Ohio

N.R. Investments Starts Construction of $300M Rockwell District Mixed-Use Redevelopment in Whitehall, Ohio

by Katie Sloan March 9, 2023

WHITEHALL, OHIO — N.R. Investments has started construction of a three-phase, $300 million mixed-use project located at the corner of East Broad Street and North Hamilton Road in the Columbus suburb of Whitehall. The development will be named Rockwell District, according to reports by Columbus Business First. The 50-acre project, which is being developed in partnership with the Central Ohio Community Improvement Corp. and the City of Whitehall, is set to include 1,000 residential units, 250,000 square feet of Class A office space and 75,000 square feet of retail and restaurants upon completion. The residential portion of the property will offer a mix of for-sale and for-rent units, 20 percent of which will be dedicated workforce housing. The redevelopment will be fully integrated with the adjacent Whitehall Community Park, an 80-acre nature park with access to Big Walnut Creek, walking paths and sport fields. N.R. Investments is the master developer for the project. Duany Plater-Zyberk, M + A Architects, Ruscilli Construction Co., EMH&T and additional community partners collaborated with N.R. Investments on the site plan for the development. Phase I is scheduled for completion in 2025. The Ohio Department of Development awarded a $4.2 million grant to the City of …

March 9, 2023

Acquisitions Midwest Ohio Restaurant Retail

Cooper Group Brokers $1.9M Sale of Ground Leased Taco Bell Property in Kent, Ohio

by Kristin Harlow February 21, 2023

KENT, OHIO — The Cooper Commercial Investment Group has brokered the $1.9 million sale of a single-tenant, ground-leased property occupied by Taco Bell in Kent. Constructed in 2019, the net-leased building serves as an outparcel to Maplecrest, a shopping center anchored by Meijer and Menard’s. Dan Cooper of Cooper Group represented the seller, a private investment group based in Northeast Ohio. The undisclosed buyer purchased the asset at 99 percent of the list price, which represented a cap rate of 4.52 percent and $897 per square foot.

February 21, 2023

Acquisitions Midwest Mixed-Use Multifamily Ohio Restaurant Retail Top Stories

Nicol Investment Sells The Banks Mixed-Use Project in Downtown Cincinnati for $177M

by Jeff Shaw February 21, 2023

CINCINNATI — Nicol Investment Co. has sold the Riverfront Portfolio at The Banks, a mixed-use development in downtown Cincinnati, to Crawford Hoying. The sales price was not disclosed, but the Cincinnati Business Courier reports the assets traded for approximately $177 million. The project consists of two multifamily properties totaling 592 units, Current at the Banks and Radius at the Banks, in addition to approximately 100,000 square feet of ground-floor retail space. The properties are located in the city’s Central Business District, nestled between Great American Ballpark (home of the MLB’s Cincinnati Reds), Paycor Stadium (home of the NFL’s Cincinnati Bengals) and the Ohio River, which separates Ohio from Kentucky. The 300-unit Current at the Banks includes more than 77,000 square feet of ground-floor retail space leased to The Holy Grail, Jefferson Social, Fishbowl and Ruth’s Chris. Radius at the Banks features 292 units as well as 19,000 square feet of ground-floor retail, which includes E+O Kitchen and Taste of Belgium. “Crawford Hoying brings tremendous value to the high-profile project as a manager and operator of various commercial real estate projects throughout Ohio,” says Ron Johnson, chief financial officer at Nicol. “We’d like to thank the CBRE Riverfront Team, led by …

February 21, 2023

Acquisitions Industrial Midwest Ohio Self-Storage

Marcus & Millichap Brokers Sale of Two-Property Self-Storage Portfolio in Franklin, Ohio

by Kristin Harlow February 20, 2023

FRANKLIN, OHIO — Marcus & Millichap has brokered the sale of a two-property self-storage portfolio in Franklin, which is located about midway between Dayton and Cincinnati. The sales price was undisclosed. The facilities, which are located within a mile of each other, feature a combined 273 non-climate-controlled units, 61 rentable parking spaces and two rentable office spaces. The portfolio is 78 percent occupied. Gabriel Coe, Brett Hatcher and Nathan Coe of Marcus & Millichap represented the seller, a limited liability company. The portfolio sold to an out-of-state buyer as part of a multi-state portfolio sale.

February 20, 2023

Acquisitions Industrial Midwest Ohio Self-Storage

Franklin Street Arranges Sale of 100-Unit Self-Storage Facility in Wauseon, Ohio

by Kristin Harlow February 17, 2023

WAUSEON, OHIO — Franklin Street has arranged the sale of a 100-unit self-storage facility in Wauseon, about 30 miles west of Toledo. The sales price was undisclosed. Built in phases between 1989 and 1994, the value-add property features 10 parking spaces and newly installed security cameras. The transaction includes 0.3 acres of developable land for potential expansion. David Perlleshi and Frank DeSalvo of Franklin Street represented the seller, HZ Capital Partners LLC. Missouri-based On Track Storage, which currently operates facilities in Missouri and Kansas, was the buyer.

February 17, 2023

Acquisitions Healthcare Midwest Ohio

Montecito Acquires Two Orthopedic Medical Office Buildings in Cincinnati Market

by Kristin Harlow February 13, 2023

CINCINNATI — Montecito Medical has acquired two orthopedic medical office buildings in Cincinnati for an undisclosed price. The properties, which total more than 130,000 square feet, are fully leased to Beacon Orthopedics. One of the buildings is in Cincinnati while the other is in the suburb of Sharonville. Each property includes an ambulatory surgery center. Steve Timmel, Travis Likes, Jeff Johnston, Will Roberts and Lee Asher of CBRE represented the undisclosed seller. Beacon Orthopedics, which operates more than 20 locations in Ohio, Kentucky and Indiana, provides a full range of services, including clinical orthopedics, orthopedic surgery, physical therapy and imaging.

February 13, 2023

Development Industrial Loans Michigan Midwest Ohio

General Motors, LG Joint Venture Receives $2.5B Loan for Construction of Three Battery Cell Manufacturing Facilities

by Kristin Harlow February 6, 2023

OHIO, MICHIGAN AND TENNESSEE — Ultium Cells LLC, a joint venture between General Motors and LG Energy Solutions, has received a $2.5 billion loan from the U.S. Department of Energy (DOE) Loan Programs Office (LPO). The loan will help finance the construction of three new lithium-ion battery cell manufacturing facilities in Warren, Ohio; Lansing, Mich.; and Spring Hill, Tenn. JLL assisted the DOE in the credit risk evaluation of the project structure, including the allocation of risk, the strength of construction, supply and purchase contracts. JLL also negotiated the loan terms and conditions. The construction projects are expected to create more than 11,000 jobs. The three new facilities will manage battery cell production to respond to the growing U.S. consumer demand for electric vehicles. The transaction marks LPO’s first closed loan exclusively for a battery cell manufacturing project under the Advanced Technology Vehicles Manufacturing program. In October, the federal government launched the American Battery Materials Initiative to grow the end-to-end battery supply chain alongside $2.8 billion in grants from the DOE.

February 6, 2023

Acquisitions Midwest Ohio Retail

JRW Realty Negotiates Sale of 115,777 SF Shopping Center in Columbus

by Kristin Harlow February 6, 2023

COLUMBUS, OHIO — JRW Realty has negotiated the sale of Walnut Creek Plaza in Columbus for an undisclosed price. An 86,608-square-foot Giant Eagle grocery store anchors the 115,777-square-foot shopping center. There are also 13 additional retail and healthcare tenants. Nathan Webb of JRW Realty sourced the buyer, one of JRW’s exclusive institutional buyers. CBRE represented the undisclosed seller.

February 6, 2023

Leasing Activity Midwest Ohio Retail

CASTO Unveils New Retail Tenants at Hamilton Quarter in Columbus, Ohio

by Kristin Harlow February 3, 2023

COLUMBUS, OHIO — CASTO has unveiled new retail tenants for the Hamilton Quarter mixed-use development in Columbus. The new tenants include DiBella’s Subs, Torchy’s Tacos, KEMBA Financial Credit Union and Bath & Body Works. Located at the interchange of Hamilton Road and State Route 161, Hamilton Quarter is a 200-acre project. Plans call for 600,000 square feet of office space, 1 million square feet of retail, restaurant and entertainment space, and a hotel. The project is a joint venture between Casto, Daimler, The New Albany Co. and Capitol Square Ltd.

February 3, 2023

Development Industrial Midwest Ohio

Contegra Renovates 527,000 SF Warehouse for American Nitrile Near Columbus

by Kristin Harlow February 2, 2023

GROVE CITY, OHIO — Contegra Construction Co. has completed the renovation of a 527,000-square-foot warehouse in Grove City near Columbus for medical glove maker American Nitrile. The manufacturing facility will produce 4 billion medical research lab gloves annually. Contegra worked with engineering firm IMEG to fortify infrastructure that would support a highly complex automated manufacturing process with 12 production lines. The facility also includes 15,000 square feet of remodeled office and lab space. American Nitrile was founded in 2021 in response to the need for domestic sources of manufacturing of personal protective equipment (PPE) products.

February 2, 2023

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