Wednesday, January 22, 2025
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AcquisitionsHealthcareMidwestOhio

Cushman & Wakefield Brokers $4.2M Sale of Medical Office Building in Cincinnati

by Kristin Harlow

CINCINNATI — Cushman & Wakefield’s healthcare capital markets team has brokered the sale of Anderson Ferry Plaza in Cincinnati for $4.2 million. The 43,599-square-foot medical office building is located on Anderson Ferry Road. It is more than 87 percent leased to TriHealth Physician Partners, ABC Pediatric Therapy, Clarkson Eye Care and Happy Hangout. Gino Lollio, Scott Niedergang and Travis Ives led the Cushman & Wakefield team that represented the seller, Rialto Capital. Publicly traded healthcare real estate investment trust Community Healthcare Trust Inc. (NYSE: CHCT) was the buyer. As of March 31, the REIT’s portfolio consisted of 147 properties totaling 3.2 million square feet across 33 states.

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AcquisitionsAffordable HousingMidwestMultifamilyOhioSeniors Housing

Evergreen Real Estate Group Acquires Affordable Seniors Housing Community in Cleveland, Plans $18M Renovation

by Kristin Harlow

CLEVELAND — Evergreen Real Estate Group has acquired Carter Manor Apartments in downtown Cleveland. Evergreen plans to update the 270-unit historic community through an $18 million capital improvement program. Located at 1012 E. Prospect Ave., the 11-story property comprises a mix of studio, one- and two-bedroom units, all of which will be preserved as affordable housing for seniors and disabled individuals. Designed by architect Max Dunning, the building originally opened in 1917 as the 600-room Hotel Winton. The property was redeveloped into apartments in 1971. It also features three commercial tenants, Domino’s, Liberty Labor and Guardian Title & Guaranty Agency. Evergreen Construction Co., an affiliate of Evergreen Real Estate Group, will serve as general contractor on the renovation work. Construction is scheduled to begin in June. Both residential and commercial tenants will remain in place during the renovations. All apartments will receive upgraded kitchens, bathrooms and flooring. Additionally, 14 units will receive accessibility upgrades. Evergreen also plans to modernize three elevators, repair the building façade and parking garage, replace the roof and update major mechanical systems. The common areas will receive a community kitchen and new paint and flooring. Completion is slated for December 2022. The acquisition and renovation was …

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MidwestOhioRetail

Phillips Edison & Co. Files Registration to Pursue Public Offering

by Kristin Harlow

CINCINNATI — Phillips Edison & Co. Inc. (PECO) has filed a registration statement on Form S-11 with the U.S. Securities and Exchange Commission for a proposed public offering in conjunction with the listing of its stock on a national stock exchange. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The Cincinnati-based retail REIT intends to list its stock under the ticker symbol “PECO.” Morgan Stanley & Co. LLC, BofA Securities and J.P. Morgan Securities LLC will be acting as joint book-running managers for the offering. PECO is an owner and operator of grocery-anchored shopping centers. As of March 31, the company owned equity interests in 300 properties, including 278 wholly owned assets and 22 owned through two unconsolidated joint ventures with institutional partners. PECO’s first-quarter results presentation will take place Wednesday, May 19.

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DevelopmentIndustrialMidwestOhio

VanTrust Underway on 750,000 SF Warehouse for Owens Corning in Heath, Ohio

by Kristin Harlow

HEATH, OHIO — VanTrust Real Estate LLC is underway on the development of a 750,000-square-foot build-to-suit warehouse for Owens Corning in Heath, about 30 miles east of Columbus. Completion is slated for the end of the year. The project team includes Pepper Construction Group, RED Architecture, The Kleingers Group and Hull & Associates. AJ Magner, Josh Heiple and Michael Mullady of CBRE represented Owens Corning, which expects to take occupancy in early 2022. Owens Corning, an insulation, roofing and fiberglass composites manufacturer, will consolidate several warehouses currently located throughout the area at the Heath site as part of the new project.

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AcquisitionsMidwestMultifamilyOhio

SVN Brokers $6.7M Sale of Apartment Asset in Medina, Ohio

by Kristin Harlow

MEDINA, OHIO — SVN Summit Commercial Real Estate Advisors has brokered the $6.7 million sale of Jefferson Villa Apartments in Medina, about 33 miles south of Cleveland. The garden-style, luxury apartment property features 60 units and is located on the corner of North Jefferson Street and Reagan Parkway. The community was fully occupied at the time of sale. Jerry Fiume of SVN brokered the sale. A local investor sold the asset to CR Medina LLC.

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DevelopmentMidwestOhioRetail

FC Cincinnati Opens 26,000-Seat TQL Stadium in Downtown Cincinnati

by Kristin Harlow

CINCINNATI — Cincinnati’s Major League Soccer team, FC Cincinnati, has opened Total Quality Logistics (TQL) Stadium in downtown Cincinnati. Designed by global design firm Populous, the 26,000-seat venue sits on 12.4 acres at 1501 Central Parkway between the Over-the-Rhine and West End neighborhoods. The stadium features a LED video display system on its exterior. The $250 million stadium was privately funded, according to The Cincinnati Enquirer. Turner Construction served as the general contractor. The first home game is scheduled to take place Sunday, May 16. FC Cincinnati played in the second-division United Soccer League from 2016 to 2018 before joining Major League Soccer in 2019.

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LoansLumentMidwestMultifamilyOhio

Lument Provides $12.9M Acquisition Loan for Multifamily Community in Dayton, Ohio

by Kristin Harlow

DAYTON, OHIO — Lument has provided a $12.9 million Fannie Mae loan for the acquisition of The Landing Apartments in Dayton. The multifamily community includes 166 units across several buildings. A high-rise building was originally developed in 1929 and townhouse-style buildings were added in 1991. Approximately 60 percent of the units are affordable to renters who earn 80 percent of the area median income. Steven Cox of Lument originated the 10-year loan, which features three years of interest-only payments and a 30-year amortization schedule. In addition to providing acquisition financing, the loan provides for approximately $145,000 for roofing, landscaping and other repairs. John Dragone and Chris Senzapaura of Trinity Street Capital arranged the loan.

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AcquisitionsHealthcareMidwestOhio

Montecito Acquires 69,800 SF Surgical Facility in Suburban Cleveland

by Kristin Harlow

BEACHWOOD, OHIO — Montecito Medical has acquired Beachwood Medical Center in Beachwood, a suburb of Cleveland. Built in 2019, the surgical facility spans 69,800 square feet and is fully leased to an operating entity owned predominantly by Lake Health and University Hospitals. The facility specializes in orthopedics, urology, the spine, general surgery and pain management. Most of the hospital’s surgeries are performed on an outpatient basis, with elective procedures representing 75 percent of the surgical volume. The two-story facility, which also offers physical therapy, advanced imaging and a 24/7 emergency department, includes eight operating rooms, two procedure rooms and 25 patient beds. The purchase price and seller were undisclosed.

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Market ReportsMidwestMidwest Market ReportsMultifamilyOhio

Stable Columbus Multifamily Market Balances Urban, Suburban Growth

by Kristin Harlow

By Ryan Duling and Andy Warnock, Lument Sizing up the Columbus, Ohio multifamily market is more challenging than it may seem to the casual observer. Neither fish nor fowl, Columbus doesn’t fit comfortably within the definitions of either growth or high-yield markets. Looked at from one angle, it appears largely suburban and conventional, but from another, increasingly sophisticated and demographically youthful. The presence of large institutions in the economic landscape — banks, healthcare systems, state government, universities — lend Columbus a slightly plodding image, but the heartbeat of the local economy is a dynamic group of middle market concerns punching above their weight class in logistics, professional services, retail and the digital spectrum. Metaphorically, it’s the cousin you considered a bit dull growing up who blossomed into an adult success. C-Bus’s relatively low population density, younger demographics and the relative ease of its transition to the work-from-home environment paid hefty dividends during the pandemic. Because infection and hospitalization rates were lower than average, the local economy was able to return to near normal in February, positioning the market to take full advantage of the stimulus-fueled economic recovery that could find its stride this summer. Labor market weathers pandemic Although COVID …

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AcquisitionsIndustrialMidwestOhioSelf-Storage

Marcus & Millichap Brokers Sale of 121-Unit Self-Storage Facility in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Marcus & Millichap has brokered the sale of Westbelt Storage in Columbus for an undisclosed price. The self-storage facility features 121 non-climate-controlled units and spans 19,495 net rentable square feet. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the undisclosed seller. An out-of-state buyer purchased the asset with an all-cash offer.

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