LYNDHURST, OHIO — Marcus & Millichap has arranged the $5.6 million sale of a Tesla dealership and service center in Lyndhurst, an eastern suburb of Cleveland. The 23,428-square-foot, net-leased property is located at 5180 Mayfield Road. Opened in 2014, the location is one of four Tesla dealerships in the state of Ohio. There are eight years remaining on the initial 10-year lease. Dominic Sulo and Andrew Antoniou of Marcus & Millichap represented the buyer, a Florida-based limited liability company. Seller information was not provided.
CINCINNATI — Baxters Food Group has signed a 15,202-square-foot office lease for the last full floor available at The Strietmann Center in Cincinnati’s Over-the-Rhine district. The office will serve as Baxters’ new North American headquarters, but the company will still retain its location at 4700 Creek Road in Blue Ash, Ohio. The Strietmann Center, located at 231 W. 12th St., features a rooftop conference and event center. Michelle Klingenberg of JLL represented ownership, Grandin Properties. Josh Niederhelman of CURO BRKG represented Baxters. Other tenants in the building include Astronomer Inc., Contact CI, NaviStone, Gyro and Saatchi & Saatchi X.
There was a time when an investment in the Columbus, Ohio commercial real estate market had to be justified to outsiders and required a higher return to attract investors. After all, it sits squarely in “fly-over country” in the heart of the rust belt. With the exception of getting a superior return, why would an investor choose Columbus, over say, New York or Chicago? But that’s all changed. Cap rates are now as low as, or lower than, other major markets. Investors have been driven to those markets, despite having a lower cap rate, because they knew rent growth was continuous and the sales price would appreciate over time. For decades, Columbus’ sales prices had remained stagnant due to a lack of increase in lease rates. However, over the past two years, lease rates have been rapidly increasing in the industrial market, and projections expect that trend to continue. The Columbus office market hasn’t seen the same rental appreciation — yet. But projections indicate that there will be rental appreciation in office as well, mostly due to increased demand and lack of speculative development over the past two years, but also due to rising land and construction costs. Because of …
COLUMBUS, OHIO — Duke Realty will build a 574,670-square-foot medical distribution center for Cardinal Health in Columbus. The new building will replace Cardinal Health’s current 235,000-square-foot facility in nearby Obetz. Duke is building the project with joint venture partners Columbus Regional Airport Authority and Capitol Square. Completion is slated for late 2022 or early 2023. Cardinal Health is a distributor of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for healthcare facilities. The organization has a multi-year strategy to increase U.S. warehouse space capacity, according to James Sembrot, senior vice president of Cardinal Health’s U.S. supply chain.
SPRINGFIELD, OHIO — Eby-Brown and Rittal Inc. have signed leases and will be the first two tenants at Upper Valley Business Park in Springfield, about 45 miles west of Columbus. Industrial Commercial Properties owns the property, which was formerly Upper Valley Mall. The mall has been repositioned as a business park for office and light industrial users. Naperville, Ill.-based Eby-Brown is a wholesale distributor to the convenience store industry. The company has leased 35,000 square feet. Chicago-based Rittal North America will occupy 130,000 square feet starting later this spring. Rittal, a global manufacturer and system solutions provider of industrial and IT enclosures and accessories, currently occupies a manufacturing plant in Urbana, Ohio. Matt Osowski of NAI Ohio Equities represented Rittal.
SANDUSKY, OHIO — Marcus & Millichap has negotiated the $2.2 million sale of an 11,325-square-foot property net leased to Rite Aid in Sandusky, a city in northern Ohio located along Lake Erie. The property is located at 334 W. Perkins Ave. Rite Aid has roughly six years remaining on its lease. Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap represented the Ohio-based private seller as well as the buyer, a Michigan-based limited liability company.
COLUMBUS AND DUBLIN, OHIO — Marcus & Millichap has brokered the sale of a portfolio of three Tri-Village Self Storage facilities in Ohio for an undisclosed price. The properties, totaling 1,653 units, are located at 3490 Trabue Road in Columbus, 1123 Goodale Blvd. in Columbus and 5235 Avery Run Road in Dublin. Gabriel Coe and Brett Hatcher of Marcus & Millichap brokered the transaction. Buyer and seller information was not provided.
MORAINE, OHIO — Stan Johnson Co. has arranged the $5.6 million sale of a 64,000-square-foot healthcare lab facility in Moraine, a southern suburb of Dayton. Located at 2308 Sandridge Drive, the property is fully leased to CompuNet Clinical Laboratories, a full-service clinical laboratory that serves physicians, hospitals and health organizations throughout Southwest Ohio. The facility was built in 1986. Craig Tomlinson of Stan Johnson represented the California-based buyer, who completed a 1031 exchange. A Dayton-based private investor was the seller.
COLUMBUS, OHIO — Woda Cooper Cos. Inc. has broken ground on Lockbourne Greene, a 60-unit affordable housing community in Columbus. Completion is slated for mid-2023. Woda Cooper is building the $15.8 million project with co-developer Healthy Homes, which is affiliated with Community Development for All People (CD4AP) and Nationwide Children’s Hospital. The project is the transformation of a vacant and blighted Columbus Land Bank property. The three-story building will feature 12 one-bedroom units, 40 two-bedroom units and eight three-bedroom units. All of the units will be designated for residents who earn 40 to 80 percent of the area median income. Monthly rents are expected to range from $669 to $999, depending on the income category and size of the apartment. Lockbourne Greene will feature an onsite management office, fitness center and community room. SproutFive will operate an early learning center at the property for children ages 6 months to 5 years old. Residents will also have access to supportive services coordinated by CD4AP. A new $15 million Affordable Housing Linked Deposit Pilot Program from Franklin County supports funding for Lockbourne Greene at no out-of-pocket cost to taxpayers. The program places funds into an interest-yielding investment at three private banks — …
CLEVELAND — The NRP Group, a Cleveland-based multifamily developer and operator, plans to break ground on approximately 6,000 apartment units spread across 23 construction projects in 2022. The properties will be a mix of affordable, market-rate and mixed-income communities. The total investment for the projects is estimated at $1.9 billion. The 23 communities are made up of 11 market-rate developments totaling 3,762 units; 10 affordable developments totaling 1,865 units for residents at or below 60 percent of the area median income (AMI); and two projects with 658 apartment homes in which half of the units are priced at market levels and half are priced for residents earning 80 percent of the AMI. Planned construction starts are distributed across the NRP footprint in Texas, the Washington, D.C., metro area, New York, New Jersey, Florida, North Carolina and Ohio.