CINCINNATI — NorthMarq has arranged a $4.6 million loan for the refinancing of a rental housing portfolio comprising 50 units throughout Southwest Ohio. The portfolio included 26 single-family rental homes as well as one apartment property. Noah Juran and Chase Dawson of NorthMarq’s Cincinnati office arranged the 10-year loan, which features a 20-year amortization schedule and a 75 percent loan-to-value ratio. A regional bank provided the fixed-rate loan.
COLUMBUS, OHIO — Walker & Dunlop Inc. has arranged $55.5 million in construction and permanent financing for the development of Quarry Trails Apartments and Quarry Trails Townhomes and Flats in Columbus. Thrive Cos. is developing the 293-unit multifamily and 100-unit townhome project within a decommissioned quarry. The development is positioned within a natural park and rests alongside a 60-foot waterfall, a 160-foot vertical rock face and more than two miles of riverfront trails. Plans also call for the development of an office building, 20,000 square feet of retail space and a community center. Jeff Morris, Chad Kiner and A.J. Mangan of Walker & Dunlop’s Ohio Capital Markets group arranged the financing through two local banks. A timeline for construction was not disclosed.
COLUMBUS, OHIO — Olshan Properties, together with Easton’s master developer The Georgetown Co., has opened a 136-room Aloft Hotel at Easton Town Center in Columbus. The new hotel is the fourth to open at Easton, a shopping and entertainment destination, in recent years. The hotel features a 7,500-square-foot restaurant, a fitness center, pool and designated event space. The Aloft brand is a business boutique hotel concept from Marriott. There are 140 Aloft locations worldwide.
STEUBENVILLE, OHIO — Mohr Capital, a Dallas-based, privately held real estate investment firm, has sold a ground lease occupied by Texas Roadhouse in Steubenville, nearly 40 miles west of Pittsburgh. The sales price was undisclosed. The restaurant property is located across the street from Fort Steuben Mall. Mohr acquired the ground lease in 2019 upon the launch of its retail acquisition and redevelopment division. Rob Solls of Mohr represented the company on an internal basis. The Mansour Group procured the buyer, a private investment company. Texas Roadhouse maintains over 630 restaurants in 49 states and 10 countries worldwide. The Steubenville location is a corporate-owned restaurant.
CANTON, OHIO — The Cooper Commercial Investment Group has negotiated the $1 million sale of Pleasant View Commons in Canton, just south of Akron. The Aldi-anchored shopping center was 49 percent occupied at the time of sale. Dan Cooper and Bob Havasi of Cooper represented the seller, a private investment group based in Ohio. A private investor from Nevada purchased the asset.
RAVENNA, OHIO — Industrial Commercial Properties (ICP) has acquired a GE Lighting warehouse and distribution building spanning 420,500 square feet in Ravenna, about 15 miles east of Akron. The property sits on 37.5 acres at 150 Loomis Parkway. GE will remain in a portion of the building for a short period of time, but 150,000 square feet will be available for lease immediately, according to ICP. Building features include more than 30 docks, 100 trailer parking spots and rail service. ICP plans to make substantial upgrades to the property, including upgrades to both interior and exterior lighting, a modernized sprinkler system and pavement and interior renovations. Additionally, the developer has 12 acres contiguous to the property under contract. The land could support expansion of the building to 800,000 square feet. This transaction marks ICP’s eighth acquisition in 2021, bringing the company’s portfolio to more than 150 properties and 42 million square feet across five states.
CINCINNATI — Marcus & Millichap has brokered the sale of Village Crossings Shopping Center in Cincinnati for $6.8 million, which exceeded 93 percent of the list price, according to the brokerage. The Aldi-anchored shopping center spans 89,008 square feet and is located at 10400 Reading Road. Other tenants include CAM International Market, JOANN Fabrics, H&R Block, Breakthrough Fitness, Mala Hot Pot and Firestone. Scott Wiles, CJ Jackson, Erin Patton and Craig Fuller of Marcus & Millichap’s Patton Wiles Fuller Group marketed the property on behalf of the seller, a private REIT. The team also secured the buyer, Maryland-based America’s Realty LLC, a privately held shopping center operator. America’s Realty received permanent financing at 70 percent loan-to-value from a credit union.
STRONGSVILLE, OHIO — Woodpeckers, a precision woodworking tools company, has signed a 79,203-square-foot industrial lease in Strongsville, a suburb of Cleveland. The newly constructed, speculative facility is located at 14720 Foltz Industrial Parkway within Mills Business Park. Scannell Properties completed development of the 179,578-square-foot building in the fourth quarter of 2020. Terry Coyne of Newmark represented Scannell in the lease transaction. Matthew Beesley of Cushman & Wakefield | CRESCO Real Estate represented Woodpeckers, which is based in Strongsville.
WINDHAM AND BRADNER, OHIO — Hanley Investment Group Real Estate Advisors has arranged the $3 million sale of two properties occupied by Dollar General in Ohio. In Windham, a 10,566-square-foot store sold for $1.6 million. The second asset was a 9,026-square-foot building in Bradner that sold for $1.4 million. Both single-tenant properties were constructed in 2020. Beau Velten, Jeff Lefko and Bill Asher, in conjunction with ParaSell Inc., represented the buyer, a San Diego-based private investor completing a 1031 exchange. Doug Holtzman and Tori Nook of Anchor Cleveland represented the seller and developer, Ohio-based Zaremba Group.
AKRON, OHIO — Industrial Commercial Properties (ICP) has acquired the 635,000-square-foot Chapel Hill Mall in Akron for an undisclosed price. The mall is contiguous to the former Sears building and auto center, which ICP purchased last year. With the Sears property, the total acquisition amounts to 829,000 square feet on 60 acres. ICP is considering converting the mall into a multi-tenant campus or a series of industrial buildings, but detailed redevelopment plans have yet to be released. Chapel Hill Mall is ICP’s seventh acquisition in 2021, bringing the company’s portfolio to more than 150 properties in five states.