SHARONVILLE, OHIO — Marcus & Millichap has brokered the sale of the Summit Woods office portfolio in Sharonville near Cincinnati for $22 million. The portfolio consists of two Class A buildings that were constructed in 2006 and 2015. Joseph DiSalvo, David Peirce and Alexander Nulf of Marcus & Millichap represented the undisclosed seller and procured the buyer, Shelbourne Global. The portfolio sold at 97 percent of the suggested list price.
COLUMBUS, OHIO — AndHealth has unveiled plans to expand its operations in downtown Columbus, bringing 65 new jobs to the area. The healthcare company is moving its office from 1201 Dublin Road to 2 Miranova Place, a 12-story tower. AndHealth says the new space will enable it to more than triple its existing employee count, and the company plans to hire additional software developers, data scientists, healthcare professionals, physicians, providers and other health experts. AndHealth operates the first-ever Virtual Center of Excellence (VCOE) for migraine reversal and will soon launch a second VCOE for autoimmune diseases, including rheumatoid arthritis, psoriasis, ulcerative colitis and Crohn’s disease. AndHealth, which provides virtual healthcare services, works with employers and benefits brokers to provide its services to employees with chronic diseases.
CENTERVILLE, OHIO — Oberer Realty Services Ltd. has unveiled plans to build the final retail portion of The Cornerstone of Centerville North in Centerville, a suburb of Dayton. The 10,000-square-foot development will be known as Shoppes at the Village of Cornerstone and will be situated adjacent to a Costco location as well as Cooper’s Hawk Restaurant & Winery. Oberer plans to break ground this fall and wrap up construction in the second quarter of 2023. The desired tenant mix will include restaurant and specialty retailers either not yet in the market or looking for expansion opportunities, according to Oberer.
OHIO, MICHIGAN AND WISCONSIN — Lument has provided $87 million in HUD 232/223(f) loans for the refinancing of a portfolio of nine skilled nursing facilities located in Ohio, Michigan and Wisconsin. The properties total 691 beds. The operator, Atrium Centers Inc., provides short-term, post-acute rehabilitation and long-term nursing care. Each of the nine loans features a fixed interest rate. HUD 232/223(f) loans allow for the purchase or refinancing of nursing homes and assisted living facilities.
COLUMBUS, OHIO — Columbus-based developer Woda Cooper Cos. has opened Wendler Commons, a $15.4 million affordable housing development located at 4860 Wendler Blvd. in Columbus. Wendler Commons comprises 62 units that are affordable for households that earn 30 to 80 percent of area median income, including 14 one-bedroom apartments, 40 two-bedroom apartments and eight three-bedroom apartments. Four units are designed for those with mobility challenges, and two additional units are specifically equipped for those with sight and/or hearing impairments. Rental rates are $330 to $1,060 per month, depending on unit size and income restriction. Units come with cable, telephone and internet access. Community amenities include an onsite management office, a multipurpose space with a kitchenette, a playroom, a fitness center and laundry with off-street parking. The Ohio Housing Finance Agency allocated federal low-income housing tax credits to support equity financing as well as provided an equity bridge mortgage. Ohio Capital Corp. for Housing purchased the tax credits, which enabled equity financing invested by Cincinnati-based Fifth Third Bank, which also provided a construction loan. Merchants Capital provided a first permanent mortgage. The City of Columbus originated $750,000, and the Affordable Housing Trust for Columbus and Franklin County provided a primary equity bridge loan. …
COLUMBUS, OHIO — Gucci has opened its first Ohio store at Easton Town Center in Columbus. The boutique spans more than 5,000 square feet and showcases a wide collection of men’s and women’s small leather goods, handbags, luggage, jewelry, watches and eyewear. The Easton Town Center location features LED lighting, which is part of Gucci’s commitment to implement eco-friendly initiatives and energy-efficient technologies in its stores worldwide. Easton Town Center is a shopping, dining and entertainment destination with more than 240 shops, restaurants and entertainment spaces. L Brands, The Georgetown Co. and Steiner + Associates jointly developed the property.
AVON, OHIO — Bendix has taken occupancy of its new 231,000-square-foot office headquarters in Avon, a western suburb of Cleveland. Bendix develops safety technologies, energy management solutions and air brake charging and control systems for trucks, trailers, buses and other commercial vehicles throughout North America. The build-to-suit project is LEED-certified and features a fitness facility, lab space and private meeting rooms. JLL’s project and development services team assisted Bendix on every aspect of the project, from budgeting and site selection to design. Geis Construction served as the general contractor, and GLSD Architects served as the architect, engineer and LEED specialist. Hasenstab Architects designed the lab space. Bendix was previously headquartered in Elyria, Ohio.
CINCINNATI — Northmarq has arranged a $3.2 million loan for the refinancing of Kemper Commerce Park in Cincinnati. The 145,485-square-foot industrial property consists of two buildings. Christina Grimme of Northmarq arranged the 10-year, fixed-rate loan, which features a 20-year amortization schedule. A life insurance company provided the loan for the undisclosed borrower.
By Richard Meder, Colliers While office markets across the country have experienced a slow climb back to normalcy following COVID-19-related restrictions, the Dayton office market has found its strength in the Wright-Patterson Air Force Base (WPAFB). Though the Dayton office market around WPAFB experienced similar ebbs and flows as that of the rest of the country during the pandemic, business never stopped. For some in other markets, the lasting effects of this disruption to the office market remain unknown. Business leaders must decide whether to implement a remote work lifestyle into their employee regimen or make a push to get back to normal office life — for some companies it is considered a hybrid approach. For the tenants in the WPAFB submarket, however, there was never question. While many office tenants vacated their spaces out of uncertainty, defense contractors cautiously occupying office spaces at the WPAFB submarket almost singlehandedly helped Dayton remain upright during the pandemic. With the submarket almost entirely consisting of defense contractors, this type of defense contracting work was not allowed to stop with the rest of the world. Having to adhere to both local and federal guidelines, decision-making among defense contractors certainly slowed, but it never …
GREEN, OHIO — Metropolitan Holdings has received approval from the Green City Council to build a 298-unit luxury multifamily project. The 49-building property will include amenities such as a heated pool, outdoor area and fitness center. The average monthly rent is expected to be $1,700, while the average for premium units will be $2,495. Metropolitan plans to break ground later this year. A timeline for completion was not provided. Green is located about 13 miles south of Akron.