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AcquisitionsIndustrialMidwestOhio

I-70 Logistics Center Trades Hands in Suburban Columbus

by Kristin Harlow

ETNA, OHIO — The I-70 Logistics Center, located at 9157 Mink St. SW in the Columbus suburb of Etna, has traded hands for an undisclosed price. Hines Global Income Trust Inc. was the buyer. The 700,000-square-foot property is fully leased to a third-party logistics provider and features a clear height of 40 feet. The facility offers convenient access to two rail providers, reaching roughly 60 percent of the North American population within a one-day drive. Ed Halaburt and Ross Bratcher of JLL represented the seller, Core5 Industrial Partners.

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DevelopmentIndustrialMidwestOhio

CRG Begins Development of 250,020 SF Spec Distribution Center in Etna, Ohio

by Kristin Harlow

ETNA, OHIO — CRG and an affiliate of its capital partner, LXP Industrial Trust, have begun development of a 250,020-square-foot speculative distribution center in Etna, an eastern suburb of Columbus. The project is known as Building D at The Cubes at Etna 70, a 305-acre industrial park near I-70. Building D will feature a clear height of 36 feet, 62 trailer stalls, 32 dock positions and a 60-foot speed bay. The property offers a 15-year, 100 percent tax abatement. Contegra Construction is the general contractor, and Lamar Johnson Collaborative is the architect. The industrial park has three remaining pad-ready sites. The Cubes is a North American industrial brand owned and developed by CRG.

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LoansMidwestMultifamilyOhioSeniors Housing

Ziegler Arranges $59.9M Bond Financing for Seniors Housing Operator Ohio Living

by Kristin Harlow

WESTERVILLE, OHIO — Ziegler has arranged $59.9 million in bond financing for Ohio Living, a Westerville-based nonprofit operator of 12 seniors housing communities in Ohio. Proceeds of the bonds will be used to refund existing bank debt, terminate an interest rate swap agreement, fund a debt-service reserve fund equal to approximately one year of debt service, fund approximately $3 million of capital expenditures and pay certain costs of issuance associated with the financing. The bonds consist of tax-exempt, fixed-rate serial and term bonds with an 18-year final maturity. The financing includes a three-year interest-only period with annual principal amortization starting in 2026. Ohio Living decided to utilize fixed-rate bonds to refund a portion of its bank capital following the turbulence experienced in early 2023 in the bank credit markets.

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Market ReportsMidwestMidwest Market ReportsMultifamilyOhio

Driven by Multifamily Construction Boom, Cleveland Is No Longer a Secondary Market

by Kristin Harlow

By Jamie Dunford, CBRE Outside of office product, Cleveland and Northeast Ohio haven’t historically been of interest for most out-of-town multifamily developers and investors. They viewed the region as a tertiary or secondary market with a declining population and a lackluster economy.  Until recently, urban living in the central business district (CBD) and surrounding neighborhoods was rare — Cleveland was a commuter city with a strong office market from the 90s until the Great Financial Crisis (GFC) in 2008. At one point in time, Northeast Ohio boasted one of the highest concentrations of Fortune 500 companies with headquarters or other office space in the region, and the CBD had the largest job hub in the state of Ohio.  Most office buildings in the CBD were owned by institutional capital or national developers. However, the GFC vastly altered this landscape as unemployment rose, companies left or downsized, and many office assets went back to the lender.  This left an oversupply of office product in the market, and the older buildings suffered the most. However, this created a market opportunity that Cleveland developers seized, and the city eventually became a national leader in converting historic office assets to multifamily while taking advantage …

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DevelopmentMidwestMultifamilyOhio

City Club Apartments Tops Off Construction of Union Central Redevelopment Project in Downtown Cincinnati

by Kristin Harlow

CINCINNATI — City Club Apartments (CCA) has topped off construction of its Union Central development in downtown Cincinnati. The project will combine both the Union Central building and the Annex building, currently CCA CBD Cincinnati, to become City Club Apartments Union Central, an apartment and penthouse community. There will be a total of more than 575 units. First move-ins are slated for November. Residents will have access to amenities located across the two buildings and connected by a sky bridge. Union Central will have a 19th-floor sky park with a pool overlooking the Ohio River, outdoor kitchen, sky club, lobby lounge library and penthouse clubroom. The Annex will have an indoor-outdoor pool, sky park, sky club and lobby lounge library that is directly connected to the Shires Café. Union Central will also have a restaurant, salon, health club, dry cleaner and pet store. The Annex will feature a rooftop restaurant named the Views at Shires Garden, along with a daycare, market and pet spa. CCA coworking amenities include conference rooms, two business centers, communal tables and high-speed WiFi throughout the common areas.

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AcquisitionsMidwestOhioRetail

Friedman Brokers Sale of Prestige Plaza Retail Center in Miamisburg, Ohio

by Kristin Harlow

MIAMISBURG, OHIO — Friedman Real Estate has brokered the sale of Prestige Plaza in Miamisburg, a southern suburb of Dayton. The sales price was undisclosed. The retail center, which totals 22,661 square feet, is home to tenants such as Leslie’s Pool Supplies. Rich Deptula of Friedman represented the undisclosed buyer and seller. Ten-X was the auction partner.

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AcquisitionsMidwestMultifamilyOhioSeniors Housing

Ziegler Negotiates Sale of 246-Unit Senior Living Community in Garfield Heights, Ohio

by Kristin Harlow

GARFIELD HEIGHTS, OHIO — Ziegler has negotiated the sale of The Village at Marymount, a 246-unit senior living and skilled nursing retirement community in Garfield Heights, a suburb of Cleveland. The sales price was undisclosed. Built in 1952, the property is a faith-based, nonprofit continuing care retirement community established by the Sisters of St. Joseph of the Third Order of St. Francis. Ziegler represented the undisclosed seller. The buyer, a privately held owner and operator based in Lakewood, N.J., assumed approximately $16 million of HUD debt as part of the transaction.

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AcquisitionsMidwestMultifamilyOhio

Reynolds Asset Management Acquires 125-Unit Multifamily Property in Suburban Cleveland

by Kristin Harlow

BROOK PARK, OHIO — Reynolds Asset Management has acquired Park Place Apartments in Brook Park, a southwest suburb of Cleveland. The purchase price and seller were undisclosed. Northwest Bank provided acquisition financing. Renovations at the property are slated to begin in the next 90 days and are expected to be completed by next summer. Park Place Apartments was originally built in 1955 and more than half of its units were renovated in 2016.

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DevelopmentIndustrialMidwestOhio

Maddox Industrial Transformer Opens 45,000 SF Production Facility in Batavia, Ohio

by Kristin Harlow

BATAVIA, OHIO — Maddox Industrial Transformer, a provider of electrical transformers, has opened a 45,000-square-foot production facility in Batavia, an eastern suburb of Cincinnati. Located in an old Ford transmission plant at 4330 Batavia Road, the development features a 40,000-square-foot shop and 5,000 square feet of office space as well as a four-acre storage yard. Once fully staffed, the facility will create 65 new jobs in the area. Maddox now maintains four major production facilities in addition to sales and support offices across the country.

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