CINCINNATI — Ready Capital has closed an $8.9 million loan for the acquisition, renovation and lease-up of a 197-unit, two-property manufactured housing portfolio within Cincinnati’s Butler County. The buyer plans to remove abandoned homes, purchase new homes and address deferred maintenance. The three-year, floating-rate loan includes a facility to provide future funding for capital expenditures.
CINCINNATI AND UNION, N.J. — Cincinnati-based The Kroger Co. (NYSE: KR) and Union, N.J.-based Bed Bath & Beyond Inc. (NASDAQ: BBBY) have unveiled plans for a collaboration to directly offer Kroger customers the home and baby products carried by Bed Bath & Beyond. The products will be available on Kroger’s website as well as a small-scale, physical store pilot program at select Kroger stores beginning in 2022. The products will include bedding, storage, baby furniture and baby gear from both Bed Bath & Beyond and buybuy Baby.
CLEVELAND — Cleveland-based KeyBank Real Estate Capital, the commercial real estate business unit of KeyCorp (NYSE: KEY), has established a new unitranche loan program with Toledo-based Welltower Inc. The healthcare real estate fund will total $750 million in lending capacity and will provide first mortgage financing on seniors housing and skilled nursing facilities. A unitranche loan blends senior and junior debt pricing and terms into a single first lien debt facility rather than creating two classes of debt and coordinating among multiple lenders. This approach increases certainty of execution, and borrowers typically benefit from a single lending entity and blended interest rate, according to KeyBank.
AKRON, OHIO — Fairfield Advisors has brokered the sale of the Crystal Clinic medical office portfolio in metro Akron for $8 million. The portfolio consists of 26,500 square feet and is utilized for orthopedic services, including surgery, imaging and physical therapy. With over 40 physicians, Crystal Clinic is one of the largest independently owned orthopedic practices in Ohio. Ben Whitney and Greg Trainor of Fairfield represented the seller in the transaction. Buyer and seller information was not provided.
FAIRLAWN, OHIO — Marcus & Millichap has arranged the $7.8 million sale of a Walgreens-occupied property in Fairlawn, a northwest suburb of Akron. The 14,820-square-foot, net-leased building is located at 3009 W. Market St. Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a private investor. Buyer information was not provided.
BRECKSVILLE, OHIO — The Sherwin-Williams Co. (NYSE: SHW) has broken ground on its new global research and development (R&D) center in Brecksville, a southern suburb of Cleveland. The 600,000-square-foot facility will support product development, coatings research, color technology and process engineering. Cleveland-based Sherwin-Williams is also building a new global headquarters in downtown Cleveland that will span approximately 1 million square feet. The company plans to invest a minimum of $600 million to build both the headquarters and the R&D facility. Together, the two facilities will house more than 3,500 employees. Sherwin-Williams estimates it will add a minimum of 400 jobs at these properties over time, an increase of 11 percent to the company’s current local workforce. The R&D center is expected to open by the end of 2024.
COLUMBUS, OHIO — Law firm Taft has signed a long-term lease for 50,000 square feet at Huntington Center, a 1 million-square-foot office tower in downtown Columbus. Taft will relocate to the 37-story building in late 2022 and will occupy three floors. Developed by Hines in 1984, Huntington Center is located directly across from Ohio Statehouse, the state capitol building. The property underwent an $18 million renovation in 2019. Collin Wheeler and Brandon Ellis of CBRE represented Hines in the lease transaction. Jeff Carey of JLL represented Taft.
COLUMBUS, OHIO — Hanley Investment Group Real Estate Advisors has arranged the sale of a two-tenant retail property spanning 118,161 square feet in Columbus for an undisclosed price. The property, located within the Mill Run Square shopping center, is home to Floor & Décor and Arhaus. Eric Wohl and CJ Kiehler of Hanley, in association with ParaSell Inc., represented the seller, an affiliate of Atlanta-based RCG Ventures. Mark Luttner of Luttner Passov Investment Group represented the buyer, an Ohio-based private investor.
COVINGTON, OHIO — Natixis has provided a $53 million loan for the refinancing of River Haus Apartments in Covington, about two miles from downtown Cincinnati. The borrower, Flaherty & Collins, completed development of the 192-unit, Class A multifamily community in 2019. Daniel Geuther and Michael Slovitt of Berkadia arranged the five-year, floating-rate loan, which replaced the initial construction financing.
COLUMBUS, OHIO — Nine new retailers and restaurants are now open at Easton Town Center in Columbus. Levi’s has opened its first NextGen store in the state of Ohio. NextGen stores offer shoppers the opportunity to customize new looks and work directly with in-store stylists. Dr. Martens opened its second retail location in Ohio and its first in Columbus. Customers can shop a wide range of boots, shoes and accessories. Urban Outfitters has opened its only Columbus location. Fay’s Crepes, which serves specialty crepes and waffles, debuted its only Columbus location. Italian restaurant Sono Wood Fired and Vietnamese restaurant Pho Social opened their first locations in Ohio. Boss Gal Beauty Bar has debuted its third central Ohio location. The space features a facial bar and private medical treatment rooms. Grandview Heights, Ohio-based Glenn Avenue Soap Co. opened its second retail location. Lastly, Solich Piano, a fast-growing piano dealer in the Midwest, has opened its only Columbus location, which spans 8,100 square feet. Easton Town Center, co-developed by L Brands, The Georgetown Co. and Steiner + Associates, is home to more than 250 shops, restaurants and entertainment concepts.