Ohio

Direct Retail Partners to Begin Redevelopment of Shops at Worthington Place Mall in Suburban Columbus

by Kristin Harlow April 21, 2021

WORTHINGTON, OHIO — Direct Retail Partners has received the final zoning approval to begin construction on Phase I of the redevelopment of the Shops at Worthington Place in Worthington, a northern suburb of Columbus. The project, known as High North, will transform the shopping mall into a mixed-use development, anchored by a 125,000-square-foot Class A office building. Five floors of office space will sit atop four levels of structured parking. The first floor will be surrounded by a WiFi-enabled public courtyard. Dining and grocery options like Panera Bread, First Watch, Pies & Pints and Kroger will remain in the development. About 21,000 square feet of the existing mall will be demolished, according to online news publication Columbus Underground. Collin Wheeler, Aaron Duncan and Brad Stricker of CBRE are marketing the office portion for lease.

April 21, 2021

Development Industrial Midwest Ohio

Kroger Opens First Customer Fulfillment Center Nationwide

by Kristin Harlow April 19, 2021

MONROE, OHIO — The Kroger Co. (NYSE: KR) has opened its first customer fulfillment center (CFC) in the country. The 375,000-square-foot facility is located in Monroe, a city north of Cincinnati. The CFC can fulfill thousands of orders per day and has the capability to support fulfillment of pickup orders. Powered by Ocado Group, a grocery e-commerce company, the CFC combines vertical integration, machine learning and robotics with affordable and fast delivery service for fresh food, according to Kroger. Onsite associates will support delivery operations and help process, package and load orders. The Monroe CFC will employ nearly 400 associates. After placing an order via Kroger’s website or app, customers in regions where there is a CFC will have their groceries delivered by a Kroger delivery associate in a temperature-controlled van. The Kroger delivery network will also continue to leverage stores and third-party partners to deliver certain orders. In May 2018, Kroger and Ocado formed an exclusive partnership for the rollout of CFCs across the country. The companies also plan to roll out components of the software solutions into Kroger stores in order to support fulfillment of curbside pickup orders. A CFC in Groveland, Fla. near Orlando is scheduled to …

April 19, 2021

Loans Midwest Multifamily Ohio

NorthMarq Arranges $7.5M Loan for Refinancing of Apartment Community in Cincinnati

by Kristin Harlow April 19, 2021

CINCINNATI — NorthMarq has arranged a $7.5 million loan for the refinancing of River Bend Apartments in Cincinnati. The 120-unit apartment community is located at 163-181 Anderson Ferry Road. The property was built in 1971 and renovated from 2016 to 2020. Noah Juran of NorthMarq arranged the 15-year loan with one year of interest-only payments followed by a 30-year amortization schedule. A life insurance company provided the loan for the undisclosed borrower.

April 19, 2021

Acquisitions Midwest Multifamily Ohio

Vision & Beyond Acquires Two Historic Buildings in Cincinnati, Plans Renovations

by Kristin Harlow April 15, 2021

CINCINNATI — Vision & Beyond Capital Investments has acquired two historic buildings in Cincinnati. The company is investing around $7 million to acquire and renovate both properties. The first asset is 7-9 West Court Street, which features 18 market-rate apartment units and five commercial storefronts. The building was originally built in 1905. Vision & Beyond plans to upgrade the units to Class A standards and develop six additional units on the sixth floor. The second acquisition, 1025 Central Avenue, is home to 11 market-rate apartment units and three businesses. Vision & Beyond will renovate the units and amenities. Since its inception in 2018, Vision & Beyond has invested $91 million and acquired more than 1,550 multifamily units in Greater Cincinnati. The company is poised to invest another $200 million in Cincinnati, Columbus, Dayton and Lexington, Ky. by the end of 2021.

April 15, 2021

Acquisitions Midwest Ohio Retail

Marcus & Millichap Arranges $3.4M Sale of Kroger-Occupied Property in Ohio

by Kristin Harlow April 14, 2021

MOUNT GILEAD, OHIO — Marcus & Millichap has arranged the $3.4 million sale of a 51,443-square-foot property occupied by Kroger in Mount Gilead, about 40 miles northeast of Columbus. The asset is located at 555 W. Marion St. Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the buyer, a publicly traded REIT. Seller information was undisclosed.

April 14, 2021

Acquisitions Healthcare Midwest Ohio

Quantum Brokers $1.4M Sale of Medical Office Building in Columbus, Ohio

by Kristin Harlow April 14, 2021

COLUMBUS, OHIO — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant medical office building in Columbus for $1.4 million. Located at 4660 Roberts Road, the property is fully occupied by BrightView Health, a behavioral clinic specializing in the treatment of opioid addiction. Chad Firsel and Jason Lenhoff of Quantum represented the seller, a local real estate investment and development company. A Florida-based private investor was the buyer.

April 14, 2021

Loans Midwest Multifamily Ohio Single-Family Rental

NorthMarq Arranges $4.6M Loan for Refinancing of Rental Housing Portfolio in Southwest Ohio

by Kristin Harlow April 6, 2021

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.

April 6, 2021

Loans Midwest Multifamily Ohio Walker & Dunlop

Walker & Dunlop Arranges $55.5M in Financing for Development of Multifamily Project in Columbus

by Kristin Harlow April 5, 2021

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.

April 5, 2021

Development Hospitality Midwest Ohio

Olshan Properties Opens 136-Room Aloft Hotel at Easton Town Center in Columbus

by Kristin Harlow March 31, 2021

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.

March 31, 2021

Acquisitions Midwest Ohio Restaurant Retail

Mohr Capital Sells Texas Roadhouse Ground Lease in Steubenville, Ohio

by Kristin Harlow March 30, 2021

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.

March 30, 2021

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