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.
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 …
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.
STREETSBORO, OHIO — NAI Pleasant Valley has arranged the $8.4 million sale of a 130,257-square-foot industrial building in Streetsboro, a southern suburb of Cleveland. The property sits on 8.5 acres at 675 Mondial Parkway. David Hexter and Jeffrey Calig of NAI Pleasant Valley represented the undisclosed seller. Exeter 675 Mondial LLC was the buyer. The transaction marks the first acquisition in the Northeast Ohio market for the buyer.
CLEVELAND — Legion Capital has sold an 11,185-square-foot retail property leased to Family Dollar in Cleveland. The buyer and sales price were undisclosed. The building is located at 650 Northfield Road. Cale Powers of Trinity Real Estate Investment Services represented Legion, which purchased a different Family Dollar property in New Orleans. Family Dollar operates more than 8,000 stores across the U.S.
HIGHLAND HILLS, OHIO — Matthews Real Estate Investment Services has brokered the sale of a 145,000-square-foot industrial and office building in Highland Hills near Cleveland for $34.2 million. The property, occupied by ABB Inc., is located at 23000 Harvard Road. Chad Kurz of Matthews represented the buyer, a private investor completing a 1031 exchange. Seller information was not provided.
COLUMBUS, OHIO — Arden Logistics Parks has purchased the Parkway Columbus portfolio, a three-property industrial portfolio totaling 172,800 square feet in the West Columbus submarket. The purchase price was undisclosed. The buildings, which range in size from 28,000 to 116,000 square feet, are fully occupied by 23 tenants. The seller, Parkway Business Partners LLC, is comprised of a group of local investors. Ross Bratcher and Joe Davis of JLL brokered the transaction.
A recent order from the Ohio Board of Tax Appeals highlights a troubling aspect of real property tax valuation in the Buckeye State, where school districts wield extraordinary authority to influence assessments. In this instance, courts allowed a district to demand a taxpayer’s confidential business data, which it can now use to support its own case for an assessment increase. Ohio is one of the few states that permit school districts to participate in the tax valuation process, allowing a district to file its own complaint to increase the value of a parcel of real estate, and permitting a school district to argue against a property owner that seeks to lower the taxable valuation of a parcel of real estate. Generally, school districts looking to increase tax revenue will review recent property sales for opportunities to seek assessment increases. Likely candidates for an increase complaint include real estate that changed hands at a purchase price or transfer value that exceeds the county assessor’s valuation. That is not always the case, however. In the case that gave rise to this article, there was no recent sale of the subject property, which is a multi-story apartment building. The apartment building owner had …
SPRINGDALE, OHIO — Trez Capital has provided a $37.3 million construction loan for the conversion of two office buildings into multifamily space in Springdale, a northern suburb of Cincinnati. The borrower, Trinity Square Holdings LLC, plans to build 129 apartment units and 97 rental townhomes. The vacant office buildings were constructed in the early 1980s. Brett Forman and Scott Mehlman of Trez Capital originated the loan. The Warren County Port Authority is investing approximately $8 million in the project.
CLEVELAND — Aurora Industrial LLC has acquired a 15-property industrial portfolio spanning approximately 2.9 million square feet in metro Cleveland for an undisclosed price. CBRE represented the seller, Premier Development Partners, which acquired or developed the portfolio over the past 15 years. A key property is 51 East Hines Hills Road in Boston Heights. The building serves as the global headquarters and largest distribution and warehousing hub for home furnishings retailer Arhaus Inc. BTG Pactual Strategic Capital, Morning Calm Management LLC and Grupo Patio launched Aurora Industrial, which targets acquisitions of Midwest industrial real estate. The company owns 25 properties totaling more than 4.5 million square feet.
