BEAVERCREEK, OHIO — NorthMarq has arranged a $13.5 million loan for the acquisition of The Acropolis at Fairfield Commons in Beavercreek near Dayton. The 211,576-square-foot office property is located at 2611-2689 Commons Blvd. Susan Branscome of NorthMarq arranged the fixed-rate, 10-year loan, which features a 25-year amortization schedule. A life insurance company provided the loan.
REYNOLDSBURG, OHIO — Cooper Commercial Investment Group has brokered the $2.3 million sale of a Wright-Patt Credit Union ground lease in Reynoldsburg, a suburb of Columbus. The building was still being constructed at the time of closing. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private developer. A New York-based private investor was the buyer. The cap rate was 5.5 percent.
COLUMBUS, OHIO — Huntington Bank has unveiled a $20 billion, five-year lending, investment and philanthropic commitment to help improve financial opportunities for the bank’s consumers, businesses and communities within its seven-state footprint. The Columbus-based bank has designated $7.6 billion for helping businesses, $7.5 billion for homeownership and $4.9 billion toward community efforts related to affordable housing, food security, workforce development and social equity. Huntington says it will work with hundreds of community organizations to implement its 2020 Community Plan.
DELAWARE, OHIO — Gosula Realty Ltd. has acquired Glennwood Commons in Delaware, about 30 miles north of Columbus. The purchase price was undisclosed. Tenants include OfficeMax, Dollar Tree and Pet Supplies Plus. CBRE’s National Retail Partners Midwest team represented both Gosula and the seller, Principal Real Estate Investors.
GAHANNA, OHIO — Thompson Thrift Retail Group (TTRG), a wholly owned subsidiary of Indianapolis-based Thompson Thrift, has sold a freestanding retail property in the Columbus suburb of Gahanna for an undisclosed price. Bank of America and Merrill Lynch are scheduled to open at the two-story, 8,830-square-foot property later this year. The one-acre parcel is located at the northeast corner of Hamilton and Blendon Place roads. Dylan Mallory of Hanley Investment Group Real Estate Advisors represented TTRG in the sale. The buyer was undisclosed.
MASON, OHIO — Vanderlande Industries has signed an office lease at Governor’s Pointe Office Park in Mason, about 25 miles northeast of Cincinnati. Amsterdam-based Vanderlande, a material handling and logistics automation company, will occupy the 4705 Duke Drive building beginning in October. The 141,000-square-foot building features a marketplace and break area on the first floor as well as outdoor seating and a walking trail. Scott Abernethy and Michelle Klingenberg of Cushman & Wakefield represented the landlord, Smith/Hallemann Partners. Jeff Bender and Seattle Stein of Cushman & Wakefield represented Vanderlande.
COLUMBUS, OHIO — Big Lots Inc. (NYSE: BIG) has reported net sales of $1.6 billion in its fiscal second quarter, which ended Aug. 1. This figure is 31.3 percent higher than the second quarter of 2019, which totaled $1.2 billion. Bruce Thorn, president and CEO of the Columbus-based retailer, says the “record-breaking results” were driven by both in-store and online activity. Big Lots also reported net income of $452 million, which includes $341.9 million in earnings due to the sale-leasebacks of several distribution centers. The company’s stock price closed at $55.70 per share on Thursday, Aug. 27, up from $21.41 one year ago. Big Lots, which sells toys, furniture, clothing and small electronics, operates more than 1,400 stores nationwide.
AKRON, OHIO — Emerald Creek Capital has provided a $2.8 million acquisition loan for an undisclosed borrower. The loan is secured by a 45,540-square-foot warehouse in Akron. Situated on a seven-acre site with 277 parking spaces, the climate-controlled property features 21-foot clear heights, eight grade-level doors and two drive-in doors. Amazon occupies the warehouse and will use it in conjunction with the company’s new 2.7 million-square-foot fulfillment center that is currently under construction in southwest Akron. Matt Fantuzzi of Emerald Creek Capital originated the financing.
By Brian Leonard and Mark Volkman Tides are changing throughout the U.S. as companies work to confront COVID-19 and its implications on the national supply chain. Changing consumer preferences are forcing businesses to reevaluate their current supply chain and diversify their sources of supply. Since COVID-19, retailers across the country have experienced a 54 percent increase in online sales. This shows the value shoppers place on convenience and accessibility — the only missing factor from online shopping is the immediacy of a physical store. As a result, 51 percent of global retailers now offer same-day shipping to available areas, and 65 percent plan to offer same-day delivery services within a year. These factors, combined with the expectations of a “next normal,” will require fulfillment centers to be positioned close to customers to ensure timely deliveries. And finding a well-equipped, centrally located space can be a challenge. Luckily for investors, the Cincinnati market is emerging as a destination for warehouse and fulfillment centers. Cincinnati is nationally recognized for its accessibility to major markets, talented workforce and plentiful intermodal properties. Because of these reasons, major retailers like Wayfair and Hayneedle are dominating the market, making larger footprints harder to come by. Here …
CINCINNATI — Asia Capital Realty Estate (ACRE) has provided $68.5 million of floating-rate debt to refinance City Club Apartments. The loan, which was underwritten with a loan-to-value ratio of 63.4 percent, has a two-year term and two single-year extension options. Located at 309 Vine St. in Cincinnati, City Club Apartments is a mixed-use property featuring 294 apartments and penthouses, 31,928 square feet of office space and 17,498 square feet of retail space. The sponsor acquired the property in 2016 as a vacant office building and recently repositioned the asset into a Class A mixed-use apartment community. At the time the financing closed, 90 percent of the multifamily units were leased, 100 percent of the retail space was leased and 67 percent of the office space was occupied. Chicago-based Draper and Kramer brokered the transaction.
