CINCINNATI — Faropoint has acquired an 80,000-square-foot industrial facility in Cincinnati for an undisclosed price. The building sits on 5.5 acres at 10021 Commerce Drive. Built in 1979, the single-tenant property features clear heights ranging from 16 to 20 feet, as well as two dock-high doors and three drive-in doors. The tenant uses the space for both manufacturing and distribution. Rod MacEachen and Jared Wagoner of SqFt Commercial represented Faropoint in the transaction. AIC Ventures was the seller. Founded in 2012, Memphis, Tenn.-based Faropoint owns more than 250 industrial properties totaling over 20 million square feet.
CINCINNATI — An affiliate of Next Realty LLC has acquired the Kings Automall Shopping Center, a 67,000-square-foot retail center in Cincinnati. The property is home to tenants such as Planet Fitness, Mirage Restaurant, Play it Again Sports, Salon Concepts, Penn Station, LensCrafters, Samarkand Food Market, Kings Ford, Queens Nails and Your CBD Store. There is currently one 1,400-square-foot vacancy. The acquisition marks Next’s first purchase in Cincinnati. The seller and sales price were undisclosed.
COLUMBUS, OHIO — The Pizzuti Cos. is underway on the development of two speculative industrial buildings within Global Court Logistics Center, which is located in the Rickenbacker submarket of Columbus. Global Court I will span 158,700 square feet while Global Court II will total 196,400 square feet. Both buildings will feature a clear height of 32 feet and LED lighting. Completion is slated for this December. CBRE and Pizzuti will provide leasing services. Since 1998, Pizzuti has developed more than 12 million square feet of industrial space in the Rickenbacker submarket.
FAIRVIEW PARK, OHIO — JLL Capital Markets has brokered the sale of Westgate Shopping Center in the Cleveland suburb of Fairview Park for an undisclosed price. The 474,000-square-foot power center is home to tenants such as Target, Marshalls, EarthFare, Petco, Five Below, Kohl’s, Ulta Beauty and Lowe’s. The property also includes restaurants such as Chick-fil-A, Longhorn Steakhouse, Buffalo Wild Wings, Starbucks and Five Guys. Completed in 1991, the shopping center was most recently renovated in 2014. Clinton Mitchell, Amy Sands, Kirstey Lein and Bill Poffenberger of JLL represented the seller, IRC Retail Centers/DRA Advisors. The R.H. Johnson Co. was the buyer.
HUBER HEIGHTS AND VANDALIA, OHIO — Marcus & Millichap has brokered the sale of a Dayton-area retail portfolio occupied by Wendy’s for $4.6 million. The two properties are located in Huber Heights and Vandalia. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap marketed the portfolio on behalf of the seller, a private investor. Buyer information was not disclosed.
KENT, OHIO — SVN Summit Commercial Real Estate Advisors has negotiated the $1.2 million sale of an industrial building in Kent, about 40 miles southeast of Cleveland. Located at 4211 Karg Industrial Parkway, the property features 25,750 square feet of warehouse space, 2,250 square feet of office space on the first floor and 2,250 square feet of office space on the second floor. Tom Fox and Graydon Fox of SVN brokered the transaction. The buyer, SprayWorks Equipment Group, plans to utilize the space to expand product offerings and provide more training programs.
WEST JEFFERSON, OHIO — The Pizzuti Cos. and development partner West Jeff Partners LLC have broken ground on a nearly 1.1 million-square-foot speculative warehouse in West Jefferson, a city in central Ohio about 20 miles west of downtown Columbus. The facility will be situated within the larger West Jefferson Logistics Center, which is located off I-70. The project will include dedicated public roadways and utility extensions. The building will feature a clear height of 40 feet, up to 211 dock doors and up to 320 trailer parking spaces. Construction is slated for completion in the second quarter of 2022. Jeff Lyons and Alex Vulic of CBRE will market the project for lease.
COLUMBUS, OHIO — Six new retailers and restaurants have joined the tenant lineup at Easton Town Center, a retail destination in Columbus co-developed by The Georgetown Co., L Brands and Steiner + Associates. UpWest has opened its fourth store and its first in Ohio. The brand offers apparel, sleep, wellness and home goods products for men and women. Brassica, now open, is a Columbus restaurant known for its sandwiches and salads that are inspired by Eastern Mediterranean cuisine. Buff City Soap has opened its first location in Columbus. The retailer offers scented soaps that are made with plant-based ingredients. The breakfast, brunch and lunch restaurant Another Broken Egg will open at Easton Town Center this fall. Afra Grill, also opening this fall, offers dishes inspired by authentic African flavors, spices and sauces. Lastly, Boss Gal Beauty Bar is scheduled to open in September. This will be the third central Ohio location for the tenant, which offers a facial bar and private medical treatment rooms. Easton Town Center spans 2.9 million square feet.
CINCINNATI — Phillips Edison & Co. Inc. (PECO), an internally managed REIT, has filed a registration statement with the Securities and Exchange Commission to offer 17 million shares of its common stock to the public. The Cincinnati-based shopping center owner also intends to grant the underwriters a 30-day option to purchase up to an additional 2.5 million shares of its common stock. The initial public offering (IPO) price is expected to be between $28 and $31 per share. Adjusting for the one-for-three reverse stock split that was executed on July 2, the IPO price would be expected to be between $9.33 and $10.33 per share. PECO expects to trade on the Nasdaq Global Select Market under the ticker symbol “PECO.” The company says it will use the net proceeds from the proposed offering to pay off its $375 million unsecured term loan, fund external growth with property acquisitions and fund other general corporate uses. As of March 31, PECO owned equity interests in 300 shopping centers comprising 31 million square feet across 31 states.
DELAWARE, OHIO — The Kroger Co. and KNAPP have unveiled plans to modernize and expand the grocer’s Great Lakes Distribution Center in Delaware, about 30 miles north of Columbus. The property opened in 2003 and currently services 115 Kroger stores in central and northwest Ohio as well as southeast Michigan and the Ohio River Valley region. Plans call for the addition of modern technology and a 130,000-square-foot expansion. KNAPP provides logistics solutions and specialized software for production and distribution. “The expansion of the facility is part of the ongoing transformation of our supply chain network, and this project will more than double our capacity while delivering innovation and scalability that can grow with demand,” says Tony Lucchino, Kroger’s vice president of supply chain and network strategy.