COLUMBUS, OHIO — Simi Capital has sold a 15-acre industrial property located on Stelzer Road in Columbus for $6.1 million. The institutional buyer plans to continue utilizing the property for industrial parking. Shortly after acquisition of the site, Simi secured the property’s entitlement for industrial use and arranged a long-term lease with CMH Parking and Repair. Simi paid $4.2 million for the site. Ryan Crossley of Kooperman Mentel Ferguson Yaross served as legal representation for Simi. Alex Marsh of The Robert Weiler Co. brokered the sale.
EUCLID, OHIO — First National Realty Partners has acquired Shore Center Plaza in Euclid near Cleveland for an undisclosed price. The 111,152-square-foot shopping center is 94 percent occupied and anchored by a 47,348-square-foot Dave’s Supermarket. Other tenants include Dollar Tree, Citi Trends, Aaron’s, Little Caesar’s and Burger King. Seller and broker information was not provided.
COLUMBUS, OHIO — PCCP has provided a $31 million bridge loan for the refinancing of The Residences at the Sutton in Columbus. The newly built, 100-unit apartment complex is located in the Short North Arts District. Floor plans range from studios to two-bedrooms. Amenities include a courtyard, fitness center, yoga room and resident lounge. Columbus-based developer, owner and operator The Pizzuti Cos. was the borrower.
By Catherine Lueckel and Allison Giomuso, Matthews Real Estate Investment Services In nearly every major metro in the Midwest, the most active retailers expanding, leasing or developing involve grocers, discounters and drive-thru tenants. Most of the activity in the Midwest is reflective of the broader trend in shifting consumer demands, away from wants and more toward needs and services. Discount retailers It’s no surprise that discount retailers rose in popularity among shoppers during economic uncertainty, as they offer products for a fraction of the price. This trend is very apparent in the Midwest, with consumers focusing on value through the wake of the economic recovery. While discount retailers offer the best value in their products, they equally search for the best value in their real estate. Their expansion goals align closely with their financial goals; therefore, they target the Midwest, where deals are not overvalued and produce a higher rate of return. The Midwest boasts cheaper real estate compared with other regions, and more robust growth due to the affordable cost of living and lower costs of doing business. Discount-oriented retailers dominated Ohio’s leasing activity, specifically in Cleveland, where they accounted for the most move-ins and top leases in 2020. …
MANSFIELD, OHIO — MAG Capital Partners LLC has acquired a three-building industrial property in Mansfield, about midway between Columbus and Cleveland. The purchase price for the sale-leaseback transaction was not disclosed. The 257,622-square-foot property sits on 23 acres at 150 E. Longview Ave. The seller, Nanogate North America, was recently acquired by Techniplas, a provider of highly engineered technical solutions for the automotive, transportation and industrial sectors. Jonathan Wolfe and Jordan Shtulman of Stream Capital Partners represented the seller. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented MAG Capital Partners, which is a Fort Worth, Texas-based private investment firm led by Dax Mitchell and Andrew Gi.
TROY, OHIO — Stull Woodworks, a family-owned architectural millwork company, has acquired a 46,000-square-foot industrial facility in Troy, nearly 20 miles north of Dayton. The property, located at 155 Marybill Drive, is roughly three times the size of Stull’s current headquarters in Troy. Tim Echemann of Industrial Property Brokers represented both Stull and the undisclosed seller. Stull plans to be up and running in the new facility by the end of October. Stull produces architectural millwork for courthouse interiors, restaurants, retail spaces, large restoration projects and public venues across the country.
LANCASTER, OHIO — MAG Capital Partners LLC has acquired a 483,048-square-foot industrial property in Lancaster, about 30 miles southeast of Columbus. The purchase price was undisclosed. MAG Capital Partners acquired the facility in a sale-leaseback transaction with the tenant, The Babcock & Wilcox Co., a fully owned subsidiary of the publicly traded energy and environmental technologies giant Babcock & Wilcox Enterprises Inc. Located at 2600 E. Main St., the property primarily supports Babcock & Wilcox’s thermal business and is the company’s largest manufacturing and production facility. Built in 1949, the property includes three buildings on 51 acres. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented MAG Capital Partners in the transaction. Gary Gladder of Cresa represented Babcock & Wilcox. Led by Dax Mitchell and Andrew Gi, MAG Capital Partners is a Fort Worth, Texas-based real estate investment firm.
LORAIN, OHIO — FM Capital has arranged a $4.5 million loan for the refinancing of Pinebrook Tower Apartments in Lorain, about 30 miles west of Cleveland. Located at 1235 Shaffer Drive, the apartment community includes 168 units along with a swimming pool and tennis courts. Noam Temchin and Jonathan Kramer of FM Capital arranged the 10-year loan on behalf of the borrower, Rokhel Investment Group Holding LLC. Sabal provided the loan.
PERRYSBURG, OHIO — Stage Equity Partners LLC has acquired a 15,100-square-foot medical office building in Perrysburg, about 10 miles southwest of Toledo. McLaren St. Luke’s fully occupies the building under a long-term lease. McLaren St. Luke’s is a local hospital and a subsidiary of McLaren Health Care Corp., one of the largest healthcare systems in the Midwest. Built in 2018, the Perrysburg property was designed for McLaren St. Luke’s primary care practice, including its sole residency and pharmacy training programs. The one-story building includes a waiting and reception area, 24 exam rooms, two procedure rooms, 12 administrative offices, a resident’s work area and classroom. Marcus & Millichap brokered the sale for an undisclosed price. Chicago-based Byline Bank provided acquisition financing.
GROVEPORT, OHIO — The Pizzuti Cos. and development partner Olympus Ventures LLC are underway on the construction of Hamilton Road One Distribution Center, a 324,000-square-foot industrial building in central Ohio’s Groveport. The development team is undertaking the project on a speculative basis. Located on Hamilton Road, the site provides convenient access to I-270 and I-70. The building will feature a clear height of 32 feet, 57 dock doors, four grade doors, 212 auto parking spaces and 64 trailer parking spaces. Completion is slated for December. Jeff Lyons of CBRE is marketing the project for lease.