CLEVELAND — Kennametal, a supplier of tooling and industrial materials, has leased a 125,000-square-foot warehouse at 18105 Parkway in Cleveland. Christopher Livingston, Jonathan Elson and Brad Totten of Avison Young represented the tenant in the lease transaction. Chelm Properties Inc. is the landlord. Kennametal’s headquarters are in Pittsburgh, but the company has operated in Cleveland for 22 years.
MIAMISBURG, OHIO — CBRE has arranged the $10.8 million sale of a 197,731-square-foot industrial building in Miamisburg, just south of Dayton. Located at 511 Byers Road, the one-story building was constructed in 1986 and is fully leased to four tenants. The property has undergone renovations since 2019, including parking improvements and new exterior paint. Steve Timmell, Will Roberts, Jeff Johnston, Chris Prosser and Doug Whitten of CBRE represented the seller, Industrial Commercial Properties LLC. Heritage Acquisitions LLC was the buyer.
COLUMBUS, OHIO — Center Square, a company specializing in community events and entertainment centers, has leased a 33,000-square-foot warehouse at 225 Neilston St. in the historic Warehouse District of Columbus. The company plans to transform the building into The Kee, a community center with an indoor-outdoor event venue and a restaurant and bar. The landlord, Hackman Capital Partners, owns the majority of the real estate in the Warehouse District. Clayton Davis and Alex Ashworth of JLL represented both the landlord and the tenant in the lease transaction. Center Square plans to program events at the venue such as concerts, comedy shows, fitness classes, art exhibits and farmer’s markets. There will also be an onsite catering option for private parties, weddings and corporate events. The Kee is expected to open in July 2022.
WILMINGTON, OHIO — Time Equities Inc. (TEI) has acquired three industrial buildings totaling 526,019 square feet in Wilmington, which is located midway between Cincinnati and Columbus. Located along Progress Way, the buildings are fully occupied by PC Connection, DealerTrack and New Sabina Industries. Max Pastor and Brian Soto of TEI led the acquisition. Michael Sullivan of Cushman & Wakefield represented the undisclosed seller.
COLUMBUS, OHIO — Artificial intelligence lending platform Upstart has signed a sublease for 240,000 square feet of Class A office space at 3075 Loyalty Circle in the Easton neighborhood of Columbus. The lease is in addition to a recent 54,000-square-foot expansion by Upstart at 711 N. High St. in the Short North neighborhood of Columbus. Through its expansion, Upstart plans to create an additional 500 jobs. The new spaces feature a combination of open offices, breakout rooms and collaboration areas. Upstart’s Short North office opened in early September and its Easton office is slated for completion in January. Clayton Davis and Jeff Carey of JLL represented Upstart.
CINCINNATI — The Kroger Co. (NYSE: KR), the largest grocery store chain in the country, has announced five new customer fulfillment centers (CFCs) that the company will operate along with UK-based delivery logistics partner Ocado Group. The new Kroger Delivery facilities include a distribution center in the Northeast, as well as two centers in Southern California and a pair of facilities in South Florida. The vertically integrated CFCs will utilize machine learning and robotics and serve both Kroger customers and regional stores. The locations, size and construction timelines for these fulfillment centers were not disclosed because Kroger’s team members are still in the site selection process, but the Northeast CFC will be the Cincinnati-based grocer’s first in the region. “We feel great about the momentum we’re experiencing with Kroger Delivery and our partnership with Ocado and are strategically leveraging our assets to expand our operations in existing regions, as well as enter new geographies on the East Coast that leverage facilities across a growing range of sizes,” says Rodney McMullen, chairman and CEO of Kroger. “Kroger Delivery is a thriving part of our dynamic ecosystem and is transforming grocery e-commerce and meeting a range of customer needs.” The Southern California …
GROVEPORT, OHIO — Chicago-based Stotan Industrial and its joint venture partners LaSalle Investment Management and CA Industrial have acquired a 47-acre site in Groveport with plans to build a 640,640-square-foot speculative facility. The partnership acquired the land on Hayes Road from Sunshine and Smooch LLC. Development plans call for 60 dock doors, 154 trailer spots, 310 car parking spots and a clear height of 36 feet. CBRE’s Rick Trott represented Stotan in the land purchase and has been retained as the project’s leasing agent. Stotan, a private investment firm specializing in the acquisition and development of industrial properties, was launched earlier this year.
NEW ALBANY, OHIO — Scannell Properties has broken ground on a 354,000-square-foot speculative warehouse in New Albany, about 15 miles northeast of Columbus. The developer purchased a 33-acre site on Innovation Campus Way. Completion of the project is slated for June 2022. Tom Miles and Scott Pickett of Avison Young represented Scannell in the land purchase. The duo will also handle leasing efforts for the property. MBJ Holdings was the seller.
MIDDLETOWN, OHIO — Main Street Community Capital has unveiled plans for Hollywoodland, a 50-acre mixed-use development along the Great Miami River in Middletown. The city, which boasted a population of about 50,000 residents as of the 2020 census, is located 25 miles southwest of Dayton and 30 miles northeast of Cincinnati. Development costs for the project are estimated at $1.3 billion. The Middletown City Council met for over six hours this week to discuss the project with the public. The official vote on approving or denying the development is scheduled for Oct. 21. If approved, Hollywoodland would be a public-private partnership between the city and Main Street Community Capital. If approved, the development would include: A luxury hotel with an attached, publicly owned convention center, rooftop bar and themed restaurants; a family-oriented hotel with a water park; the adaptive redevelopment of an existing First National Bank building into a boutique hotel; an indoor entertainment and concert venue; an indoor amusement park; 3,000 deck-based parking spaces; luxury, mid-rise multifamily units and condominiums; a pre- and post-production motion picture studio with sound stages and support offices; restaurants, bars, brew-pubs and cafes; a comedy club; and lifestyle, convenience and recreational retail space. The project …
OHIO — Greystone has provided a $50.1 million bridge loan for the acquisition of a six-property skilled nursing portfolio in Ohio. The communities total 719 beds and are located in Berea, Cleveland, Clyde, Kent and Waterville. Fred Levine of Greystone originated the floating-rate, interest-only loan through Greystone’s nonrecourse bridge loan program. Greystone says it will work with the borrower to secure a permanent HUD-insured loan for the skilled nursing portfolio as soon as possible. The borrower was undisclosed.
