COLUMBUS, OHIO — Six new retailers and restaurants have joined the tenant lineup at Easton Town Center, a retail destination in Columbus co-developed by The Georgetown Co., L Brands and Steiner + Associates. UpWest has opened its fourth store and its first in Ohio. The brand offers apparel, sleep, wellness and home goods products for men and women. Brassica, now open, is a Columbus restaurant known for its sandwiches and salads that are inspired by Eastern Mediterranean cuisine. Buff City Soap has opened its first location in Columbus. The retailer offers scented soaps that are made with plant-based ingredients. The breakfast, brunch and lunch restaurant Another Broken Egg will open at Easton Town Center this fall. Afra Grill, also opening this fall, offers dishes inspired by authentic African flavors, spices and sauces. Lastly, Boss Gal Beauty Bar is scheduled to open in September. This will be the third central Ohio location for the tenant, which offers a facial bar and private medical treatment rooms. Easton Town Center spans 2.9 million square feet.
CINCINNATI — Phillips Edison & Co. Inc. (PECO), an internally managed REIT, has filed a registration statement with the Securities and Exchange Commission to offer 17 million shares of its common stock to the public. The Cincinnati-based shopping center owner also intends to grant the underwriters a 30-day option to purchase up to an additional 2.5 million shares of its common stock. The initial public offering (IPO) price is expected to be between $28 and $31 per share. Adjusting for the one-for-three reverse stock split that was executed on July 2, the IPO price would be expected to be between $9.33 and $10.33 per share. PECO expects to trade on the Nasdaq Global Select Market under the ticker symbol “PECO.” The company says it will use the net proceeds from the proposed offering to pay off its $375 million unsecured term loan, fund external growth with property acquisitions and fund other general corporate uses. As of March 31, PECO owned equity interests in 300 shopping centers comprising 31 million square feet across 31 states.
DELAWARE, OHIO — The Kroger Co. and KNAPP have unveiled plans to modernize and expand the grocer’s Great Lakes Distribution Center in Delaware, about 30 miles north of Columbus. The property opened in 2003 and currently services 115 Kroger stores in central and northwest Ohio as well as southeast Michigan and the Ohio River Valley region. Plans call for the addition of modern technology and a 130,000-square-foot expansion. KNAPP provides logistics solutions and specialized software for production and distribution. “The expansion of the facility is part of the ongoing transformation of our supply chain network, and this project will more than double our capacity while delivering innovation and scalability that can grow with demand,” says Tony Lucchino, Kroger’s vice president of supply chain and network strategy.
CINCINNATI — Deloitte, one of the Big Four global accounting firms, has signed a 30,000-square-foot anchor lease at Foundry, a mixed-use development underway in downtown Cincinnati. The developer and landlord is Cincinnati Center City Development Corp. (3CDC), a 501(c)(3) nonprofit developer that was created in 2003 by a City of Cincinnati task force. “We hope this is the first of many exciting announcements to come over the next few months, as we work to fill this essential building in our urban core with more world-class organizations like Deloitte,” says Katie Westbrook, development manager of 3CDC. Deloitte will occupy office space on the second floor of the $51 million project, which is a redevelopment of a former Macy’s-anchored building called Fountain Place. The building also housed Tiffany & Co., Palomino Restaurant and Booksellers on Fountain Square before they all closed their doors. Travis Likes and Scott Yards of CBRE represented 3CDC in the lease deal. Construction on Deloitte’s new space will begin immediately and is expected to be complete in late 2021 or early 2022. Foundry will ultimately feature 150,000 square feet of revitalized office space, 35,000 square feet of ground-level retail and restaurant space and 164 underground parking spaces that …
CINCINNATI — Grandin Properties has renovated The Strietmann Center in Cincinnati’s Over the Rhine district. Located at 231 W. 12th St., the building includes 77,434 square feet of Class A office space and 13,848 square feet of retail and restaurant space. Originally built in 1899, the property is now LEED Gold certified and includes the first solar panels installed in Cincinnati’s urban core. Tenants can now enjoy a rooftop terrace, bike storage, showers and access to a newly renovated YMCA adjacent to the property. Michelle Klingenbert of JLL is leading leasing efforts for the office portion.
TOLEDO, OHIO — Reichle Klein Group has brokered the sale of a 20,824-square-foot office building in Toledo for $1.7 million. The property is located at 4352 W. Sylvania Ave. near Franklin Park Mall. The renovated, freestanding building sits on 1.5 acres. Ryan Miller of Reichle Klein represented the buyer, Ohio-based SBB Rouge LLC. Jason Westendorf of Reichle Klein represented the seller, Michigan-based 4352 WSA LLC.
SOLON, OHIO — Matthews Real Estate Investment Services has arranged the $10.1 million sale of Uptown Solon Shopping Center in Solon, about 20 miles southeast of Cleveland. The 182,334-square-foot property is home to Bed Bath & Beyond, Old Navy, Ulta, Petco, Lumber Liquidators and Orange Theory Fitness. Ben Snyder and Zack Bates of Matthews brokered the sale. The seller was a subsidiary of Retail Value Inc. The buyer, United Growth, is a development and investment company that targets value-add properties.
BEAVERCREEK, OHIO — Washington Prime Group Inc. (NYSE: WPG) and Synergy & Mills Development have unveiled plans to redevelop a former department store building at The Mall at Fairfield Commons in Beavercreek into office space. The store spans two stories and 150,000 square feet in suburban Dayton. The project will be called The Meridian at Fairfield Commons. Synergy plans to begin construction to redevelop the existing building into office, laboratory and research and development space starting in late 2021. The project is an example of WPG’s efforts to diversify its tenancy and transform its assets into town centers with a mix of retail, dining, entertainment and mixed-use space.
CINCINNATI — Stan Johnson Co. has arranged the sale of a 70,876-square-foot, Class A office building in Cincinnati for an undisclosed price. Liberty Mutual Insurance Co. occupies the building, which is located at 1876 Waycross Road within the Carillon Business Park. The building was originally completed in 2015, and tenant improvements were added earlier this year when Liberty Mutual relocated to the building from nearby Fairfield. Brad Pepin of Stan Johnson represented the seller, Nebraska-based Ameritas. NRED, a Kansas-based operating and investment firm, was the buyer.
CINCINNATI — Lument has provided a $17.4 million Fannie Mae loan for the refinancing of Ivy Hills Apartments in Cincinnati. Originally built in 1996, the multifamily property includes 164 units across 31 buildings. The occupancy rate was 92.3 percent as of March 2021. Steven Cox of Lument originated the 12-year loan, which features a fixed interest rate, five years of interest-only payments and a 30-year amortization schedule. The undisclosed borrower acquired the asset in early 2020 and has since invested approximately $1.8 million to renovate 60 units. The borrower plans to spend an additional $1.7 million throughout 2021 to renovate 50 more units.