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DevelopmentMidwestMixed-UseOhioRetail

Liberty Center Undergoes $20M Renovation in Suburban Cincinnati

by Kristin Harlow

LIBERTY TOWNSHIP, OHIO — Liberty Center is undergoing more than $20 million in completed, ongoing and planned investments designed to support the mixed-use destination’s next phase of growth, including future hotel and residential development opportunities. Centennial, powered by Lincoln, is serving as the asset manager for the Apollo-owned property and is leading the execution of these initiatives. Plans for the 64-acre campus in Liberty Township include tenant upgrades, first-to-market entertainment concepts, customer experience enhancements and long-term initiatives to support the property’s evolution. Development approvals for a hotel and multifamily component were recently secured. Current plans envision 300 apartment units and a full-service hotel that would complement Liberty Center’s existing mix of retail, dining, entertainment and community gathering spaces. Events by Golden Chic will introduce professionally managed meeting, conference and private event venues at the property. The partnership brings turnkey event management to Sabin Hall, a 5,200-square-foot venue, and Unity Hall, creating new opportunities for corporate meetings, conferences, weddings, nonprofit galas, private celebrations and community events. Dick’s Sporting Goods is remodeling its space with interior upgrades and experiential House of Sport-style amenities such as batting cages and golf simulators. The retailer extended its lease for 10 years. B&B Theatres is upgrading …

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SparrowHawk-Almanac
AcquisitionsIllinoisIndustrialKentuckyMidwestMissouriOhioTop Stories

SparrowHawk, Almanac Realty Acquire 4.4 MSF Industrial Portfolio in Midwest for Nearly $400M

by Abby Cox

HOUSTON AND NEW YORK CITY — A joint venture between SparrowHawk and New York City-based Almanac Realty Investors has acquired a 20-property, 4.4 million-square-foot industrial portfolio located across six markets in the Midwest. Stockholm-based global investment firm EQT sold the portfolio for nearly $400 million. Brian Walsh, Lucas Borges, Steve Klein, Chris Pratt, Emma Berner and Christian Johnston of JLL Capital Markets secured a five-year, $236 million acquisition loan through PPM America on behalf of the buyers. “This acquisition accelerates SparrowHawk’s strategic expansion in the Midwest with a portfolio that is integral to connecting industrial occupiers to the large consumer markets driving logistics and e-commerce growth,” says Alfredo Gutierrez, president and founder of SparrowHawk. The assets, which are spread throughout St. Louis, Cincinnati, Cleveland, Columbus, Dayton and Louisville, were 94 percent leased at the time of sale to 30 tenants across multiple industries such as logistics and distribution; business and professional services; industrial and manufacturing; e-commerce and retail; and wholesale and supply distribution. According to various media sources, 50 percent of the collection by square footage is located in St. Louis, while Cincinnati holds approximately one-fifth of the portfolio. The industrial properties feature 30-foot average clear heights, extensive dock capacity, tilt-up …

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AcquisitionsIndustrialLoansMidwestOhio

Bernard Financial Group Secures $5.6M Acquisition Loan for Industrial Facility in Findlay, Ohio

by Kristin Harlow

FINDLAY, OHIO — Bernard Financial Group (BFG) has secured a $5.6 million acquisition loan for a 112,396-square-foot industrial facility in Findlay, about 40 miles south of Toledo. Joshua Bernard of BFG arranged the permanent life insurance company loan. The borrower was BKG Dominion 1900 Industrial LLC.

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DevelopmentIndustrialMidwestOhio

Partnership Breaks Ground on 959,579 SF Spec Industrial Facility in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Trident Capital Group and O’Connor Capital Partners have closed a joint venture with Clarion Partners for the third phase of Rickenbacker Industrial Center in Columbus. The 959,579-square-foot speculative industrial facility will be located at 1669 Rohr Road. Construction has begun, and completion is slated for the first quarter of 2027. Situated on 57.3 acres, the project will feature a clear height of 40 feet, 104 dock doors, 238 trailer stalls and 336 car parking spaces. The project sits within a designated Qualified Opportunity Zone and carries a 15-year, 75 percent property tax abatement. Located within the broader Rickenbacker industrial corridor, the building will offer direct rail access alongside proximity to Rickenbacker International Airport, the Norfolk Southern Rickenbacker Intermodal Terminal and I-270. Dan Wendorf, Brian Marsh and Joseph Davis of JLL are marketing the building for lease.

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DevelopmentMidwestMultifamilyOhio

NRP Group Breaks Ground on 336-Unit Apartment Development in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — The NRP Group has broken ground on OSU East, a 336-unit apartment development in Northwest Columbus. The project marks NRP Group’s first market-rate community in Columbus. The 27.5-acre development site on West Dublin Granville Road will also include 138 for-sale townhomes developed by M/I Homes of Central Ohio LLC. OSU East will consist of 11 three-story buildings with a mix of one-, two- and three-bedroom homes. An 11-foot-wide bike path will be installed along the project’s frontage in coordination with the city. Amenities will include a clubhouse, fitness center, business pod with coworking space, volleyball and bocce courts, an outdoor grill area, pool, courtyards and a package delivery room. PNC Bank provided financing for the project, and the City of Columbus served as a partner throughout the entitlement and development process.

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AcquisitionsIllinoisMidwestOhioRetailWisconsin

Quantum Brokers Sale of 67,000 SF Retail Portfolio Across Three Midwest States

by Kristin Harlow

ILLINOIS, OHIO AND WISCONSIN — Quantum Real Estate Advisors Inc. has brokered the sale of a five-property retail portfolio totaling roughly 67,000 square feet. The centers are located in Aurora, Illinois; Milford and South Lebanon, Ohio; and Appleton and Kenosha, Wis. Dan Waszak and Brett Berlin of Quantum represented the seller, a private syndicator based on the East Coast. The buyer was a global real estate investment manager focused on acquiring niche property types, including essential service retail.

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Market ReportsMidwestMidwest Market ReportsMultifamilyOhio

The Queen City: New Luxury Renters Are Driving Investor Sentiment 

by Kristin Harlow

By John Schenk and Parker Gilmore, CBRE For two decades, Cincinnati did not see many new apartment projects built compared with its peer cities, with annual deliveries trickling along at roughly 965 units between 2000 and 2020, while merchant builders showed a preference to Columbus or Indianapolis for their predictability.  But 2021 marked the beginning of a breakout period as a favorable macroeconomic backdrop, along with surging national and regional appetite, conditioned a thunderstorm of new development at the record-breaking tune of over 3,000 units per year.  A combination of economic growth, demographic shifts, refreshed renter expectations and institutional capital interest has positioned Cincinnati as one of the Midwest’s most compelling multifamily investment stories as of late. The numbers tell a story of Midwestern confidence. Cincinnati recorded nearly $943 million in multifamily sales volume for 2025, representing 7,381 units traded — a dramatic increase from 2024’s $517 million and 2023’s $314 million. Blended pricing reached approximately $122,834 per unit with transaction counts on the rise as investors sought exposure to the fundamentals Cincinnati offered so well.  Behind the surge in transaction activity is a fundamental shift in how developers, investors and residents are viewing the Queen City’s investment potential. A …

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DevelopmentHealthcareMidwestOhio

Cleveland Clinic Breaks Ground on $322M Expansion of Avon Campus

by Kristin Harlow

AVON, OHIO — Cleveland Clinic has broken ground on a $322 million expansion of Cleveland Clinic Avon Hospital and the Richard E. Jacobs Health Center. The multi-phase project will significantly increase the size of the campus, increase capacity across emergency, inpatient and outpatient services and introduce new capabilities and modernized facilities. Key components of the project include the expansion of the emergency department, expansion of imaging services, an expanded Cancer Center, growth of surgical services, expansion of the Richard E. Jacobs Health Center for increased outpatient care, increased medical-surgical capacity with additional inpatient beds, growth of the Intensive Care Unit and construction of a parking garage. Upon completion, the project will add roughly 250,000 square feet of clinical space across the hospital and health center. Avon Hospital opened in 2016 as a five-story, 126-bed facility. The Richard E. Jacobs Health Center, opened in 2011, currently provides advanced specialty and primary care, an outpatient surgery center, a chemotherapy infusion center, an imaging center and a large physical therapy area with two pools for aquatic therapy. The expansion is slated for completion in 2029. HKS architects designed the buildings in collaboration with Cleveland Clinic Buildings + Design and key clinical stakeholders. Gilbane …

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AcquisitionsIndustrialMidwestOhio

Brennan Investment Group Buys 140,000 SF Industrial Facility in Dayton, Ohio

by Kristin Harlow

DAYTON, OHIO — Brennan Investment Group has purchased a 140,000-square-foot industrial facility in Dayton within the Springboro South submarket. The property sits minutes from the I-75 and Austin Landing interchange. Constructed in 2000 on approximately 12 acres, the modern precast facility includes 125 parking spaces with the flexibility to accommodate future trailer parking if needed. At closing, the property will be fully leased under a long-term net lease to Killer Brownie, an Ohio-based dessert manufacturer.

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AcquisitionsMidwestOhioRetail

Hendon Properties Acquires 734,199 SF Shopping Center in Parma, Ohio

by Kristin Harlow

PARMA, OHIO — Hendon Properties, in a joint venture with Axiom Realty and Peaceable Street Capital, has acquired The Shoppes at Parma in the Cleveland suburb of Parma. Anchor tenants at the 734,199-square-foot shopping center include Walmart Supercenter, Burlington, Dick’s Sporting Goods and grocer Marc’s. The deal includes six outparcels with a variety of tenants such as Crumbl Cookies, T-Mobile, Five Guys Burgers & Fries and Panera Bread. Opened in 1956, the property was formerly known as Parmatown Mall. The asset marks the fifth acquired by The Hendon Properties Opportunity Fund, which now totals more than 1.3 million square feet in its portfolio.

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