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DevelopmentMidwestMultifamilyOhio

City Club Apartments Breaks Ground on 23-Story Apartment Hotel Project in Cleveland

by Kristin Harlow

CLEVELAND — City Club Apartments has broken ground on a new 23-story development in downtown Cleveland. Located at 776 Euclid Ave. and dubbed an “apartment hotel,” the project will feature 304 luxury apartment units and penthouses along with street-level retail space, including a restaurant and speakeasy, café and doggie daycare. Guests can rent a furnished or unfurnished unit for a day, week, month or multiple years. The units will come in 22 different floorplans. Amenities will include an entertainment sky club, heated rooftop pool, sky park, fitness center, yoga room, business center and theaters. Construction will begin later this month with pre-leasing scheduled to begin in the fourth quarter of 2022. First move-ins are slated for spring 2023.

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AcquisitionsMidwestOhioRetail

First National Realty Partners Acquires Southland Crossings Shopping Center in Boardman, Ohio

by Kristin Harlow

BOARDMAN, OHIO — First National Realty Partners has acquired Southland Crossings in Boardman, about 50 miles east of Akron. The purchase price and seller were undisclosed. Giant Eagle Supermarket anchors the 245,678-square-foot shopping center, which is located on Doral Drive. The property is 91 percent leased by tenants such as Ross Dress for Less, PetSmart, DSW and Michaels.

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AcquisitionsMidwestOfficeOhio

OA Development Sells Hawthorne Center Office Asset in Suburban Cincinnati for $26.5M

by Kristin Harlow

BLUE ASH, OHIO — OA Development has sold Hawthorne Center in the Cincinnati suburb of Blue Ash for $26.5 million. Acquired in 2012, Hawthorne Center is a five-story, Class A office building totaling 135,413 square feet. Belcan LLC, a global supplier of engineering, supply chain, technical recruiting and IT services, fully occupies the property. Cushman & Wakefield represented OA in the sale. The buyer was undisclosed.

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AcquisitionsIndustrialMidwestOhio

Plymouth Industrial REIT Purchases Ohio Industrial Portfolio for $22.5M

by Kristin Harlow

TROY, OHIO — Plymouth Industrial REIT has purchased a three-building industrial portfolio totaling 396,800 square feet in Troy, about 20 miles north of Dayton. The purchase price was $22.5 million. The portfolio includes: a 160,000-square-foot building at 2180 Corporate Drive that is leased to F&P America; a 160,000-square-foot building at 1520 Experiment Farm Road that is leased to F&P America; and a 76,800-square-foot property at 952 Dorset Road that is home to Remedi SeniorCare and Cox Media Group. Steve Timmel, Jeff Johnston, Will Roberts, Chris Prosser and Doug Whitten of CBRE represented the seller, Culmen Real Estate Services.

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DevelopmentMidwestMixed-UseOhio

Flaherty & Collins Unveils Plans for $211M Phase II at The Peninsula in Downtown Columbus

by Kristin Harlow

COLUMBUS, OHIO — Flaherty & Collins Properties (F&C) and co-developer Daimler Group have unveiled plans for The Peninsula’s second phase in downtown Columbus. The $211 million project will include 400 apartment units and 245,000 square feet of office space. Specifically, a four-story parking garage will be topped by a seven-story office building and a 30-story apartment tower with 9,000 square feet of ground-floor retail space. Phase I is currently under construction and includes both office and multifamily space along with a 200-room hotel being developed by Rockbridge. F&C says that an application for $21 million in tax credit funding from Ohio’s new Transformational Mixed-Use Development (TMUD) program is key to moving the project forward. Construction of Phase II is expected to begin in 2022 with completion slated for 2025.

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AcquisitionsMidwestOhioRetail

JLL Brokers $17.7M Sale of Derby Square Shopping Center in Grove City, Ohio

by Kristin Harlow

GROVE CITY, OHIO — JLL Capital Markets has brokered the $17.7 million sale of Derby Square in Grove City, a southern suburb of Columbus. Giant Eagle anchors the 125,250-square-foot shopping center, which is 99 percent leased. Additional tenants include Once Upon a Child, Plato’s Closet, Novacare Rehabilitation, Salon Lofts, City Barbeque, Batteries + Bulbs, H&R Block and Allstate Insurance. Derby Square is situated on 12 acres along Stringtown Road. Amy Sands, Clinton Mitchell, Michael Nieder and Bill Poffenberger of JLL represented the seller, a joint venture between Madison International Realty and SITE Centers Corp. A Midwest-based private buyer acquired the asset.

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AcquisitionsIndustrialMidwestOhio

Marcus & Millichap Arranges $17M Sale of Industrial Building in Carey, Ohio

by Kristin Harlow

CAREY, OHIO — Marcus & Millichap has arranged the $17 million sale of a 237,155-square-foot industrial building in Carey, about 60 miles south of Toledo. Hanon Systems, a South Korean-based manufacturer of automotive HVAC and cooling systems, fully occupies the facility, which is located at 581 Arrowhead Drive. Joshua Baker, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap’s Patton Wiles Fuller Group represented the seller. The buyer and seller were not provided.

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IndustrialLoansMidwestOhio

Ready Capital Closes $8M Acquisition Loan for Industrial Property in Dayton, Ohio

by Kristin Harlow

DAYTON, OHIO — Ready Capital has closed an $8 million loan for the acquisition and stabilization of a 196,000-square-foot industrial property in the Miamisburg submarket of Dayton. The buyer plans to address deferred maintenance and increase rents as tenants’ leases expire. The nonrecourse loan features interest-only payments, a floating rate and a four-year term.

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AcquisitionsMidwestOhioRetail

Carvana-Occupied Facility in Ohio Trades Hands for $6.7M

by Kristin Harlow

WARRENSVILLE, OHIO — A Costa Rica-based private investor has purchased a facility occupied by car sales company Carvana in Warrensville, about 15 miles southeast of Cleveland. The sales price was $6.7 million. Located at 4070 Interchange Corporate Center Road, the 8,408-square-foot property was constructed in 2017. Michael Shover and Matthew Gorman of CBRE represented the buyer. There were 17 years remaining on Carvana’s lease at the time of sale. The seller was undisclosed.

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AcquisitionsIndustrialMidwestOhio

Colliers Arranges Sale of 1 MSF Fulfillment Center Leased to Bath & Body Works in Ohio

by Kristin Harlow

COMMERCIAL POINT, OHIO — Colliers has arranged the sale of a 1 million-square-foot e-commerce fulfillment center occupied by Bath & Body Works Inc. in Commercial Point, a southern suburb of Columbus. The sales price was undisclosed. The retailer plans to add 500 employees to its central Ohio workforce to fill online orders at the facility. Located at 514 Exchange Way, the property is the first building within the 875-acre Rickenbacker Exchange at Commercial Point industrial park. Alex Cantu, Jeff Devine, Steve Disse and Michael Linder of Colliers represented the seller, VanTrust Real Estate. The Mid-America Management Corp., an Ohio-based investment firm, was the buyer.

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