employment and legal counsel. Columbus Renaissance Housing represents a combination of public and private investment from entities, including the City of Columbus, Franklin County, Ohio Housing Finance Agency (OHFA), Affordable Housing Trust for Columbus & Franklin County (AHT) and Columbus-Franklin County Finance Authority, as well as several commercial investors and lenders. The City of Columbus provided a low-interest permanent loan and approved a 15-year tax abatement …
By Duke Wheeler, Reichle Klein Group The ongoing redevelopment of nonfunctional department store structures such as Sears and Elder Beerman, along with the retenanting or repurposing of structures such as Kmart, Giant Eagle and Value City, paved the way for many statistical and actual market improvements in the greater Toledo, Ohio, trade area. This positive trend and message supersede the closing announcements from over the past several months. First, the numbers: The overall retail market vacancy rate improved from 11.5 percent to 8.3 percent over the prior five-year period. This represents approximately 650,000 square feet of positive absorption. Most of this absorption occurred among anchor space, defined for the purpose of this article as space 20,000 square feet or larger. The vacancy rate for anchor space improved from 11 percent to 5.1 percent. Self-storage played a large role as roughly 300,000 square feet of anchor retail space was converted by the storage industry. The balance of positive absorption can be attributed to pent-up retail demand as occupiers compete for well-located, existing space in a market with limited new construction and increased construction costs. In some cases, landlords have found or will find themselves better off with a replacement tenant than …
DAYTON, OHIO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $6 million loan for the refinancing of Dayton Children’s Behavioral Health Center, a medical office facility located at 5501 Far Hills Ave. in Dayton. Dan Litman of MMCC arranged the financing with a regional bank on behalf of a local, privately held construction and real estate development company. The nonrecourse loan features a nine-year term, 75 percent loan-to-value ratio, 5.73 percent interest rate and 20-year amortization period. Dayton Children’s is a pediatric acute children’s teaching hospital with locations throughout Ohio. The newly completed facility on Far Hills Avenue offers developmental rehab and speech therapy, imaging and lab work, and pediatric primary care services.
CINCINNATI — Sonida Senior Living has expanded The Wellington at North Bend Crossing in Cincinnati with the addition of its new Vista building. The four-story building is now welcoming visitors for tours ahead of its anticipated summer opening. The Vista building adds 82 new assisted living and memory care apartments, supporting a maximum occupancy of 113 residents. The expansion will create nearly 65 new jobs in the area. The building features three outdoor spaces, a nearly 1,000-square-foot rehabilitation gym, fitness room, theater, game room, multiple dining venues, a salon and sunrooms on each floor. Responding to frequent requests from the community, Vista will introduce fully furnished assisted living apartments specifically available for temporary stays and respite care. This addition addresses a growing need among local families for flexible, supportive short-term living options. Vista also expands the community’s specialized memory care neighborhood, which utilizes Sonida’s Magnolia Trails program to provide engagement and purpose-driven experiences for individuals living with Alzheimer’s disease and other forms of dementia. With the addition of Vista, The Wellington at North Bend Crossing expands its continuum of care to include a total of 318 independent living, assisted living, memory care and temporary stay/respite care units.
