Ohio

Four Retailers to Open at Easton Town Center in Columbus, Ohio

by Kristin Harlow May 8, 2023

COLUMBUS, OHIO — Four retailers are opening new locations at Easton Town Center in Columbus. Sustainable shoe company Allbirds is scheduled to open Thursday, May 11. Activewear retailer Alo Yoga is slated to open in June. FOUNT, a leather bag company, is debuting this spring. Jo Malone London, a British fragrance and lifestyle brand, is slated to join the tenant lineup this fall. Additionally, there are three restaurants that have recently opened at Easton Town Center. They include Ivan Kane’s Forty Deuce, Kona Grill and Weenie Wonder. Developed by The Georgetown Co., L Brands and Steiner + Associates, Easton Town Center is a lifestyle center that is part of the larger mixed-use destination known as Easton.

May 8, 2023

Acquisitions Midwest Ohio Retail

Cooper Group Brokers $6.4M Sale of Shopping Center in Canton, Ohio

by Kristin Harlow May 4, 2023

CANTON, OHIO — The Cooper Commercial Investment Group has brokered the $6.4 million sale of Hillsdale Shopping Center in Canton, about 20 miles south of Akron. The 78,010-square-foot property is 90 percent leased to tenants such as Siffrin, Hallmark, Inspire Performing Arts, Aunt Susie’s Cancer Wellness Center and Giddy’s 24/7 Fitness. Dan Cooper of Cooper Group represented the seller, a private West Coast-based investor. The undisclosed buyer purchased the asset at a cap rate of 7.98 percent and roughly 98 percent of the list price.

May 4, 2023

Development Industrial Midwest Ohio

Trident Capital Group, O’Connor Group Complete Phase I of Rickenbacker Industrial Center in Columbus

by Kristin Harlow May 1, 2023

COLUMBUS, OHIO — Trident Capital Group and The O’Connor Group have completed development of the first phase of Rickenbacker Industrial Center in Columbus. The first phase includes a 1 million-square-foot speculative building on 60 acres. The property features a clear height of 40 feet, 104 docks, four drive-in doors, 347 parking spaces and 9,827 square feet of office space. The project offers convenient access to Rickenbacker International Airport and Norfolk Southern Intermodal Yard. Upon full build-out, Rickenbacker Industrial Center will consist of 3.7 million square feet across 230 acres. Jeff Lyons and Michael Mullady of CBRE are the leasing agents.

May 1, 2023

Industrial Loans Midwest Ohio Walker & Dunlop

Walker & Dunlop Arranges $69.5M in Construction Financing for 1.3 MSF Industrial Project in Metro Columbus

by Kristin Harlow April 26, 2023

MARYSVILLE, OHIO — Walker & Dunlop has arranged $69.5 million in construction financing for a 1.3 million-square-foot industrial facility in the Columbus suburb of Marysville. The property is a build-to-suit for Scotts Lawn Care, a full-service landscaping company specializing in commercial and residential lawn services. The project site at 12575 Industrial Parkway is minutes away from Scotts’ national headquarters. Chad Kiner and AJ Mangan of Walker & Dunlop arranged the financing on behalf of the developer, Crawford Hoying. Centennial Bank was the lender.

April 26, 2023

Acquisitions Industrial Midwest Ohio

CBRE Brokers $12M Sale of Distribution Center in Suburban Dayton, Ohio

by Kristin Harlow April 21, 2023

CLAYTON, OHIO — CBRE has brokered the $12 million sale of a 200,356-square-foot distribution center in Clayton, a northwest suburb of Dayton. Situated on 20 acres at 1 Lau Parkway, the property is net leased to Michigan-based HVAC manufacturing company Hart & Cooley LLC. The company has occupied the facility since its completion in 1997. The property features 12 dock doors, four drive-in doors, clear heights ranging from 24 to 26 feet and trailer parking. Will Roberts, Steve Timmel, Phil Pelok and Brandon Ellis of CBRE represented the seller, Property Advisors Group. AIC Industrial was the buyer.

April 21, 2023

Acquisitions Loans Midwest Ohio Retail

Eastern Union Arranges $10.9M in Acquisition Financing for Two Shopping Centers in Metro Cleveland

by Kristin Harlow April 21, 2023

MENTOR, OHIO — Eastern Union has arranged $10.9 million in acquisition financing for two neighborhood shopping centers in the Cleveland suburb of Mentor. The properties include the 232,386-square-foot Erie Commons and the 80,480-square-foot Great Lakes Plaza. Marc Tropp of Eastern Union arranged the loan on behalf of the borrower, Baltimore-based America’s Realty LLC. First Bank provided the loan, which features a loan-to-value ratio of 75 percent. The overall purchase price was $14.6 million. With this acquisition, the holdings of America’s Realty in the state of Ohio amount to 18 retail centers totaling 3.4 million square feet.

April 21, 2023

Acquisitions Midwest Ohio Retail

Marcus & Millichap Negotiates $5.4M Sale of Walgreens-Occupied Property in Canal Winchester, Ohio

by Kristin Harlow April 20, 2023

CANAL WINCHESTER, OHIO — Marcus & Millichap has negotiated the $5.4 million sale of a 14,560-square-foot retail property occupied by Walgreens in Canal Winchester, a southeast suburb of Columbus. The building is located at 6266 Gender Road near other retailers such as Walmart, Dollar Tree and AutoZone. Jesse Limon of Marcus & Millichap represented the seller, a limited liability company, and the buyer, an all-cash REIT.

April 20, 2023

Acquisitions Hospitality Midwest Ohio

Marcus & Millichap Brokers Sale of Holiday Inn Express & Suites Hotel in Streetsboro, Ohio

by Kristin Harlow April 18, 2023

STREETSBORO, OHIO — Marcus & Millichap has brokered the sale of the Holiday Inn Express & Suites Cleveland-Streetsboro hotel for an undisclosed price. The 68-room hotel is located in Streetsboro, a southeast suburb of Cleveland. The property, constructed in 1999, will continue operating as a Holiday Inn Express following a renovation. Alexandre Duong of Marcus & Millichap represented the seller, a limited liability company. Duong also procured the undisclosed buyer.

April 18, 2023

Acquisitions Midwest Ohio Restaurant Retail

Cooper Group Brokers $2.2M Sale of Chipotle-Occupied Property in Austintown, Ohio

by Kristin Harlow April 13, 2023

AUSTINTOWN, OHIO — The Cooper Commercial Investment Group has brokered the $2.2 million sale of a newly constructed retail property occupied by Chipotle Mexican Grill in Austintown near Youngstown. Dan Cooper of Cooper Group represented the seller, a private developer. Cooper Group also procured the all-cash buyer. The sales price represented a cap rate of 5.7 percent and $929 per square foot. Chipotle’s 10-year lease features 10 percent rental increases every five years.

April 13, 2023

Market Reports Midwest Midwest Market Reports Office Ohio

Central Ohio’s Office Market Shifts to Accommodate Changing Tenant Demands

by Kristin Harlow April 13, 2023

By Aaron Duncan, CBRE Describing Central Ohio’s current office market conditions is like a kid making the “little bit of everything” drink at the self-serve soda fountain: a lot of ingredients go in and the result is, surprisingly, okay. The office market is filled with polarizing headlines — from the growth and success of suburban Class A+ product versus newly vacated assets, to sublease space swarming the stat line, and everything in between. Moreover, the sector continues to provide pools of negative and positive market conditions. One’s perspective on the market largely depends on which way they’re standing in that month but overall, much like that childhood concoction, it’s okay. The good and the bad For nearly three years, tenants leaned on ownership groups to let them put temporary solutions in place while they fully vetted their return-to-work strategies. Today, the good news is that tenants have finally figured it out and are confident about what their current and future footprints will look like. A strong indicator of this is the volume of headquarters transactions in the market, five of which were completed by our team: • Vertiv: 75,000-square-foot, suburban headquarters lease at 505 N. Cleveland Ave. • Surge Staffing: …

April 13, 2023

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