WEST JEFFERSON, OHIO — Stonemont Financial Group and The Pizzuti Cos. are co-developing a 1.1 million-square-foot speculative industrial project in West Jefferson, about 18 miles west of Columbus. Stonemont will acquire the facility upon completion, which is scheduled for the end of this summer. Named West Jeff One, the Class A project sits directly off I-70. The development features 209 car parking spaces, 110 trailer parking spaces and a clear height of up to 40 feet. The project marks Atlanta-based Stonemont’s first in the Columbus area.
CINCINNATI — SRS Real Estate Partners has brokered the sale of a 93,000-square-foot industrial facility occupied by Frisch’s Commissary Kitchen in Cincinnati for $10.3 million. Located at 3011 Stanton Ave., the property also includes an onsite research and development department that is utilized for the restaurant chain’s brand innovation. There are more than 13 years remaining on the triple net lease. Matthew Mousavi and Patrick Luther of SRS represented the seller, a Southeast-based family partnership. Jeff Bracco of The Kase Group represented the buyer, a partnership based in the San Francisco Bay area. Frisch’s operates more than 177 restaurants.
CLEVELAND — Industrial Commercial Properties (ICP) has acquired a 235,000-square-foot Class A office building in downtown Cleveland for an undisclosed price. Built by The Plain Dealer Publishing Co. in 2001 for its newspaper staff, the property is located at 1801 Superior Ave. within the city’s Superior Arts District. The building has been marketed for multi-tenant use in more recent years. Rob Roe of JLL represented the seller, Advance Ohio, an affiliate of The Plain Dealer Publishing Co. ICP has been diversifying its portfolio over the last few years to include office, retail and mixed-use.
NEW ALBANY, OHIO — Minneapolis-based healthcare real estate firm Davis has sold New Albany Medical Building II on the Mount Carmel Surgical Hospital campus for $27.7 million. The 59,233-square-foot medical office building is located in the Columbus suburb of New Albany. Davis acquired the asset in late 2019. The building is now 95 percent leased to tenants such as New Albany Surgery Center, OrthoNeuro, 161 Dental Studio, Ohio Skin, Capitol Pain and Stephen Webster Endodontics. Milwaukee-based Physicians Realty Trust was the buyer.
COLUMBUS, OHIO — Walker & Dunlop Inc. has arranged $59.8 million in debt and equity financing for the construction of Green|House, an apartment project in the Short North Arts District of Columbus. The seven-story development will feature 158 units and 3,700 square feet of retail space. Amenities will include a fitness center, outdoor pool, spa, sauna and community room. The project is the adaptive reuse of an existing building. Kaufman Development is the developer. Jeff Morris, Chad Kiner and A.J. Mangan of Walker & Dunlop arranged the debt through a regional bank and secured a national insurance company as the equity partner. The loan features a fixed interest rate and a three-year term.
SIDNEY, OHIO — SEMCORP Advanced Materials Group has unveiled plans to invest $916 million for a new manufacturing facility in Sidney, about 35 miles north of Dayton. The facility, which is expected to create nearly 1,200 jobs, will be utilized to make separator film, a key component in batteries for electric vehicles. SEMCORP’s products will be used by electric vehicle battery makers across North America. The Sidney project will be located at Sidney Ohio Industrial Park and will span 850,000 square feet. A timeline for completion was not released. The City of Sidney provided incentives for the project, but specific details were not provided. According to a news release, China-based SEMCORP is currently the largest lithium-ion battery separator film producer in the world with six manufacturing facilities.
GRANDVIEW HEIGHTS AND UPPER ARLINGTON, OHIO — Ready Capital has closed a $22.8 million loan for the acquisition and stabilization of a 1,649-unit self-storage portfolio located in the metro Columbus cities of Grandview Heights and Upper Arlington. The nonrecourse loan features interest-only payments, a floating rate and a three-year term. The borrower was undisclosed.
AKRON, OHIO — Green Harvest Capital LLC has purchased a nearly 64,000-square-foot historic warehouse in Akron with plans to convert the property into roughly 50 apartment units. The historic Akron Soap Co. building was formerly occupied by WhiteSpace Creative. Completed in 1893, the factory was built to manufacture soap and was later utilized by Pioneer Cereal Co. and Pockrandt Paint Co. The facility sat vacant for several years until White Hot Properties LLC purchased it in 2013 and converted the building into office space. Nichole Booker of SVN Summit Commercial Real Estate Advisors brokered the sale. The sales price was undisclosed.
MASON, OHIO — Senior Living Investment Brokerage (SLIB) has arranged the sale of Cedar Village, a seniors housing community in Mason, Ohio, approximately 22 miles northeast of downtown Cincinnati. Cedar Village features 105 independent living/assisted living units and 162 skilled nursing beds. The seller was a nonprofit owner based in Indiana divesting of its only community in Ohio. The buyer was a regional owner with other properties nearby. The price was not disclosed. Ryan Saul of SLIB handled the transaction.
SEVILLE, OHIO — Sheetz Inc., a gasoline station, convenience store and coffee shop chain owned by the Sheetz family, has purchased a vacant lot at 350 Center St. in Seville, about 40 miles south of Cleveland. The nearly 12-acre site sold for $1.2 million and will be custom-built for Sheetz. Jerry Fiume and Aaron Davis of SVN Summit Commercial Real Estate Advisors brokered the sale. The seller was undisclosed.