Friday, April 26, 2024
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AcquisitionsIndustrialMidwestOhio

Colliers Brokers Sale of 221,736 SF Industrial Portfolio in Metro Columbus, Ohio

by Kristin Harlow

HILLIARD, OHIO — Colliers has brokered the sale of Northwest Corporate Plaza, a 221,736-square-foot light industrial portfolio in Hilliard, a northwest suburb of Columbus. The two-building portfolio is situated on 18 acres along Leap Road directly west of I-270 and near I-70. The buildings are home to seven tenants, including Micro Center, Yokowo Manufacturing of America, E-Cycle and Mectron North America. Alex Cantu, Alex Davenport and Shane Woloshan of Colliers represented the seller, Transwestern Investment Group. Diamond Properties was the buyer.

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MidwestOhio

KeyBank Real Estate Capital Promotes Dan Heberle to President

by Kristin Harlow

CLEVELAND — KeyBank Real Estate Capital has promoted Dan Heberle to president of the Cleveland-based financial services company. A banking executive with more than 30 years of industry experience, Heberle succeeds Angela Mago, who has led the business since 2014 and was recently appointed to chief human resources officer of KeyCorp. Heberle reports to Randy Paine, president of Key Institutional Bank. As president of KeyBank Real Estate Capital, Heberle is responsible for Key’s real estate finance and community development and investment businesses. He leads a team of more than 900 professionals, providing advice and capital solutions including acquisition, construction and interim financing; revolving credit facilities and loan terms; permanent mortgages; tax credit equity; commercial real estate loan servicing; and cash management services. Previously, Heberle served as head of KeyBank’s Institutional Capital Group. He joined KeyBank in 1998 as a relationship manager with the company’s REIT group and has since held various leadership responsibilities.

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Leasing ActivityMidwestOhioRestaurantRetail

PBR Cowboy Bar + Smokehouse to Open at Easton Town Center in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Professional Bull Riders (PBR) and Live! Hospitality & Entertainment have unveiled plans to open a PBR Cowboy Bar + Smokehouse at Easton Town Center in Columbus. Set to open early this year, the bar marks the 15th location for the brand nationwide and the first in Ohio. The Easton Town Center location will total 8,400 square feet with a media wall for viewing all major sporting events, multiple bars, private VIP booths, an outdoor patio, stage and mechanical bull. Easton Town Center, a shopping destination with more than 250 stores, restaurants and entertainment venues, is located within the larger Easton mixed-use development. Steiner + Associates manages and leases Easton Town Center.

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Affordable HousingDevelopmentMidwestMultifamilyOhio

Woda Cooper Opens 60-Unit Affordable Housing Community in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Woda Cooper Cos. Inc. has opened Lockbourne Greene, a 60-unit affordable housing community with an onsite early learning center in Columbus. Woda developed the property at 1840 Lockbourne Road in partnership with Healthy Homes, which is affiliated with Community Development for All People and Nationwide Children’s Hospital’s Healthy Neighborhoods Healthy Families Initiative. The project transformed a vacant Columbus Land Bank property. The development is available for workforce families, seniors and other general occupancy residents who earn 40 to 70 percent of the area median income, or roughly $39,680 to $69,440 annually for a family of four. Rents range from $760 to $999 per month, depending on income category and size of unit. The three-story, 71,000-square-foot building includes 12 one-bedroom, 40 two-bedroom and eight three-bedroom apartments. Five units offer features for people with disabilities. Community amenities include an onsite management office, resident fitness center and community room. Financing for the $16 million project came from a diverse mix of public, private and nonprofit sources. Equity financing was made possible through the allocation of federal Low-Income Housing Tax Credits via the Ohio Housing Finance Agency. Bank of America invested $7.3 million in the tax credits and supplied a construction …

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DevelopmentIndustrialMidwestOhio

Interstate Batteries Partners with Neyer Properties to Build New Fulfillment Center in Columbus

by Kristin Harlow

COLUMBUS, OHIO — Interstate Batteries has formed a joint venture partnership with Neyer Properties to build a new fulfillment center in Columbus. The project will be the first building in The Hub @70/270 development, which can accommodate up to 400,000 square feet of industrial and distribution space. Situated at the front of the site, the Interstate Batteries regional fulfillment center will have direct frontage along I-70 and I-270. The 151,000-square-foot facility will mark one of eight regional fulfilment centers nationwide for Interstate Batteries. Construction is scheduled to begin this month and to be completed this fall. The new property will service battery distributors in Ohio and surrounding states. The project team includes Byers, Minton & Associates, Red Architecture, Kimley-Horn and Brocon Construction.

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AcquisitionsIndustrialLoansMidwestOhio

Brennan Investment Group Acquires 263,000 SF Industrial Building in Cincinnati

by Kristin Harlow

CINCINNATI — Brennan Investment Group has acquired a 263,000-square-foot industrial building located at 10045 International Blvd. in Cincinnati. The purchase price was undisclosed. The property was acquired from Intelligrated under a consolidation plan to dispose of the building by the end of 2023. The property is situated on a 17.5-acre site in the World Park industrial park in Cincinnati’s northwest submarket. Upon closing, Brennan secured a new lease for the building with Trew, a provider of automated material handling solutions. Trew will use the facility for manufacturing and distribution of material handling equipment throughout the United States and Canada. Constructed in 1986, the property was expanded and renovated in 2000. The building features 390 auto parking stalls, a 130-foot-deep truck court with trailer parking stalls, a clear height of 25 feet, three five-ton cranes and an outdoor storage area. Byline Bank’s Commercial Real Estate Group provided a $10.4 million loan for the acquisition.

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DevelopmentIndustrialMidwestOhio

Brinkmann Constructors Completes 291,400 SF Spec Warehouse in Gahanna, Ohio

by Kristin Harlow

GAHANNA, OHIO — Brinkmann Constructors has completed a 291,400-square-foot speculative warehouse in Gahanna, a northeast suburb of Columbus. Scannell Properties was the developer, and Ford & Associates served as the architect. Located in Eastgate Logistics Center, Gahanna Building A features a clear height of 32 feet, two drive-in bays, 180 standard parking spaces and 30 exterior docks.

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Affordable HousingLoansMidwestMultifamilyOhio

BWE Arranges $1.1M Loan for Construction of 40-Unit Affordable Seniors Housing Project in East Canton, Ohio

by Kristin Harlow

EAST CANTON, OHIO — BWE has arranged a $1.1 million loan for the construction of HOPE Senior Village in East Canton, about 30 miles southeast of Akron. Bob Morton of BWE structured the USDA RHS 538 GRRHP loan, which features a 40-year, fixed-rate term and a 40-year amortization schedule. The development will consist of eight buildings, each containing five one- and two-bedroom units. Of the 40 units, seven are designated for residents earning up to 30 percent of the area median income (AMI), 17 are reserved for those earning up to 50 percent AMI and 16 are designated for residents earning up to 60 percent AMI. The project received additional financing through the use of 9 percent Low-Income Housing Tax Credits.

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AcquisitionsHospitalityMidwestOhio

ADR Signature Acquires 216-Room Embassy Suites Hotel in Beachwood, Ohio for $10.2M

by Kristin Harlow

BEACHWOOD, OHIO — ADR Signature has acquired the 216-room Embassy Suites by Hilton Cleveland Beachwood hotel for $10.2 million. The property is located at 3775 Park East Drive in Beachwood, a southeast suburb of Cleveland. Amenities include an indoor pool, business center, fitness center, meeting rooms, complimentary breakfast and an onsite restaurant. Starwood Capital Group was the seller.

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IndustrialLeasing ActivityMidwestOhio

Newmark Negotiates 211,443 SF Industrial Lease in North Jackson, Ohio

by Kristin Harlow

NORTH JACKSON, OHIO — Newmark has negotiated a 211,443-square-foot industrial lease at 500 S. Bailey Road in North Jackson, about 60 miles southeast of Cleveland. A large solar manufacturing company signed a long-term lease to occupy the entire building. Terry Coyne of Newmark represented ownership, STAG Industrial Inc., which is renovating the building. The property features 201,476 square feet of manufacturing/warehouse space, 9,967 square feet of office space, a clear height of 35 feet, 19 loading docks, one drive-in door and a 245-car parking lot.

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