COLUMBUS, OHIO — IRA Capital has acquired a 237,000-square-foot life sciences campus consisting of four buildings in the Easton submarket of Columbus. The purchase price was undisclosed. The property is near I-270, the John Glenn Columbus International Airport and across from Easton Town Center, the 1.7 million-square-foot retail destination. The buildings are mostly leased to biopharmaceutical company Sarepta Therapeutics and houses the company’s Gene Therapies Center of Excellence. Sarepta specializes in genetic medicines for rare diseases and has four FDA-approved drugs treating Duchenne Muscular Dystrophy. IRA closed the acquisition on an all-cash basis.
COLUMBUS, OHIO — Alston Construction has completed Castings Commerce Park, a three-building speculative industrial park developed on the site of the former Columbus Castings steel foundry. The project team included developer and owner Stonemont Financial and architect and interior designer Ware Malcomb. The project totals 862,000 square feet with 171 loading positions. The 71-acre site once served as the largest steel foundry in North America, according to Ware Malcomb, which designed office uses into each of the buildings.
PICKERINGTON, OHIO — Largo Capital Inc. has arranged a $7.9 million loan for the refinancing of a 90,040-square-foot shopping center in Pickerington, a southeast suburb of Columbus. The fully leased property is home to tenants such as Big Lots and Planet Fitness. Kevin Ross of Largo arranged the nonrecourse, fixed-rate loan. The lender and borrower were undisclosed.
MADISON, OHIO — Marcus & Millichap has brokered the $3 million sale of a 72,048-square-foot retail center in Madison, a city in northeast Ohio. Anchored by Tractor Supply Co. and Bealls, the property is located at 6581 N. Ridge Road. Additional tenants include Goodwill, Snap Fitness, Eagle Financial Services and TNT Tanning. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the Florida-based seller, which was the original developer of the property. The team also procured the buyer, an Ohio-based private investor. The buyer received acquisition financing from a life insurance company at a 70 percent loan-to-value ratio.
By Spencer Jordan, Steiner + Associates The retail environment in Columbus, Ohio, is not just among the most unique and diverse in the Midwest, but in the nation. Columbus currently enjoys the fourth highest concentration of retail headquarters of any American city. Familiar names like Bath & Body Works, Victoria’s Secret, Express, Big Lots! and Chipotle all call Columbus home, and brands like Lululemon have significant logistics and distribution infrastructure in the city. But why is Columbus such a popular retail hub? What is the state of Columbus retail today? What sectors and neighborhoods are performing, and what are the trends to monitor when it comes to the future of retail in the Columbus market? Why Columbus? Among the many factors driving Columbus’s sustained retail success, the most important piece of the puzzle is the big picture: the city is thriving — and not just economically. Columbus placed eighth nationally in WalletHub’s recent rankings of all 50 state capitals, coming in ahead of popular high-profile markets like Denver, Nashville and Boston. The rankings are based on affordability, economic well being, quality of health and education, and quality of life. Columbus is one of the strongest Midwest markets in GDP per …
REYNOLDSBURG, OHIO — The Cooper Commercial Investment Group has brokered the $5.4 million sale of Livingston Avenue Center, a 101,621-square-foot shopping center in the Columbus suburb of Reynoldsburg. The fully leased property is home to tenants such as Save-a-Lot, Big Lots and Urban Air. Dan Cooper of Cooper Group represented the seller, a private investment group out of California. The Midwest-based buyer purchased the asset at a cap rate of 8.19 percent.
NILES, OHIO — Friedman Real Estate has brokered the $11.5 million sale of Timber Creek Apartments in Niles, about 65 miles southeast of Cleveland. The 305-unit multifamily property is located at 1223 North Road. Peter Jankowski, Rich Deptula and Chrris Weir of Friedman represented the buyer, CREG Property VIII LLC, and the seller, Orem Timber Creek II LLC.
COLUMBUS, OHIO — United Church Homes Management (UCHM) will manage two seniors housing properties in Columbus. Alongside its current management of Wexner Heritage Village, UCHM will now provide management services for Bexley Heritage Apartments and Village Shalom Apartments. UCHM, an affiliate of United Church Homes, is headquartered in Marion, Ohio, and operates more than 90 senior living communities.
WEST CHESTER, OHIO — Stag Industrial Holdings LLC has acquired a 697,500-square-foot facility located on Le Saint Drive in West Chester, a city in eastern Ohio. The purchase price was $49.7 million. Brookfield Property Group sold the asset.
CLEVELAND — The Community Builders has opened Woodhill Station West, a $46.4 million affordable housing community in East Cleveland’s Buckeye-Woodhill neighborhood. The 120-unit development marks Phase I of the Woodhill Homes transformation. The project converted an empty lot into an affordable housing building with 4,520 square feet of community space. The development includes 90 replacement homes for existing Woodhill residents. In 2021, HUD awarded a $35 million Choice Neighborhoods Implementation Grant to the Cuyahoga Metropolitan Housing Authority (CMHA) and the City of Cleveland to support the Buckeye-Woodhill transformation plan. In 2023, HUD awarded CMHA and the city a Choice Neighborhoods Supplemental Funding Grant for $10 million to further support the development of replacement housing. The redevelopment, which is taking place in six phases, will include approximately 638 homes and public amenities such as outdoor gathering spaces, recreational fields and playgrounds. Choice Neighborhoods Implementation Grants assist in the redevelopment of severely distressed HUD-assisted properties into mixed-income communities. The Community Builders is an affordable housing developer with a portfolio of more than 14,000 apartment units nationwide.