MIDDLETOWN, OHIO — Marcus & Millichap has arranged the $2.7 million sale of a 78,100-square-foot industrial building in Middletown, about 35 miles north of Cincinnati. The property is home to multiple tenants. Joshua Baker, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, an Ohio-based local investor. The team also procured the buyer, a New York City-based investment group.
OAKWOOD VILLAGE, OHIO — The Palomar Group has brokered the $3.3 million sale of Hawthorne Shops in Oakwood Village, a southern suburb of Cleveland. The 50,957-square-foot retail center, built in 1991, is shadow anchored by Sam’s Club. Palomar Group represented the seller, Dallas-based Tabani Group. New York-based Z.E.A. Capital Realty Holdings was the buyer.
MIAMISBURG, OHIO — Northmarq has arranged a $6.3 million loan for the refinancing of Miamisburg Estates in suburban Dayton. The apartment complex consists of 142 units across 13 buildings. Amenities include a media center, laundry facilities and trash pickup. Noah Juran of Northmarq arranged the seven-year loan, which features a 30-year amortization schedule. An agency lender provided the loan. The undisclosed borrower purchased the property in two phases in 2019 and 2021.
COLUMBUS, OHIO — Stonemont Financial Group is set to break ground next month on Castings Commerce Park, a three-building industrial development totaling 859,240 square feet in the South Side district of Columbus. The speculative project is slated for completion in the third quarter of 2023. The 71-acre site was formerly home to Buckeye Steel, a longtime steel manufacturer dating back to the 1800s. Located at 2211 Parsons Ave., the property features convenient access to I-71 and I-270.
STREETSBORO, OHIO — Third-party logistics company DSV has signed a 368,537-square-foot industrial lease at a former Best Buy distribution center in the Cleveland suburb of Streetsboro. Located at 9780 Mopar Drive near I-480, the property features 68 docks, two drive-in doors, 14,500 square feet of office space and a clear height of 32 feet. DSV will move into the facility in September. David Stecker of JLL represented ownership, Industrial Logistics Properties Trust, which is managed by The RMR Group. Joe Messina and Dominic Carbonari of JLL represented DSV.
By Rob Roe and Jessica Urbin, JLL What does the future of the office in Cleveland look like? While there isn’t one straightforward answer, there’s no doubt that the office of today looks much different than it did five years ago. Though some companies still maintain a traditional office space, the onset of hybrid work has indisputably changed the way many companies use — and choose — their real estate. This adoption of hybrid work has driven the market’s evident transformation. Smaller office spaces As companies adopt hybrid work models, the need for larger office spaces decreases. This doesn’t mean companies are eliminating their office real estate, though. In fact, 60 percent of office workers want to work in a hybrid style today, and 55 percent are doing so already. These downsized spaces support this work model by creating shared spaces, such as cubicles or lockers, as well as incorporating more conference rooms and small team rooms to hold private video calls. They also encourage something employees can’t get at home: in-person collaboration. New spaces are being outfitted with intentional spaces to meet, such as lounge areas, desks in open areas, cafés and more. In addition, having small spaces doesn’t …
By Alec Pacella, NAI Pleasant Valley The Cleveland industrial market enjoyed a strong first half of 2022, characterized by record-low vacancy rates, brisk new construction and increased rental rates and sales prices. Although the market has made several headlines over the first six months, many of these trends began several years ago and the pandemic only accelerated the activity level amongst several key sectors. Market wide, the average vacancy rate was just over 4 percent at the mid-year mark, which is a slight decrease from the 4.5 percent rate at the end of last year. By most accounts, this is a record-low level and represents a decrease of two full percentage points over the last five years. The most popular submarket, the Southeast, which encompasses favored industrial locations such as Solon, Twinsburg, Streetsboro and Aurora, finished the first half with a slightly higher rate of 4.4 percent. However, this market has also seen significant new construction, including a predominance of speculative projects. The submarket with the lowest vacancy rate is the Southwest, which stretches from Middleburg Heights through Medina, checking in at 3.7 percent. At the other end was the downtown submarket. Characterized by a significant amount of older properties, …
WARRENSVILLE HEIGHTS, OHIO — Quantum Real Estate Advisors Inc. has arranged the $13.1 million sale of a 45,422-square-foot office building in Warrensville Heights, an eastern suburb of Cleveland. Constructed as a build-to-suit for advertising agency Marcus Thomas in 2011, the property was renovated in 2021. Daniel Waszak of Quantum represented the buyer, a Miami-based private investor. A metro Cleveland-based developer was the seller.
CLEVELAND — The Cooper Commercial Investment Group has brokered the sale of a single-tenant medical office building in Cleveland for nearly $1.8 million. Cleveland Clinic occupies the property. Dan Cooper of Cooper Group represented the seller, a Florida-based private investor. The California-based buyer purchased the property at the full asking price, which represents a cap rate of 6.5 percent.
CINCINNATI — A partnership between two regional developers, Indiana-based Trinitas Ventures and Ohio-based Crawford Hoying, has started construction of the $250 million second phase of The District at Clifton Heights, a mixed-use project in Cincinnati. The District at Clifton Heights is located across the street from the University of Cincinnati at the site of the former Deaconess Hospital. The first phase of the project centered on construction of The Deacon, an eight-story, 351-bed student housing building that opened in August 2019. Development costs for all phases of the project are estimated at $640 million. The largest piece of the second phase also revolves around student housing. Chicago-based Core Spaces is leading the development of a 14-story tower that will feature 1,112 beds across 380 units. Branded Hub Cincinnati, the project is scheduled for completion in advance of the fall 2024 semester. The other major component of the second phase involves the development of Hotel Celare, a $65 million project. The hotel will rise seven stories, house 171 rooms and 18,000 square feet of meeting space and feature a rooftop bar overlooking the campus entrance. Crawford Hoying is leading the development of the hotel, which is slated for a summer 2024 …