HILLIARD, OHIO — Tempus Realty Partners has sold a 114,485-square-foot industrial building in Hilliard, a northwest suburb of Columbus. An entity doing business as DP 149 LLC purchased the asset for $7.6 million. The property is fully leased to metal fabricator S&G Manufacturing and features seven dock doors, three overhead doors and clear heights ranging from 20 to 24 feet. Tempus, an Arkansas-based real estate investment partnership, acquired the building in December 2020 for $5.7 million.
MASON, OHIO — Senior Living Investment Brokerage (SLIB) has brokered the sale of The Landing of Long Cove, an 81-unit assisted living and memory care community in Mason, about 25 miles northeast of Cincinnati. The sales price was undisclosed. Built in 2011, the property features 61 assisted living units and 20 memory care units. Daniel Geraghty and Bradley Clousing of SLIB brokered the sale. According to SLIB, the seller was interested in focusing its attention on communities that more closely align with its current footprint, while the buyer, a Midwest-based owner-operator, was looking to add to its existing footprint throughout the region. The buyer plans to make renovations to the community.
COLUMBUS, OHIO — In a sale-leaseback transaction, Alterra Real Estate Advisors has acquired a 62,000-square-foot office and retail building in Columbus for $3.1 million. Constructed in 1986, the property is 85 percent occupied. The lobby and common areas were recently renovated, but Alterra plans to make additional improvements for energy efficiency such as LED lighting. The seller, Auto Owners Life Insurance Co., remains a tenant in the building. Some of the other tenants include BHM CPA Group, J Gilberts restaurant and Salon Lofts. Rob Sullivan of Kemba Financial Credit Union provided acquisition financing. Alterra will handle leasing and management of the building.
COLUMBUS, OHIO — Woda Cooper Cos. Inc. and co-developer Franklinton Development Association have broken ground on Starling Yard, a 97-unit affordable housing community in the Franklinton neighborhood of Columbus. Located at 120 S. Central Ave., the project involves the adaptive reuse of the vacant Starling Middle School. Woda Cooper secured the site through a purchase agreement with the Board of Education of the Columbus City School District. The school, listed on the Columbus Register of Historic Properties in 2022, was originally built as West High School in 1908. It has been vacant since 2013. In addition to the adaptive reuse component, the project will also include two ground-up buildings with 52 units. All of the property’s units will be reserved for residents who earn 30 to 80 percent of the area median income. Rental rates are projected to range from $400 to $1,295 per month depending on income restriction and size of the unit. Five units will be reserved for those with mobility challenges and two units for those with sight and hearing disabilities. Primary financial support for Starling Yard is the result of a bond issuance and Low-Income Housing Tax Credits allocated by the Ohio Housing Finance Agency (OHFA). …
AVON, OHIO — Cronheim Hotel Capital has arranged a $12.5 million loan for the refinancing of the Residence Inn & Emerald Event Center in Avon, a western suburb of Cleveland. Developed in 2016, the hotel offers extended-stay rooms and a flexible space for corporate functions, weddings and other social events. The borrower was a subsidiary of Nimbus Investment Fund LP, an independent affiliate of Emerald Hospitality Associates Inc. A regional bank provided the fixed-rate loan, which features an interest rate below 6 percent.
CLEVELAND HEIGHTS, OHIO — Flaherty & Collins Properties has broken ground on The Marquee at Cedar Lee, a $60 million luxury apartment complex in Cleveland Heights, an eastern suburb of Cleveland. Plans call for 204 units and 8,534 square feet of retail space. The parking garage will hold 225 parking spaces and there will be 42 surface lot spaces surrounding the property. Amenities will include a saltwater pool, courtyard, outdoor sky lounge, pet spa, bark park, fitness center, coworking suites and a 24-hour market. Completion is slated for spring 2025. Flaherty & Collins is developing the project as a public-private partnership with the City of Cleveland Heights. First National Bank of Omaha provided a construction loan. The project team includes general contractor Snavely Group as well as City Architecture and Project Management Consultants.
CINCINNATI — Rubenstein Partners LP has unveiled a new sky lounge and outdoor rooftop deck on the 14th floor of 312 Elm Street, a 378,000-square-foot office building in downtown Cincinnati. The space features a tenant lounge area, training room and alternative workspace. It is also available for events. Rising 26 stories, 312 Elm Street offers views of the city skyline. Additional amenities at the property include a recently renovated lobby and a large fitness center. Rubenstein purchased 312 Elm Street and the neighboring 312 Plum Street in 2015 and embarked on a renovation plan for both buildings with a focus on common areas, streetscapes and amenities.
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.
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.
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.
