CINCINNATI — SRS Real Estate Partners has brokered the sale of Ridgewater Plaza in Cincinnati for $10.2 million. The 175,945-square-foot shopping center is located at 3240 Highland Ave. The property is 92 percent occupied by tenants such as American Freight and NAPA Auto Parts. Jack Cornell of SRS represented the seller, Oklahoma-based Frayer Enterprises, as well as the buyer, an Ohio-based private real estate investment firm.
BEACHWOOD, OHIO — The Cooper Commercial Investment Group has negotiated the $3.8 million sale of a single-tenant property occupied by P.F. Chang’s in Beachwood, a suburb of Cleveland. The restaurant’s lease expires in 2025. Dan Cooper of Cooper Group represented the seller, a private investment group, and procured the all-cash buyer. The transaction represents a cap rate of 4.62 percent. The property sold for $543 per square foot and at approximately 98 percent of the list price.
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.
