COLUMBUS, OHIO — Newmark has negotiated a 207,740-square-foot office and industrial headquarters lease for Homage, a vintage sports apparel brand, at 885 Stelzer Road in Columbus. The speculative property is situated across the street from John Glenn International Airport and was built in 2024 to revitalize a former vacant wooded lot. Terry Coyne and Derek Lichtfuss of Newmark represented the landlord, Weston Inc. Homage plans to take occupancy before the end of the year. Weston Devore of CBRE represented the tenant. Founded by Ryan Vesler, Columbus-based Homage has investors such as NFL star Jason Kelce, NBA star Kevin Durant, actors Ryan Reynolds and Rob McElhenney and Haslam Sports Group, which owns the Cleveland Browns, Columbus Crew and is shared controlling owner of the Milwaukee Bucks.
COLUMBUS, OHIO — Woda Cooper Cos. Inc. and its co-developer Community Development for All People (CD4AP) have opened Columbus Renaissance Housing, a 46-unit affordable housing community located at 33 W. Morrill Ave. in Columbus. The property is reserved for renters with household incomes up to 60 percent of the area median income, which is $61,980 per year for a family of four. The project is comprised of one three-story building. There are 12 one-bedroom units, 28 two-bedroom apartments and six three-bedroom units. The property is certified LEED Silver. Amenities include a community room, parcel room, fitness center, central laundry, a playground, onsite office and bike racks. CD4AP is operating an onsite office to assist residents with advocacy, financial literacy, community enrichment activities and goal setting as well as referrals for addiction counseling, childcare, healthcare, employment and legal counsel. Columbus Renaissance Housing represents a combination of public and private investment from entities, including the City of Columbus, Franklin County, Ohio Housing Finance Agency (OHFA), Affordable Housing Trust for Columbus & Franklin County (AHT) and Columbus-Franklin County Finance Authority, as well as several commercial investors and lenders. The City of Columbus provided a low-interest permanent loan and approved a 15-year tax abatement …
By Duke Wheeler, Reichle Klein Group The ongoing redevelopment of nonfunctional department store structures such as Sears and Elder Beerman, along with the retenanting or repurposing of structures such as Kmart, Giant Eagle and Value City, paved the way for many statistical and actual market improvements in the greater Toledo, Ohio, trade area. This positive trend and message supersede the closing announcements from over the past several months. First, the numbers: The overall retail market vacancy rate improved from 11.5 percent to 8.3 percent over the prior five-year period. This represents approximately 650,000 square feet of positive absorption. Most of this absorption occurred among anchor space, defined for the purpose of this article as space 20,000 square feet or larger. The vacancy rate for anchor space improved from 11 percent to 5.1 percent. Self-storage played a large role as roughly 300,000 square feet of anchor retail space was converted by the storage industry. The balance of positive absorption can be attributed to pent-up retail demand as occupiers compete for well-located, existing space in a market with limited new construction and increased construction costs. In some cases, landlords have found or will find themselves better off with a replacement tenant than …
DAYTON, OHIO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $6 million loan for the refinancing of Dayton Children’s Behavioral Health Center, a medical office facility located at 5501 Far Hills Ave. in Dayton. Dan Litman of MMCC arranged the financing with a regional bank on behalf of a local, privately held construction and real estate development company. The nonrecourse loan features a nine-year term, 75 percent loan-to-value ratio, 5.73 percent interest rate and 20-year amortization period. Dayton Children’s is a pediatric acute children’s teaching hospital with locations throughout Ohio. The newly completed facility on Far Hills Avenue offers developmental rehab and speech therapy, imaging and lab work, and pediatric primary care services.
CINCINNATI — Sonida Senior Living has expanded The Wellington at North Bend Crossing in Cincinnati with the addition of its new Vista building. The four-story building is now welcoming visitors for tours ahead of its anticipated summer opening. The Vista building adds 82 new assisted living and memory care apartments, supporting a maximum occupancy of 113 residents. The expansion will create nearly 65 new jobs in the area. The building features three outdoor spaces, a nearly 1,000-square-foot rehabilitation gym, fitness room, theater, game room, multiple dining venues, a salon and sunrooms on each floor. Responding to frequent requests from the community, Vista will introduce fully furnished assisted living apartments specifically available for temporary stays and respite care. This addition addresses a growing need among local families for flexible, supportive short-term living options. Vista also expands the community’s specialized memory care neighborhood, which utilizes Sonida’s Magnolia Trails program to provide engagement and purpose-driven experiences for individuals living with Alzheimer’s disease and other forms of dementia. With the addition of Vista, The Wellington at North Bend Crossing expands its continuum of care to include a total of 318 independent living, assisted living, memory care and temporary stay/respite care units.
MEDINA, OHIO — Gerspacher Real Estate Group, a privately owned commercial real estate firm based in Medina, has joined CORFAC International, a global network of independently owned commercial real estate firms. As the CORFAC representative for the Cleveland and Akron markets, Gerspacher will connect local clients to national and international opportunities — and vice versa. Gerspacher, a family-owned firm, specializes in brokerage, investment and development. “This partnership with CORFAC opens up a wealth of resources enabling us to serve even more clients who are looking for real estate solutions in Northeast Ohio,” says Troy Gerspacher, president. “In addition, we will be able to facilitate transactions for northeastern Ohio businesses looking to rent or buy in other parts of the country or world.”
TOLEDO, OHIO — CrownPoint Partners has brokered the $2.2 million sale of a newly constructed, single-tenant retail property occupied by Chipotle Mexican Grill in Toledo. The property at 3360 Glendale Ave. features a 2,325-square-foot building with a “Chipotlane” drive-thru. Chipotle has a 15-year triple-net lease with 10 percent rental increases every five years, along with four additional five-year renewal options. The lease is corporately guaranteed by Chipotle Mexican Grill, which operates 3,781 restaurants in the U.S. Julius Swolsky and Shannon Bona of CrownPoint represented the seller, DWJS LLC, an Ohio-based developer, in association with Joe Swolsky of Prime Retail Advisors. The all-cash buyer was a private investor from the Mid-Atlantic region.
LANCASTER, OHIO — Churchill Stateside Group LLC, a real estate and renewable energy financial services company, has provided a $7.9 million forward-committed permanent loan for The Reserve at Hunter Trace, a 95-unit affordable senior living development in Lancaster, about 30 miles southeast of Columbus. The financing, provided by Churchill Mortgage Investment LLC, supports the development of the three-story building. All units will be income-restricted at 60 percent of the area median income. Construction is slated for completion in 2026. The loan features a 40-year amortization and three years of interest-only payments after stabilization.
WHITEHALL, OHIO — Woda Cooper Cos. Inc. and co-developer IMPACT Community Action have opened The Enclave in Whitehall, six miles east of Columbus. The 102-unit affordable housing community is located at 3540 E. Main St. The $29.9 million development is reserved for renters who earn between 30 and 80 percent of the area median income. Rents range from $435 to $1,240 per month, depending on income restriction and size of unit. The City of Whitehall approved a Payment in Lieu of Taxes related to the real estate taxes for 15 years on 100 percent of the residential improvements. The development also received significant support from Franklin County. The Board of Commissioners approved a permanent mortgage loan through its Magnet Fund program. The project also benefits from a $25 million linked deposit fund created by the Franklin County Treasurer Brooks Sullivan. The four-story building features a large mural created by Ohio-based muralists Lucie Shearer and Thom Glick. Units at The Enclave offer one-, two- and three-bedroom layouts. Several units are adapted for those with mobility challenges and/or sight and hearing disabilities. Amenities include a community room with kitchenette and management office. The development is certified LEED Gold. The project also features …
COPLEY, OHIO — The Cooper Commercial Investment Group has arranged the $4.5 million sale of a single-tenant, newly built retail property occupied by Charles Schwab in Copley, a southern suburb of Cleveland. The banking office was built in 2023. There are approximately 13.5 years remaining on the lease with multiple rental increases and options to extend. Dan Cooper of Cooper Group represented the seller, a private investment group based in Ohio. The sales price represented a cap rate of 5.99 percent and $897 per square foot. The all-cash transaction closed in approximately 30 days.