Ohio

Merchants Capital Secures $57M HUD Loan for Apartment Project in Downtown Cincinnati

by Kristin Harlow June 15, 2020

CINCINNATI — Merchants Capital has secured a $57 million FHA/HUD Section 221(d)(4) loan for 4th & Race, a 264-unit apartment community currently under development in downtown Cincinnati. The project is slated to open in the first half of 2021. Merchants secured the new construction loan on behalf of the developer, Flaherty & Collins Properties. The new loan represents the multifamily component of the project, which will also feature 20,000 square feet of retail space and a five-story parking garage. The residential portion will sit atop the retail and parking components. Amenities will include a sky deck, pool, fitness center, yoga room, gaming area and club room. Flaherty & Collins worked concurrently with the city of Cincinnati, the Port Authority of Greater Cincinnati and the Cincinnati Center City Development Crop. to bring the project to life. FHA/HUD Section 221 (d) (4) loans are used exclusively for the construction or substantial rehabilitation of multifamily properties. Eligible assets include market-rate, low-to-moderate income and subsidized multifamily properties.

June 15, 2020

Midwest Ohio Retail

Phillips Edison & Co. Provides COVID-19 Update, Collects 80 Percent of May Rent Payments

by Kristin Harlow June 11, 2020

CINCINNATI — Phillips Edison & Co. Inc. (PECO), an internally managed real estate investment trust and owner of grocery-anchored shopping centers, has issued an update regarding the impact of the COVID-19 impact. Rent and recoveries collected for May totaled 80 percent of monthly billing, up from 78 percent in April. Cincinnati-based PECO says that once tenants are open and able to pay their standard monthly rent, the landlord will begin discussions about recovering missed rent payments. As of May, 91 percent of PECO’s tenants were open for business. PECO has recently launched PECO Connect, a new webpage designed to help tenants reopen as states continue to relax social distancing and stay-at-home requirements. The resources include information on curbside pickup, outdoor dining, signage, educational webinars, tenant rewards and an internal communications platform. PECO manages a portfolio of 312 properties, including 285 wholly owned properties comprising approximately 31.9 million square feet across 31 states.

June 11, 2020

Acquisitions Indiana Industrial Midwest Ohio

Granite Acquires 4 MSF of Industrial Real Estate in Heartland for $246.1M

by Kristin Harlow June 10, 2020

INDIANA AND OHIO — Canada-based Granite Real Estate Investment Trust (NYSE: GRP.U) has acquired eight U.S. industrial properties totaling approximately 4 million square feet for $246.1 million. The buildings are fully leased to various tenants. The Midwest properties include: 445 Airtech Parkway in Indianapolis; 5415 Centerpoint Parkway in Obetz, Ohio; 6201 Green Pointe Drive South in Groveport, Ohio; 8779 Le Saint Drive in Hamilton, Ohio; and 8754 Trade Port Drive in West Chester, Ohio. Granite also acquired three properties in the Southeast. These include: 4460 E. Holmes Road in Memphis, Tenn.; 4995 Citation Drive in Memphis, Tenn.; and 8650 Commerce Drive in Southaven, Miss. The acquisitions are expected to close in the second quarter. Granite expects to fund the purchases using a combination of net proceeds from its recent equity offering and cash on hand. Granite’s portfolio consists of more than 90 properties totaling approximately 40.3 million square feet of leasable area.

June 10, 2020

Acquisitions Midwest Office Ohio

90 North Purchases Ensemble Health Headquarters Property in Suburban Cincinnati

by Kristin Harlow June 10, 2020

BLUE ASH, OHIO — The Chicago office of United Kingdom-based 90 North Real Estate Partners, acting as the investment advisor to Kuwait-based Rasameel Investment Co., has purchased a 400,296-square-foot office property in Blue Ash. The campus serves as the new headquarters of Ensemble Health Partners. 90 North acquired the property from a local developer for an undisclosed price. The campus, situated at 11311 Reed Hartman Highway in suburban Cincinnati, formerly served as the Procter & Gamble Sharon Woods Technical Center. Over the last year, the campus has been redeveloped for Ensemble, which is a medical billing management company. The property consists of a 390,096-square-foot main building, a newly constructed 75,554-square-foot addition and a separate 10,200-square-foot building that is being converted into a conference center. The campus also includes 2,262 car parking spots and sits on 51.3 acres. Ensemble expects to be operational in the facility by September. The company is expected to bring approximately 2,000 employees to the property.

June 10, 2020

Loans Lument Midwest Multifamily Ohio RED Capital Group

RED Mortgage Capital Provides $11.4M Refinancing for Multifamily Community Near Columbus, Ohio

by Kristin Harlow June 9, 2020

REYNOLDSBURG, OHIO — RED Mortgage Capital, a division of ORIX Real Estate Capital, has provided an $11.4 million Freddie Mac loan for the refinancing of Redwood Reynoldsburg in suburban Columbus. Formerly known as Blacklick Pointe, the 89-unit multifamily community consists of 20 one-story buildings. Each residence has an attached two-car garage. Built in 2018, the property is 94.4 percent occupied. Reynoldsburg One LLC was the borrower. The 10-year loan features a 30-year amortization schedule.

June 9, 2020

Acquisitions Midwest Ohio Retail

Boulder Group Arranges $2.6M Sale of Property Net Leased to Walgreens in Metro Cleveland

by Kristin Harlow June 9, 2020

PAINESVILLE, OHIO — The Boulder Group has arranged the $2.6 million sale of a 15,048-square-foot property net leased to Walgreens in Painesville within metro Cleveland. The building is located at 132 Richmond St. Walgreens has nearly eight years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Northeast-based private real estate company. A West Coast-based investor purchased the asset.

June 9, 2020

Acquisitions Midwest Office Ohio

NAI Pleasant Valley Brokers Sale of 37,000 SF Office Building Near Cleveland

by Kristin Harlow June 8, 2020

SHAKER HEIGHTS, OHIO — NAI Pleasant Valley has brokered the sale of a 37,000-square-foot office building located at 20820 Chagrin Blvd. in Shaker Heights, just east of Cleveland. The sales price was undisclosed. Gerilyn Gleason and Jeffrey Kahn of NAI Pleasant Valley represented the seller. The local buyer plans to occupy the property, which is near the Van Aken District, an $18.5 million mixed-use project featuring multiple retailers and apartments.

June 8, 2020

Development Midwest Office Ohio

Coworking Concept COhatch to Open Second Cincinnati Location in Hyde Park

by Kristin Harlow June 2, 2020

CINCINNATI — COhatch is expanding its Cincinnati presence to Hyde Park. The coworking startup has purchased a 13,000-square-foot building at 2727 Erie Ave. for $2 million and plans to repurpose the three-story property to house coworking and event space. COhatch will occupy the second and third floors of the building. Italian and Argentine restaurant Alfio’s Buon Cibo will continue to occupy the first floor. North High Brewing Co. will move into an adjacent first-floor space that Keegan’s Seafood Market previously leased. COhatch expects to open the Hyde Park facility in the fall. It will predominantly feature private offices along with a handful of meeting rooms. The company’s Deerfield Towne Center location is slated to open in July. There are currently 15 COhatch locations open or under development in the Midwest.

June 2, 2020

Industrial Market Reports Midwest Midwest Market Reports Ohio

Low Vacancy Rate in Toledo Industrial Market Prompts Call for More Spec Space

by Kristin Harlow May 28, 2020

By Lynette Reichle, Reichle Klein Group On March 12, Ohio’s governor declared a state-wide order closing schools and gatherings of over 100 people. On March 15, he ordered all bars and restaurants to close dining rooms (but could maintain carryout and delivery) with further closings on almost a daily basis. Finally, the stay-at-home order came on the 22nd. As of the writing of this article, it is difficult to estimate the full effects of the COVID-19 pandemic and what the moves our government has taken to protect us will have on our real estate markets. Prior to the spread of the coronavirus, Toledo’s industrial real estate market had been running at unprecedented high levels in both leasing activity and new development for the past several years. While the beginning of this year was decidedly quiet compared with the fourth quarter of 2019, we had every reason to expect strong demand for industrial properties through the remainder of 2020. In fact, the Toledo market still suffers from an inventory problem; virtually every project that was built last year was a build-to-suit. Local and regional developers have yet to develop enough of an appetite to build speculatively. Further, no one in the …

May 28, 2020

Midwest Multifamily Ohio Seniors Housing

Ohio Launches Coronavirus Testing Program for Nursing Homes

by Kristin Harlow May 27, 2020

OHIO — Ohio Gov. Mike DeWine has formed Congregate Care Unified Response Teams to test residents and staff members for coronavirus within the state’s nursing homes. The teams, which include medically trained members of the Ohio National Guard, will begin testing this week. All nursing home staff will be tested. Testing of residents will be based on a clinically driven strategy that targets those who have likely been exposed to COVID-19. As of Tuesday, May 26, there were 33,006 confirmed cases of COVID-19 in Ohio and 2,002 deaths.

May 27, 2020

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