Wednesday, February 26, 2025
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AcquisitionsHealthcareMidwestOhio

Flagship Healthcare Acquires 14,416 SF Ambulatory Surgery Center in New Albany, Ohio

by Kristin Harlow

NEW ALBANY, OHIO — Flagship Healthcare Properties has acquired a 14,416-square-foot ambulatory surgery center (ASC) in New Albany, about 15 miles northeast of Columbus. The purchase price was undisclosed. Built in 2003, the property at 6520 W. Campus Oval is fully leased to Central Ohio Surgical Institute, which is majority owned by nonprofit healthcare system OhioHealth. The ASC features five operating rooms and offers multiple surgical specialties, including ENT, plastics, orthopedics, gynecology, dentistry and gastroenterology. The property is situated within the 9,000-acre New Albany International Business Park. Flagship utilized its private real estate investment trust, Flagship Healthcare Trust, for the acquisition. Flagship will provide property management and asset management services for the ASC. Fifth Third Bank provided acquisition financing. Nick Myeres of Zeustra represented the undisclosed sellers.

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FeaturesHeartland Feature ArchiveIllinoisMidwestNortheastNortheast Feature ArchiveOhioPennsylvaniaSeniors Housing

Dual Appraisal Methods Improve Opportunities to Get Fair Taxation for Seniors Housing Properties

by John Nelson

By Phil Brusk and Caleb Vahcic of Siegel Jennings Co. L.P.A. The seniors housing sector can’t seem to catch a break. Owners grappling with staffing shortages and other operational hardships lingering from the pandemic are facing new challenges related to debt and spiraling costs. High interest rates and loan maturations loom over the industry, with $19 billion in loans coming due within the next 24 months, according to Cushman & Wakefield’s “H1 2024 Market Trends and Investor Survey” on senior living and care. Factors driving high costs include wage pressures, inflation and — incredibly — rising property taxes. Despite operational challenges and declining occupancy at many facilities during the COVID-19 pandemic, property tax relief for seniors housing was mixed. Many assessors resisted downward adjustments to taxable values, maintaining that recovery was around the corner. Now, seniors housing operators face property tax assessments that equal or exceed pre-pandemic levels. As in the hospitality sector, most seniors housing owners understand that their operating properties include more value components than real property alone. In evaluating whether a tax assessment is reasonable and fair, however, owners need to realize that how an assessor addresses their real estate, personal property and intangible assets can drastically …

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HospitalityLoansMidwestOhio

Marcus & Millichap Capital Corp. Arranges $8.5M Loan for Refinancing of Hampton Inn Hotel Near Cleveland

by Kristin Harlow

NORTH OLMSTED, OHIO — Marcus & Millichap Capital Corp. (MMCC) has secured an $8.5 million CMBS loan for the refinancing of the Hampton Inn by Hilton North Olmsted Cleveland Airport hotel in North Olmsted, a southwest suburb of Cleveland. Built in 2016, the 118-room property features a dining area, business center, meeting space, fitness center and indoor pool. Pete Fehlman and Jake Marshall of MMCC arranged the loan on behalf of the borrower, Riley Hotel Group. The five-year loan features interest-only payments for the full term, a fixed interest rate of 6.91 percent and a 70 percent loan-to-cost ratio.

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DevelopmentIndustrialMidwestOhio

Peak Construction Completes 56,000 SF Tenant Improvement Project for Blackhawk Industrial in Strongsville, Ohio

by Kristin Harlow

STRONGSVILLE, OHIO — Peak Construction Corp. has completed a 56,000-square-foot tenant improvement project for Blackhawk Industrial Distribution in Strongsville, a southern suburb of Cleveland. Peak previously constructed the 310,000-square-foot building on behalf of developer Scannell Properties. The property features a clear height of 32 feet, nine docks and 3,500 square feet of office space. HSB Architects & Engineers was the project architect.

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AcquisitionsIndianaMichiganMidwestOhioRetail

SpartanNash Acquires 49-Store Fresh Encounter Supermarket Chain in Midwest

by Kristin Harlow

GRAND RAPIDS, MICH.— Grand Rapids-based food solutions company SpartanNash has acquired Fresh Encounter Inc. (FEI), a 49-store supermarket chain with locations in Ohio, Indiana and Kentucky. This move expands SpartanNash’s retail footprint by 33 percent and marks the company’s second retail acquisition this year, following its purchase of Metcalfe’s Market in April. FEI operates stores under the banners Community Markets, Remke Markets, Chief Markets and Needler’s Fresh Market, and has been a food distribution customer of SpartanNash for 58 years. The transaction is expected to close in late November, subject to customary conditions.

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Affordable HousingDevelopmentMidwestMultifamilyOhio

Pennrose Opens Phase I of Thatcher Flats Mixed-Income Housing Community in Cincinnati

by Kristin Harlow

CINCINNATI — Pennrose and Walnut Hills Redevelopment Foundation have opened Phase I of Thatcher Flats, a $27 million redevelopment project to transform a full city block in Cincinnati’s Walnut Hills neighborhood into 86 mixed-income rental units. The development team has also commenced construction on Phase II. The first phase consists of 50 affordable housing units across two buildings utilizing 9 percent Low-Income Housing Tax Credits (LIHTC). The $15.2 million development offers a mix of one-, two- and three-bedroom units for residents who earn 30 to 60 percent of the area median income — roughly $20,070 to $40,140 for a one-person household. Residents of both phases will have access to the community amenities in Phase I, including a community room, laundry facilities, fitness center and parking. The name Thatcher Flats was inspired by the history of the Lincoln Avenue Business district, which in the late-1800s and through the mid-1900s was a thriving African American business district. In 1933, Ernest and Georgia Thatcher, an entrepreneurial African American couple, moved to Cincinnati and created Thatcher’s Fish and Poultry on what is now Thatcher Flats. In addition to the LIHTC financing for Phase I, the project received funding from the City of Cincinnati and …

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Affordable HousingDevelopmentMidwestMultifamilyOhio

Woda Cooper Breaks Ground on Two-Phase Affordable Seniors Housing Community in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Woda Cooper Cos. Inc. has broken ground on Juniper Crossing, an affordable seniors housing community that will be built in two phases in Columbus. Phase I will provide 44 units for residents who earn between 30 and 70 percent of the area median income (AMI), while Phase II will offer 37 units for those who earn up to 60 percent AMI. Amenities will include a multipurpose community room, fitness center, parcel room, laundry facility, lounge room, activity room and picnic area. The property is expected to be certified LEED Silver. The Ohio Housing Finance Agency (OHFA) allocated federal housing tax credits for both phases of the project, and new state credits for Phase II. OHFA also provided the first mortgage for Phase I. Merchants Capital invested in the federal and state tax credits for both phases in exchange for equity financing. Its affiliate, Merchants Bank of Indiana, is the construction lender. Cedar Rapids Bank & Trust provided a permanent first mortgage for Phase II. The City of Columbus approved a 15-year tax abatement on 100 percent of the value for both phases. The city also provided gap financing toward permanent debt, including a HOME loan for soft …

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DevelopmentMidwestMultifamilyOhio

Vista Residential Partners Breaks Ground on 308-Unit Multifamily Property in Newark, Ohio

by Kristin Harlow

NEWARK, OHIO — Vista Residential Partners has broken ground on Trailhead Vista, a 308-unit apartment community in Newark, about 40 miles east of Columbus. The 15.6-acre project is situated at the northeast corner of West Main Street and Thornwood Drive along the Thornwood Corridor Employment Hub (TECH), which is comprised of five industrial parks totaling over 1,600 acres. Designed by Columbus-based ArchAll, the garden-style community will offer a mix of one- and two-bedroom units averaging 862 square feet. Amenities will include a clubhouse, pool, fitness center, central green area and pet park. Trailhead Vista will also offer access to the TJ Evans Trail, a 14.2-acre trail connecting Newark to Johnstown. Parse Capital, Icarus Capital and Old National Bank provided financing for the development. Krevolin & Horst LLC represented Vista Residential Partners.

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AcquisitionsIndustrialMidwestOhio

MAG Capital Partners Acquires 410,858 SF Manufacturing Facility in Niles, Ohio

by Kristin Harlow

NILES, OHIO — MAG Capital Partners LLC has acquired a 410,858-square-foot manufacturing facility in northeast Ohio’s Niles in a sale-leaseback transaction with BRT Extrusions Inc. The purchase price was undisclosed. The tenant, a full-service aluminum extrusion company, serves a wide range of sectors, including construction, automotive, transportation and electronics. The property is situated on nearly 28 acres at 1818 Main St. Daniel Macks and Phil DiGennaro of Stream Capital Partners advised the buyer and seller. Dallas-based MAG Capital Partners invests in industrial real estate and operating companies.

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DevelopmentHealthcareMidwestOhio

Catalyst, Heitman Begin Development of 51,000 SF Inpatient Rehabilitation Hospital in South Point, Ohio

by Kristin Harlow

SOUTH POINT, OHIO — Catalyst Healthcare Real Estate and Heitman have broken ground on a new 51,000-square-foot inpatient rehabilitation hospital in South Point along the Ohio River. The project marks the ninth hospital Catalyst has delivered for PAM Health, and the second in Ohio. The 42-bed facility will be fully leased and operated by PAM Health. The hospital will provide inpatient and outpatient physical, occupational and speech therapy services.

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