Ohio

Spark GHC Acquires Hampton Inn Hotel in Downtown Cleveland

by Kristin Harlow January 27, 2023

CLEVELAND — Spark GHC, a private real estate joint venture focused on hospitality assets in the Midwest, has acquired the Hampton Inn by Hilton-Downtown Cleveland for an undisclosed price. The transaction marks the 11th acquisition for Spark GHC since 2018 and increases its assets under management to above $100 million. Spark GHC plans to significantly upgrade the 25-year-old hotel with a multi-million-dollar capital improvement plan. Spark GHC is a joint venture between Spark Hotels, a developer, acquirer and operator of Ohio-based hospitality assets, and Green Harvest Capital, an asset manager of Northeast Ohio-based multifamily assets.

January 27, 2023

Acquisitions Midwest Office Ohio

JLL Brokers Sale of 303,130 SF Office Portfolio in Cincinnati

by Kristin Harlow January 26, 2023

CINCINNATI — JLL Capital Markets has brokered the sale of a two-building office portfolio totaling 303,130 square feet in Cincinnati for an undisclosed price. The first asset, 400 Oak St., rises seven stories and spans 156,000 square feet. Originally built in 1924, the building was renovated in 2011. The second property, 2905 Vernon Place, is a four-story, 147,130-square-foot building that was constructed in 2017. The two properties are fully leased to Cincinnati Children’s Hospital Medical Center for administrative functions and other nonclinical uses. Jaime Fink, Bruce Miller, Sam DiFrancesca and Patrick Shields of JLL represented the seller, 90 North Real Estate LLP, and procured the buyer, Azora Exan. Keith Largay and Lucas Borges of JLL arranged acquisition financing on behalf of the buyer.

January 26, 2023

Development Industrial Midwest Ohio

Becknell Industrial Underway on Development of 527,023 SF Spec Building in Columbus, Ohio

by Kristin Harlow January 24, 2023

COLUMBUS, OHIO — Becknell Industrial is underway on the development of Winchester 527, a 527,023-square-foot speculative industrial building in Columbus. The property will feature a clear height of 40 feet, roughly 2,000 square feet of office space, 436 auto parking spaces and 150 trailer parking spaces. Lee & Associates is marketing the project for lease. Completion is slated for later this year.

January 24, 2023

Acquisitions Midwest Ohio Retail

SRS Brokers $1.8M Sale of Retail Center in Parma, Ohio

by Kristin Harlow January 24, 2023

PARMA, OHIO — SRS Real Estate Partners has brokered the $1.8 million sale of Parma Shoppes, an 8,000-square-foot retail center in Parma, a suburb just south of Cleveland. Built in 2005 and located at 7406 Broadview Road, the property is 80 percent leased to Buffalo Wild Wings, Verizon, Domino’s and Bank of America. Patrick Nutt and William Wamble of SRS represented the seller, RPS Capital. A California-based private investor purchased the asset. The sales price represents a cap rate of 6.9 percent.

January 24, 2023

Development Industrial Michigan Midwest Ohio Top Stories

General Motors to Invest $918M Across Four U.S. Manufacturing Plants

by Taylor Williams January 23, 2023

DETROIT — General Motors Co. (NYSE: GM) has announced plans to invest $918 million in capital improvements at four of its U.S. manufacturing plants. The initiative is designed to elevate the company’s production capacity for full-size trucks and sport utility vehicles while also establishing facilities that support the growth of GM’s electric vehicle (EV) divisions. The Detroit-based automotive giant is committing a total of $795 million to two of its Michigan facilities that will support the production of small-block V-8 engines. The company is investing $579 million at its plant in Flint, and the remaining $216 million will be allocated to GM’s facility in Bay City, where parts such as camshafts and connecting rods that support these engines will be assembled. GM is also investing $55 million in its manufacturing operations in Defiance, Ohio. Of this sum, $47 million will be used to prepare the facility for the manufacture of block castings to support future V-8 engine programs. In addition, GM will construct an $8 million casting development cell for future EV initiatives. Lastly, the company has earmarked $68 million for upgrades to its manufacturing facility in Rochester, New York. At this location, GM plans to invest $12 million to …

January 23, 2023

Acquisitions Affordable Housing Midwest Multifamily Ohio

CMHA Acquires 108-Unit Affordable Housing Development in Columbus, Ohio for $8.1M

by Jeff Shaw January 13, 2023

COLUMBUS, OHIO — The Columbus Metropolitan Housing Authority (CMHA) has acquired Copperleaf Apartments, a 108-unit affordable housing multifamily development in Columbus for $8.1 million. Built in 1989, the property sits on eight acres located off Sawmill Road on the city’s Northwest Side. The seller was a partnership of companies headed by local developers Don Kelley and Robert Weiler. Columbus Housing Enterprise (CHE), a newly formed nonprofit, has entered into a 75-year lease to operate the community on behalf of CMHA, ensuring the apartment complex will remain affordable for lower-wage-earning families, senior citizens and people with disabilities for the long run. According to The Columbus Dispatch, the nonprofit will target prospective renters making 80 percent or less of area median income, which is $52,500 for one person and $74,950 for a four-person household. Data from the Affordable Housing Alliance of Central Ohio (AHACO) shows only 29 affordable housing units are available for every 100 extremely low-income households in the Columbus and Franklin County area. AHACO estimates 54,000 low- and moderate-income households in Franklin County pay more than half their income toward housing costs. Central Ohio also faces a deficit of 11,000 to 14,000 new housing units every year to support a healthy housing …

January 13, 2023

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers Sale of 130,000 SF Retail Property Near Dayton, Ohio

by Jeff Shaw January 11, 2023

EATON, OHIO — Marcus & Millichap has brokered the sale of Eaton Center, a 130,483-square-foot retail property located about 25 miles west of Dayton in Eaton. Kroger has anchored the property for 30 years. Additional tenants include retailers such as Tactor Supply and Autozone, both of which have occupied space at the center for 25 years, and several restaurants. The property was approximately 70 percent occupied at the time of sale. The sale was brokered by investment sales team Patton-Wiles-Fuller Group of Marcus & Millichap’s Columbus office, including First Vice President CJ Jackson and Senior Managing Director Erin Patton. Senior Managing Directors Scott Wiles and Craig Fuller of Marcus & Millichap’s Cleveland office marketed the property on behalf of the seller, a Cincinnati-based private ownership group. Patton-Wiles-Fuller Group also procured the out-of-state fund that purchased the property.

January 11, 2023

Acquisitions Industrial Midwest Ohio Self-Storage

Versal Arranges Sale of 561-Unit Self-Storage Facility in Dayton, Ohio

by Jeff Shaw January 11, 2023

DAYTON, OHIO — Versal has arranged the sale of Storage Sense, a 561-unit self-storage property located in Dayton. Originally built as a single-tenant retail center, the facility comprises 65,495 square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, Delaware-based Cobblestone Capital. The team also procured the buyer, Nevada-based Amerco Real Estate Co. The sales price was not disclosed.

January 11, 2023

Acquisitions Industrial Midwest Ohio

DWG Capital Partners Acquires 68,650 SF Industrial Facility in Metro Cleveland in Sale-Leaseback

by Kristin Harlow January 5, 2023

PAINESVILLE, OHIO — In a sale-leaseback transaction, DWG Capital Partners Inc. has acquired a 68,650-square-foot industrial facility in the Cleveland suburb of Painesville. The purchase price was undisclosed. T&T Machine Inc., a specialized manufacturer of machine parts for the healthcare, engineering, automotive, food & beverage and military sectors, was the seller. Built in 1999, the property is located at 892 Callendar Blvd. within the Blackbrook Road Industrial Park. Mitchell Hoffman of Raven Oak represented the seller. Dugan Kelley of Kelley Clarke PC and Mark Atkins of Reafco represented DWG Capital Partners, which is led by Judd Dunning.

January 5, 2023

Industrial Leasing Activity Midwest Ohio

Brooks Running Signs 598,754 SF Industrial Lease in Ashville, Ohio

by Kristin Harlow December 20, 2022

ASHVILLE, OHIO — Brooks Running has signed a 598,754-square-foot industrial lease to occupy an entire building at 10302 Transport St. within the Rickenbacker Logistics Park in Ashville, about five miles south of Columbus. The Seattle-based company, known for its running shoes, will relocate from a nearby facility in the second quarter of next year. The property features a clear height of 40 feet, 18 docks, 60 drive-in doors and parking for 117 trailers. The facility can be expanded up to 1 million square feet. Jim Hazard and Brad Struck of Cresa along with Michael Cantor of Allegro represented the tenant. Dan Wendorf and Brian Marsh of JLL represented the landlord, CT Investors. Rickenbacker Logistics Park spans 382 acres and 5 million square feet.

December 20, 2022

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