Ohio

Morgan Properties, Olayan America Acquire 14,414-Unit Apartment Portfolio Across Midwest, Southeast for $1.7B

by Kristin Harlow February 24, 2021

KING OF PRUSSIA, PA. — Morgan Properties and Olayan America have acquired a portfolio of 48 apartment communities totaling 14,414 units in 11 states for $1.7 billion. STAR Real Estate Ventures, a joint venture between El-Ad National Properties LLC and Yellowstone Portfolio Trust, was the seller. The portfolio, named the North Star Portfolio, consists of Class B assets in Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. On average, the communities total 300 units each and date to 1985. “While most of our competitors remain defensive and on the sidelines, Morgan Properties continues to play offense. North Star was right in our wheelhouse given the barriers to entry and we pounced on the opportunity to secure it,” says Jonathan Morgan, president of Morgan Properties. “The North Star investment speaks to the strength of our partnership with Morgan Properties and our continued confidence in the multifamily sector,” says Erik Horvat, managing director and head of real estate at Olayan America. The buyers plan to invest an additional $100 million for enhancements and amenity upgrades at the properties. With the North Star acquisition, Morgan and Olayan entered five new states, including Florida, Texas, Georgia, Louisiana and …

February 24, 2021

Loans Midwest Office Ohio Walker & Dunlop

Walker & Dunlop Arranges $30.5M Loan for Acquisition of Office Tower in Columbus, Ohio

by Kristin Harlow February 12, 2021

COLUMBUS, OHIO — Walker & Dunlop has arranged a $30.5 million loan for the acquisition of 65 East State Street in Columbus. Built in 1983, the 26-story office tower comprises 494,487 rentable square feet. Located in the heart of the central business district, the building is across the street from the Ohio State Capitol Building on Capitol Square. Recent capital improvements to the property include an exterior façade renovation, a new conference center and fitness center, updated lobby and elevator cabs, renovated exterior patio space and new monument signage. A Walker & Dunlop team led by Aaron Appel, Keith Kurland, Adam Schwartz and Jonathan Schwartz arranged the loan on behalf of Group RMC. Voya provided the three-year bridge loan, which features a floating rate.

February 12, 2021

Acquisitions Industrial Midwest Ohio

Stan Johnson Co. Brokers $11M Sale of Ohio Distribution Facility

by Kristin Harlow February 12, 2021

FINDLAY, OHIO — Stan Johnson Co. has brokered the $11 million sale of a 180,000-square-foot distribution center in Findlay, about 40 miles south of Toledo. American Plastics, a designer, manufacturer and distributor of plastic-injection molded products, fully occupies the facility. Located on eight acres at 2040 Production Drive, the building is situated near I-75 in Hancock County. The facility has been renovated twice since it was originally constructed in 1992. Rob Gemerchak, Jeff Hughes and Jeff Tracy of Stan Johnson represented the seller, an Ohio-based developer. Gladstone Commercial, an institutional investor based in Virginia, was the buyer. The sales price represented a 5.5 percent increase over the asking price.

February 12, 2021

Acquisitions Industrial Midwest Ohio

TradeLane Properties Acquires Capital Center Industrial Park in Cincinnati for $51.3M

by Kristin Harlow February 10, 2021

CINCINNATI — TradeLane Properties has acquired Capital Center Industrial Park, a 14-building portfolio of light industrial assets in Cincinnati. The purchase price was $51.3 million. Spanning 896,523 square feet, the industrial park is 93.5 percent leased to 65 tenants. Mostly completed in the 1970s, the buildings have received substantial capital improvements over time. John Huguenard, Kurt Sarbaugh and Mark Volkman of JLL Capital Markets represented the seller, Dalfen Industrial. Erin Casey and Drew Wall of Colliers International have been selected as the listing agents for the properties.

February 10, 2021

Acquisitions Industrial Midwest NAI Ohio

NAI Hiffman Brokers $12.9M Sale of Industrial Building in Toledo, Ohio

by Kristin Harlow February 5, 2021

TOLEDO, OHIO — NAI Hiffman has brokered the sale of a single-tenant industrial building in Toledo for $12.9 million. Located at 1411 Campbell St., the building serves as a production and distribution facility for Brenntag Great Lakes LLC, a chemical and ingredients distributor. The 227,028-square-foot property was renovated last year. The building features a clear height of 22 feet, 14 docks, one drive-in door and 10 rail doors. An adjacent 13.5-acre lot was also part of the sale and is currently utilized as a trailer lot and tank farm. Patrick Sullivan and Ryan Chambers of NAI Hiffman teamed up with Terry Coyne of Newmark to represent the seller, Phoenix Toledo Industrial Investors LLC, which is an affiliate of Milwaukee-based Phoenix Investors. New Jersey-based Four Springs Capital Trust was the buyer.

February 5, 2021

Development Hospitality Midwest Ohio

Shaner Hotels Opens 145-Room SpringHill Suites Property in Dublin, Ohio

by Kristin Harlow February 5, 2021

DUBLIN, OHIO — Shaner Hotels has opened a 145-room SpringHill Suites by Marriott hotel in Dublin’s Bridge Park. Shaner will operate the hotel in partnership with Crawford Hoying, a real estate developer headquartered in Central Ohio. The all-suite hotel features complimentary breakfast, a fitness center, lobby bar and 840 square feet of meeting space. Bridge Park is a 30-acre development along the Scioto River, about 18 miles northwest of Columbus, that features residential, retail, office and green space.

February 5, 2021

Acquisitions Indiana Industrial Midwest Ohio

JLL Brokers $140M Sale of Industrial Portfolio in Indiana, Ohio

by Kristin Harlow February 3, 2021

INDIANA AND OHIO — JLL Capital Markets has brokered the sale of 12 industrial properties spanning approximately 3 million square feet in Cleveland, Fort Wayne and Bloomington for nearly $140 million. John Huguenard, Sean Devaney, Kurt Sarbaugh and Peter Moriarty of JLL represented the seller, Raith Capital Partners. Plymouth Industrial REIT purchased 10 buildings totaling 2.1 million square feet in the greater Cleveland area. The assets are 90 percent leased. STAG Industrial Inc. acquired the 764,177-square-foot facility in Fort Wayne. The building is fully leased to a supplier of parts and components to the recreational vehicle industry. Lastly, Legacy Investing LLC purchased the 125,000-square-foot manufacturing and distribution facility in Bloomington. It is fully leased to a healthcare and pharmaceutical company.

February 3, 2021

Acquisitions Midwest Office Ohio

Joint Venture Acquires Dayton Office Campus in Sale-Leaseback Transaction

by Kristin Harlow February 3, 2021

DAYTON, OHIO — A joint venture between Industrial Commercial Properties and Industrial Realty Group has acquired the LexisNexis-occupied office campus in Dayton for an undisclosed price. The 391,000-square-foot, four-building property sits on 60 acres. Doug Altemuehle of Newmark represented the seller, LexisNexis, in the sale-leaseback transaction. Don Feathers of Roaring Fork Advisors LLC represented the buyers, which plan to modernize the asset. LexisNexis, a provider of legal and business research, will remain the anchor tenant at the campus.

February 3, 2021

Acquisitions Industrial Midwest Ohio

Marcus & Millichap Arranges $5.4M Sale of Whirlpool-Occupied Distribution Center in Fremont, Ohio

by Kristin Harlow January 29, 2021

FREMONT, OHIO — Marcus & Millichap has arranged the $5.4 million sale of a Whirlpool-occupied distribution center in Fremont, about 35 miles southeast of Toledo. The 132,500-square-foot, net-leased property is located at 240 Norwest Drive. Whirlpool has fully occupied the building for more than 10 years. Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap secured and represented the buyer, a private investor. Buyer information was undisclosed.

January 29, 2021

Midwest Ohio Retail

Huntington Bank to Close 198 Branches as Part of TCF Acquisition

by Kristin Harlow January 26, 2021

COLUMBUS, OHIO — As a result of its $22 billion acquisition of TCF Financial, Huntington Bank plans to close 198 branches, including all 97 locations in Meijer grocery stores, according to Crain’s Detroit Business. The branch closures are expected to occur in Michigan, Ohio and Illinois after the locations have been vetted for customer traffic, transaction trends and proximity to other locations. Columbus-based Huntington’s acquisition of Detroit-based TCF, previously announced in December, is expected to take place in the second quarter. The merger will create a top 10 U.S. regional bank with dual headquarters in Columbus and Detroit.

January 26, 2021

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