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AcquisitionsMidwestOhioRetail

Hanley Investment Group Arranges Sale of 139,486 SF Shopping Center in Dublin, Ohio

by Kristin Harlow

DUBLIN, OHIO — Hanley Investment Group Real Estate Advisors has arranged the sale of Perimeter Center in Dublin for $35 million. Giant Eagle Market District anchors the 139,486-square-foot shopping center, which is fully leased. Additional tenants include Chipotle, Edward Jones, Enterprise Rent-A-Car, Sport Clips, UPS Store and Jersey Mike’s Subs. The property was built in 1995. Kevin Fryman and Ed Hanley of Hanley Investment Group, in association with ParaSell Inc., represented the 1031 exchange buyer, an affiliate of California-based Orton Development Inc. Clinton Mitchell, Amy Sands and Michael Nieder of JLL represented the seller, an institutional owner. Chris Knight of JLL arranged a 10-year, fixed-rate acquisition loan through Mutual of Omaha Insurance Co. on behalf of the buyer.

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LoansMidwestMultifamilyNorthmarqOhio

Northmarq Arranges $2.6M Acquisition Loan for Multifamily Property in Trenton, Ohio

by Kristin Harlow

TRENTON, OHIO — Northmarq has arranged a $2.6 million loan for the acquisition of Trenton Avenue Apartments in Trenton, a suburb of Cincinnati. The 52-unit multifamily property comprises multiple buildings. Chase Dawson of Northmarq arranged the fixed-rate loan, which features an 80 percent loan-to-value ratio, a five-year term and a 25-year amortization schedule. A regional bank provided the loan to the undisclosed borrower.

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DevelopmentMidwestOfficeOhio

Unispace Completes 262,500 SF Office for Bread Financial in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Design and construction firm Unispace has completed Bread Financial’s new 262,500-square-foot office space in Columbus. Bread Financial is a financial services company that provides flexible lending and saving solutions. Unispace collaborated with Bread Financial on the overall design, which includes LED lighting, various workspaces and an outdoor space. Despite supply chain delays, Unispace completed the project on time and on budget.

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DevelopmentIndustrialMidwestOhio

NorthPoint Development Breaks Ground on 853,000 SF Spec Industrial Project in Toledo, Ohio

by Kristin Harlow

TOLEDO, OHIO — NorthPoint Development has broken ground on Toledo Trade Center, a three-building industrial project totaling more than 853,000 square feet in Toledo. The speculative project is being built on the site that was formerly home to North Towne Mall, which closed in 2005. NorthPoint estimates that the $84.6 million investment, excluding tenant improvements, will create more than 564 direct and indirect jobs and generate over $11.8 million in annual permanent wages for the local community. Rudolph Libbe Inc. is the general contractor. The first building is slated for completion next summer. Reichle Klein Group will serve as the leasing agent.

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AcquisitionsMidwestOhioRetail

Marcus & Millichap Brokers $3.7M Sale of Retail Property in Suburban Columbus

by Kristin Harlow

GAHANNA, OHIO — Marcus & Millichap has brokered the sale of an 8,464-square-foot retail property in the Columbus suburb of Gahanna for $3.7 million. The property, which was 85 percent leased at the time of sale, is home to City BBQ and WesBanco Bank. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap brokered the transaction. Both the buyer and seller were private, out-of-state investors. The asset sold at 96 percent of the list price, which equates to a cap rate of 6.5 percent.

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AcquisitionsIllinoisIndianaIndustrialMidwestOhioSelf-Storage

Extra Space Storage Acquires Storage Express for $590M

by Kristin Harlow

INDIANA, OHIO, ILLINOIS AND KENTUCKY — Extra Space Storage Inc. and its subsidiaries (NYSE: EXR) have completed the acquisition of multiple entities doing business as Storage Express, which owns 107 storage properties across Indiana, Ohio, Illinois and Kentucky. The sales price was approximately $590 million. The acquisition includes all Storage Express assets, including trademarks, contracts, licenses, intellectual property and 14 future development sites. The transaction was funded in part by the issuance of $125 million in operating partnership units, with the balance in cash drawn from its credit facilities. Latham & Watkins LLP served as outside legal counsel to Extra Space.

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AcquisitionsIndustrialMidwestOhio

Sealy & Co. Acquires 1.1 MSF Industrial Portfolio in Dayton, Ohio

by Kristin Harlow

DAYTON, OHIO — Sealy & Co. has acquired a 1.1 million-square-foot industrial portfolio in Dayton for $53.2 million. Known as the Mid States Industrial Portfolio, the portfolio contains 10 buildings that are home to 22 tenants. The assets are concentrated in two submarkets, Moraine and Airport/Vandalia, both of which are located along I-75. Jason Gandy and Davis Gibbs led the transaction for Sealy on an internal basis. Steve Timmel, Jeff Johnston and Will Roberts of CBRE represented the seller, Culmen Real Estate Services. Sealy maintains corporate offices in Dallas and Shreveport, La.

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AcquisitionsMidwestOhioRestaurantRetail

Cooper Group Brokers $2.8M Sale of Starbucks-Occupied Building in Piqua, Ohio

by Kristin Harlow

PIQUA, OHIO — The Cooper Commercial Investment Group has brokered the $2.8 million sale of a newly built retail property occupied by Starbucks in Piqua, about 27 miles north of Dayton. The net leased building is situated near the Miami Valley Crossing shopping center. Starbucks has a 10-year lease with 10 percent rental increases every five years. Dan Cooper of Cooper Group represented the seller, a Midwest-based developer. The Missouri-based buyer purchased the property at the full ask price, representing a cap rate of 4.7 percent.

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Leasing ActivityMidwestOhioRetail

Lacrosse Unlimited Opens New Store in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Lacrosse Unlimited has opened a new store in the Worthington area of Columbus. Located at 2245 W. Dublin Granville Road, the store marks the 46th location nationwide and the first in Ohio for the lacrosse equipment supplier. Lacrosse Unlimited was founded in 1990 by the DeSimone family, avid lacrosse players, and is headquartered in Edgewood, N.Y.

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DevelopmentMidwestMultifamilyOhio

United Way of Central Ohio Selects $70M Redevelopment Proposal for Headquarters

by Kristin Harlow

COLUMBUS, OHIO — United Way of Central Ohio has selected the AspireCOLUMBUS proposal from the Columbus Metropolitan Housing Authority (CMHA) and national nonprofit The Community Builders (TCB) for the redevelopment of its headquarters building at 360 S. Third St. The CMHA-TCB proposal is a $70 million project slated for completion in late 2025 or early 2026. Plans call for a 12-story building with 30,000 square feet of commercial space and 135 mixed-income units. Moody Nolan will lead the design. The CMHA-TCB partnership has a purchase sale agreement of $4 million to take ownership of the building. Battelle Memorial Institute Foundation donated the one-acre site to United Way of Central Ohio in 1978 for use as its headquarters. When the nonprofit decided to sell the property, it enlisted the help of a real estate task force consisting of United Way employees, board members, community volunteers and outside advisors. Funding for the redevelopment project will come from New Markets Tax Credit equity, traditional debt, CMHA funding, Low-Income Housing Tax Credit equity and potential gap funding from state and local partners.

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