Ohio

City Club Apartments Tops Off 23-Story Luxury Tower in Cleveland

by Kristin Harlow June 26, 2023

CLEVELAND — City Club Apartments has topped off construction of City Club Apartments-Cleveland, a 23-story luxury apartment tower located at 776 Euclid Ave. in Cleveland. The development will include 304 apartment units and penthouses as well as street-level retail space, including a restaurant, basement speakeasy, lobby café, Sky Club café and doggie daycare and spa. Dubbed an “apartment hotel,” the property will offer residents the option to rent a furnished suite or an unfurnished apartment or penthouse. Amenities will include indoor and outdoor theaters, a heated rooftop pool and hot tub, outdoor kitchen, coworking spaces, a bark park, Zen garden, fitness center, yoga studio, wellness room, business center and conference room. Occupancy is slated to begin in October.

June 26, 2023

Acquisitions Midwest Ohio Retail

Cooper Group Arranges $2M Sale of Retail Center in Salem, Ohio

by Kristin Harlow June 26, 2023

SALEM, OHIO — The Cooper Commercial Investment Group has arranged the $2 million sale of Salem Market Place in Salem, a city in Northeast Ohio. Tenants at the 16,252-square-foot property include Super Cuts, Sally Beauty Supply, GameStop, Little Caesar’s, Gadget Lab, Alternative Smokes, Hibachi Express and Drayer Physical Therapy. The center is 83 percent occupied. Dan Cooper and Bob Havasi of Cooper Group represented the seller, a West Coast-based investor. The sales price represented a cap rate of 7.73 percent and approximately 98 percent of the list price.

June 26, 2023

Acquisitions Industrial Midwest Ohio

Colliers Brokers Sale of 14-Building Industrial Portfolio in Metro Cincinnati

by Kristin Harlow June 16, 2023

CINCINNATI — Colliers has brokered the sale of a 14-building industrial portfolio in metro Cincinnati for an undisclosed price. The portfolio is comprised of nine light industrial buildings and five distribution buildings in Cincinnati and Erlanger, Ky. The value-add portfolio was 94 percent leased at the time of sale to 56 tenants across industries that include third-party logistics, air cargo, e-commerce, manufacturing and wholesale trade. John Gartner, Erin Casey and Andrew Jacob of Colliers represented the buyer, TradeLane Properties. Tappan Properties was the seller.

June 16, 2023

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers $2.2M Sale of Two-Tenant Retail Building in Toledo, Ohio

by Kristin Harlow June 14, 2023

TOLEDO, OHIO — Marcus & Millichap has brokered the sale of a 3,720-square-foot retail building in Toledo for $2.2 million. The property is home to Starbucks and Verizon. Both tenants have occupied the building since it was constructed in 2007. Suzanne Sharbek, Christopher Jackson, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company. The all-cash buyer was a 1031 exchange investor based in California.

June 14, 2023

Acquisitions Healthcare Midwest Ohio

SRS Negotiates $10.6M Sale of Optima Dermatology-Occupied Property in Macedonia, Ohio

by Kristin Harlow June 13, 2023

MACEDONIA, OHIO — SRS Real Estate Partners has negotiated the $10.6 million sale of a newly developed medical property occupied by Optima Dermatology in Macedonia, a southern suburb of Cleveland. The 15,500-square-foot building is located at 8183 Golden Link Blvd. within The Crossings at Golden Link, a 400,000-square-foot shopping center anchored by Lowe’s. Michael Carter and Frank Rogers of SRS, along with Greg Guyuron of Anchor Cleveland, represented the seller, a private developer. The buyer was a New Jersey-based private investor completing a 1031 exchange. The sales price represented a cap rate of 6.5 percent.

June 13, 2023

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers Sale of 136,500 SF Shopping Center in Youngstown, Ohio

by Kristin Harlow June 12, 2023

YOUNGSTOWN, OHIO — Marcus & Millichap has brokered the sale of Boardman Center Plaza in Youngstown, a city in Northeast Ohio. The sales price was undisclosed. The 136,500-square-foot shopping center was 52 percent leased at the time of sale. Tenants include Guitar Center, Legends Food + Drink, FastSigns, Factory Boot Outlet and Harbor Pet Center. Included in the sale was a two-tenant building leased to Five Guys and Jimmy John’s. the property is located directly across the street from Southern Park Mall. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the seller, a Canadian private investor, and procured the buyer, a Texas-based private investor.

June 12, 2023

Acquisitions Midwest Ohio Retail

Marcus & Millichap Arranges $8.9M Sale of Retail Center in Pickerington, Ohio

by Kristin Harlow June 9, 2023

PICKERINGTON, OHIO — Marcus & Millichap has arranged the $8.9 million sale of The Shoppes at Stonecreek in Pickerington, an eastern suburb of Columbus. The 44,874-square-foot retail center is located at 1500 Stonecreek Drive. Built in 2008, the property is fully leased to tenants such as LifeTime Fitness, Roosters, Petland and Vitality Bowls. Scott Wiles, Craig Fuller, Erin Patton and Zach Turner of Marcus & Millichap represented the buyer and seller, neither of which were disclosed.

June 9, 2023

Acquisitions Midwest Ohio Retail

Friedman Negotiates Sale of Minuteman Car Wash-Occupied Property in Toledo, Ohio

by Kristin Harlow June 9, 2023

TOLEDO, OHIO — Friedman Real Estate has negotiated the sale of a 2,410-square-foot retail property occupied by Minuteman Car Wash in Toledo for an undisclosed price. The car wash, located at 5020 Monroe St., was built in 1971 and renovated in 2022. Marc Hildenbrand and Jordan Friedman of Friedman represented the buyer and seller, neither of which were disclosed.

June 9, 2023

Loans Midwest Office Ohio

KeyBank Provides $30M in Construction Financing for Midtown Collaboration Center in Cleveland

by Kristin Harlow June 8, 2023

CLEVELAND — KeyBank Institutional Advisors and KeyBank Community Development Lending and Investment (CDLI) have provided $30 million in financing to The Cleveland Foundation (TCF) for the construction of the 95,000-square-foot Midtown Collaboration Center in Cleveland. The center will be adjacent to TCF headquarters. KeyBank provided a $23.7 million loan, while KeyBank CDLI provided a $6.3 million equity investment in New Market Tax Credits. Partners in the project include Case Western Reserve University (CWRU), University Hospitals (UH), the Cleveland Institute of Art (CIA), Hyland Software and the Economic & Community Development Institute (ECDI). The center will house CRWU’s new Center for Population Health Research, UH’s new Diabetes Research and Wellness Center, CIA’s new interactive media lab, Hyland Software’s training center, ECDI’s small business administration lending center and women’s resource center, as well as a brewery and community-led music venue.

June 8, 2023

Acquisitions Midwest Ohio Retail

Dowd Cos. Arranges Sale-Leaseback of Two Children of America Schools in Ohio for $6.9M

by Kristin Harlow June 8, 2023

COLUMBUS AND MAINEVILLE, OHIO — The Dowd Cos. has arranged the sale-leaseback of two Children of America schools in Ohio for $6.9 million. The properties at 8360 N. High St. in Columbus and 8261 Rivers Bend Drive in Mainesville total 21,949 square feet. Children of America is a childcare operator headquartered in Delray Beach, Fla. The company maintains more than 65 locations in 15 states with 13 new schools in development. John Dowd and Theresa Johnson of Dowd Cos. represented Children of America in the sale. The all-cash buyer completed a 1031 exchange. The transaction represented a cap rate of 7 percent.

June 8, 2023

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