Ohio

Marcus & Millichap Negotiates $8.7M Sale of Crowne Plaza Hotel in Suburban Cleveland

by Kristin Harlow February 2, 2022

MIDDLEBURG HEIGHTS, OHIO — Marcus & Millichap has negotiated the $8.7 million sale of the Crowne Plaza Cleveland Airport hotel in Middleburg Heights, a suburb of Cleveland. The five-story, 238-room hotel features an onsite restaurant named Tavolo 72. Amenities include a fitness center, indoor pool, airport shuttle and 16,000 square feet of meeting space. The property, located at 7230 Engle Road, was originally built in 1978. It was branded as Crowne Plaza in 2008. Robert Hunter and Scott Havericak of Marcus & Millichap represented the seller, a limited liability company. The duo also procured the undisclosed buyer.

February 2, 2022

Loans Midwest Multifamily Ohio

American Street Capital Arranges $3M Loan for Refinancing of Apartment Building in Shaker Heights, Ohio

by Kristin Harlow February 2, 2022

SHAKER HEIGHTS, OHIO — American Street Capital (ASC) has arranged a $3 million bridge loan for the refinancing of a 100-unit apartment building in the Cleveland suburb of Shaker Heights. The six-story property is within walking distance of Shaker Square, a shopping, dining and entertainment district. Units average 576 square feet, and amenities include onsite security, laundry facilities and 82 parking spaces. Kyle Tyrrell of ASC arranged the 18-month loan through a debt fund. An unnamed owner-operator was the borrower.

February 2, 2022

Development Midwest Multifamily Ohio

Milhaus Breaks Ground on $43M Apartment Development in Springdale, Ohio

by Kristin Harlow February 1, 2022

SPRINGDALE, OHIO — Milhaus has broken ground on Array, a $43 million apartment development in the Cincinnati suburb of Springdale. The 216-unit project, situated at 11911 Sheraton Lane, will include amenities such as a dog park, resident lounge, communal kitchen, pool, fitness center, conference rooms, coworking spaces and rentable office space. The project team includes architect M+A Architects, interior designer Studio 5 and engineer Bayer Becker. Completion is slated for March 2023.

February 1, 2022

Industrial Leasing Activity Midwest Ohio

Workhorse Group Signs 58,720 SF Industrial Flex Lease in Suburban Cincinnati

by Kristin Harlow January 31, 2022

SHARONVILLE, OHIO — Workhorse Group, an electric vehicle manufacturer, has signed a 58,720-square-foot lease for both industrial and office space at Park 42 in Sharonville, a northern suburb of Cincinnati. The company is relocating its headquarters from nearby Loveland. Situated on nearly 30 acres, the 286,000-square-foot building is located near I-275, I-75 and I-71. Workhorse Group is expected to move into the new space no later than April of this year. Todd Pease and Tom Fairhurst of JLL represented the building owner, Experimental Holdings. John Schenk Jr. and Chris Vollmer Sr. represented the tenant.

January 31, 2022

Industrial Leasing Activity Midwest NAI Ohio

JB Hudco Leases 197,518 SF Former Walmart Property in Suburban Cleveland

by Kristin Harlow January 28, 2022

BEDFORD, OHIO — JB Hudco has leased a former Walmart store spanning 197,518 square feet in Bedford, an eastern suburb of Cleveland. The property is located at 22209 Rockside Road. The current owner converted the building into industrial space. Jeffrey Calig and David Hexter of NAI Pleasant Valley represented Texas-based JB Hudco, which provides logistical and order management services to businesses throughout the U.S.

January 28, 2022

Acquisitions Midwest Ohio Retail

Stan Johnson Co. Brokers $12M Sale of Home Depot Ground Lease in Toledo, Ohio

by Kristin Harlow January 28, 2022

TOLEDO, OHIO — Stan Johnson Co. has brokered the sale of a Home Depot ground lease in Toledo for $12 million. The 141,610-square-foot retail property is located at 1035 W. Alexis Road. Chad Byerly of Stan Johnson represented the seller, a local developer. The California-based buyer completed a 1031 exchange.

January 28, 2022

Acquisitions Industrial Midwest Ohio

Matthews Real Estate Brokers $14.5M Sale of Industrial Property in Fostoria, Ohio

by Kristin Harlow January 27, 2022

FOSTORIA, OHIO — Matthews Real Estate Investment Services has brokered the $14.5 million sale of a 488,000-square-foot industrial property in Fostoria, about 40 miles south of Toledo. Global consumer brand Arm & Hammer occupies the building, which is located at 110 E. Jones Road. Alexander Harrold of Matthews represented the institutional seller. The transaction closed above the final list price.

January 27, 2022

Acquisitions Midwest Ohio Retail

Cooper Group Brokers Sale of 11,746 SF Retail Center in Cincinnati

by Kristin Harlow January 24, 2022

CINCINNATI — Cooper Commercial Investment Group has brokered the sale of Meadows Plaza in Cincinnati for an undisclosed price. The 11,746-square-foot retail center is fully leased to tenants such as Harper’s Point Eye Associates, Allstate Insurance, Reliable Staffing and AnyLabTestNow. Dan Cooper of Cooper Group represented the seller, a metro Cincinnati-based private investor. A West Coast-based buyer purchased the property for the full price, representing a cap rate of 7.6 percent.

January 24, 2022

Development Industrial Ohio Top Stories

Intel Plans $20B Investment for Two Computer Chip Factories Near Columbus, Ohio

by Julia Sanders January 21, 2022

NEW ALBANY, OHIO — Santa Clara, Calif.-based Intel has unveiled plans to invest more than $20 billion to build two new computer chip factories. The campus will be located in New Albany, approximately 18 miles northeast of Columbus. Construction is scheduled to begin at the end of 2022 for the start of production in 2025. The two semiconductor fabrication plants, or “fabs,” will be situated on nearly 1,000 acres in Licking County. The project site can accommodate a total of eight chip factories. At full buildout, the total investment in the site could increase to as much as $100 billion over the next 10 years. The project is the largest single private-sector investment in Ohio’s history, according to Intel. Ohio will be home to Intel’s first new manufacturing site location in 40 years. Additionally, Air Products, Applied Materials, LAM Research and Ultra Clean Technology have announced plans to establish a physical presence in the region to support the buildout of the site, with more companies expected to join the project in the future. “Building this semiconductor mega-site is akin to building a small city, which brings forth a vibrant community of supporting services and suppliers,” says Keyvan Esfarjani, Intel senior …

January 21, 2022

Loans Midwest Northmarq Office Ohio

Northmarq Arranges $6.3M Acquisition Loan for Office Building in Metro Cincinnati

by Kristin Harlow January 19, 2022

SPRINGDALE, OHIO — Northmarq has arranged a $6.3 million loan for the acquisition of Executive Plaza III in Springdale, a northern suburb of Cincinnati. The 89,327-square-foot office building is located at 135 Merchant St. Christina Grimme of Northmarq arranged the 25-year loan, which is fully amortized and features a loan-to-value ratio of 80 percent. A local bank provided the loan. The borrower was not disclosed.

January 19, 2022

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