HAMILTON, OHIO — Marcus & Millichap’s The Klink Group has brokered the $2.5 million sale of a Raising Cane’s ground lease in Hamilton, about 20 miles north of Cincinnati. The newly constructed property is located at 1479 Main St. Jordan Klink of Marcus & Millichap’s The Klink Group marketed the property on behalf of the seller, Cincinnati-based West Hamilton Investments LLC. Peak 1031 Exchange Inc., a qualified intermediary for a private investor based in California, was the buyer. Bria Yik, a real estate agent affiliated with California-based Real Estates Unlimited, represented the buyer.
CLEVELAND — National Real Estate Advisors LLC and White Oak Realty Partners have broken ground on a 23-story luxury apartment tower in Cleveland’s University Circle neighborhood. Known as Artisan Circle Square, the property is being developed in partnership with Midwest Development Partners. Amenities at the 298-unit project will include a fitness center, events room, media room, dog run, rooftop pool deck, grilling stations and coworking spaces. Chicago-based FitzGerald designed the project. Completion is slated for 2022.
RICHMOND HEIGHTS, OHIO — DealPoint Merrill has acquired the remaining portion of the former Richmond Town Square regional mall in Richmond Heights, a suburb just east of Cleveland. The purchase price was undisclosed. Built in 1966, the mall was once the largest enclosed shopping center in the state with over 90 stores. It closed this year. DealPoint previously owned 33 acres of the mall site and now owns a total of 69 acres. This acquisition clears the way for the development of Belle Oaks Marketplace, a $200 million mixed-use project to be built on the site of the former mall. The 160,000-square-foot self-storage building operated by Life Storage and owned by DealPoint will remain open. Construction is scheduled to begin in the first quarter of 2022. Upon completion, Belle Oaks Marketplace will encompass 40,000 square feet of restaurants, an outdoor entertainment venue, 791 apartment units and 315,000 square feet of grocery and retail space.
CINCINNATI — Faropoint has acquired an 80,000-square-foot industrial facility in Cincinnati for an undisclosed price. The building sits on 5.5 acres at 10021 Commerce Drive. Built in 1979, the single-tenant property features clear heights ranging from 16 to 20 feet, as well as two dock-high doors and three drive-in doors. The tenant uses the space for both manufacturing and distribution. Rod MacEachen and Jared Wagoner of SqFt Commercial represented Faropoint in the transaction. AIC Ventures was the seller. Founded in 2012, Memphis, Tenn.-based Faropoint owns more than 250 industrial properties totaling over 20 million square feet.
CINCINNATI — An affiliate of Next Realty LLC has acquired the Kings Automall Shopping Center, a 67,000-square-foot retail center in Cincinnati. The property is home to tenants such as Planet Fitness, Mirage Restaurant, Play it Again Sports, Salon Concepts, Penn Station, LensCrafters, Samarkand Food Market, Kings Ford, Queens Nails and Your CBD Store. There is currently one 1,400-square-foot vacancy. The acquisition marks Next’s first purchase in Cincinnati. The seller and sales price were undisclosed.
COLUMBUS, OHIO — The Pizzuti Cos. is underway on the development of two speculative industrial buildings within Global Court Logistics Center, which is located in the Rickenbacker submarket of Columbus. Global Court I will span 158,700 square feet while Global Court II will total 196,400 square feet. Both buildings will feature a clear height of 32 feet and LED lighting. Completion is slated for this December. CBRE and Pizzuti will provide leasing services. Since 1998, Pizzuti has developed more than 12 million square feet of industrial space in the Rickenbacker submarket.
FAIRVIEW PARK, OHIO — JLL Capital Markets has brokered the sale of Westgate Shopping Center in the Cleveland suburb of Fairview Park for an undisclosed price. The 474,000-square-foot power center is home to tenants such as Target, Marshalls, EarthFare, Petco, Five Below, Kohl’s, Ulta Beauty and Lowe’s. The property also includes restaurants such as Chick-fil-A, Longhorn Steakhouse, Buffalo Wild Wings, Starbucks and Five Guys. Completed in 1991, the shopping center was most recently renovated in 2014. Clinton Mitchell, Amy Sands, Kirstey Lein and Bill Poffenberger of JLL represented the seller, IRC Retail Centers/DRA Advisors. The R.H. Johnson Co. was the buyer.
HUBER HEIGHTS AND VANDALIA, OHIO — Marcus & Millichap has brokered the sale of a Dayton-area retail portfolio occupied by Wendy’s for $4.6 million. The two properties are located in Huber Heights and Vandalia. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap marketed the portfolio on behalf of the seller, a private investor. Buyer information was not disclosed.
KENT, OHIO — SVN Summit Commercial Real Estate Advisors has negotiated the $1.2 million sale of an industrial building in Kent, about 40 miles southeast of Cleveland. Located at 4211 Karg Industrial Parkway, the property features 25,750 square feet of warehouse space, 2,250 square feet of office space on the first floor and 2,250 square feet of office space on the second floor. Tom Fox and Graydon Fox of SVN brokered the transaction. The buyer, SprayWorks Equipment Group, plans to utilize the space to expand product offerings and provide more training programs.
WEST JEFFERSON, OHIO — The Pizzuti Cos. and development partner West Jeff Partners LLC have broken ground on a nearly 1.1 million-square-foot speculative warehouse in West Jefferson, a city in central Ohio about 20 miles west of downtown Columbus. The facility will be situated within the larger West Jefferson Logistics Center, which is located off I-70. The project will include dedicated public roadways and utility extensions. The building will feature a clear height of 40 feet, up to 211 dock doors and up to 320 trailer parking spaces. Construction is slated for completion in the second quarter of 2022. Jeff Lyons and Alex Vulic of CBRE will market the project for lease.