Ohio

Hanley Investment Group Arranges $3M Sale of Two Dollar General-Occupied Properties in Ohio

by Kristin Harlow March 23, 2021

WINDHAM AND BRADNER, OHIO — Hanley Investment Group Real Estate Advisors has arranged the $3 million sale of two properties occupied by Dollar General in Ohio. In Windham, a 10,566-square-foot store sold for $1.6 million. The second asset was a 9,026-square-foot building in Bradner that sold for $1.4 million. Both single-tenant properties were constructed in 2020. Beau Velten, Jeff Lefko and Bill Asher, in conjunction with ParaSell Inc., represented the buyer, a San Diego-based private investor completing a 1031 exchange. Doug Holtzman and Tori Nook of Anchor Cleveland represented the seller and developer, Ohio-based Zaremba Group.

March 23, 2021

Acquisitions Industrial Midwest Ohio Retail

Industrial Commercial Properties Acquires Chapel Hill Mall in Akron, Plans Redevelopment

by Kristin Harlow March 18, 2021

AKRON, OHIO — Industrial Commercial Properties (ICP) has acquired the 635,000-square-foot Chapel Hill Mall in Akron for an undisclosed price. The mall is contiguous to the former Sears building and auto center, which ICP purchased last year. With the Sears property, the total acquisition amounts to 829,000 square feet on 60 acres. ICP is considering converting the mall into a multi-tenant campus or a series of industrial buildings, but detailed redevelopment plans have yet to be released. Chapel Hill Mall is ICP’s seventh acquisition in 2021, bringing the company’s portfolio to more than 150 properties in five states.

March 18, 2021

Loans Midwest Multifamily Ohio

Berkadia Provides $16.5M Loan for Refinancing of Apartment Complex in Ohio

by Kristin Harlow March 18, 2021

DELAWARE, OHIO — Berkadia has provided a $16.5 million Fannie Mae loan for the refinancing of Flats on Houk in Delaware, about 30 miles north of Columbus. The 168-unit, garden-style community is located at 1000 Solomon Square. Amenities include a picnic area, pool, fitness center, recreation room, clubhouse, dog park and community garden. Scott Wilkie and Evan Ballmann of Berkadia’s Columbus office originated the 10-year loan, which features a 2.9 percent interest rate and a 55 percent loan-to-value ratio.

March 18, 2021

Industrial Leasing Activity Midwest Ohio

Gullco International Signs 12,000 SF Industrial Lease in Macedonia, Ohio

by Kristin Harlow March 17, 2021

MACEDONIA, OHIO — Gullco International Inc. has signed a 12,000-square-foot industrial lease at 8157 Bavaria Road in Macedonia, about 23 miles southeast of Cleveland. David Hexter and Jeffrey Calig of NAI Pleasant Valley represented the undisclosed landlord in the lease transaction. Gullco manufactures and distributes welding and cutting automation tools to assist industries involved in ship building, power generation and infrastructure.

March 17, 2021

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Structures $13M in Construction Financing for Affordable Housing Property in Cleveland

by Kristin Harlow March 16, 2021

CLEVELAND — KeyBank has structured $13 million in construction financing for Via Sana, a 72-unit affordable housing project in Cleveland. The NRP Group LLC, The MetroHealth System and CCH Development Corp. are serving as developers. Via Sana is part of a $60 million mixed-use project being spearheaded by MetroHealth in the city’s Clark-Fulton neighborhood. Rents at the property will be offered at 15 to 75 percent below market rents. Project-based vouchers will be used for eight of the units. In addition to residences, Via Sana will include more than 5,000 square feet of commercial space as well as conference rooms and classrooms reserved for MetroHealth’s Economic Opportunity Center.

March 16, 2021

Development Industrial Midwest Ohio

$9M Spec Industrial Project Nears Completion in Middleburg Heights, Ohio

by Kristin Harlow March 16, 2021

MIDDLEBURG HEIGHTS, OHIO — Owner and developer The Dickman Co. Inc. is nearing completion of a $9 million speculative industrial project in Middleburg Heights, a southern suburb of Cleveland. Terry Coyne of Newmark is representing Milwaukee-based Dickman in leasing efforts. The 125,500-square-foot project is now 90 percent pre-leased. Forward Air has leased 52,500 square feet and Lasership has signed for 63,000 square feet. There are 10,000 square feet remaining available for lease. Completion of the project is slated for the end of the second quarter. Building features include a clear height of 28 feet, multiple docks and drive-in doors, and ample employee and trailer parking.

March 16, 2021

Leasing Activity Midwest Office Ohio

Northwest Bank to Become Anchor Tenant at 3 Easton Oval in Columbus

by Kristin Harlow March 16, 2021

COLUMBUS, OHIO — Northwest Bank has leased the top floor at 3 Easton Oval in Columbus and will have building signage. The owner of the office building, Alterra Real Estate Advisors, recently completed a renovation with new common areas, LED lighting, HVAC units with improved air quality, a new roof and solar panels. Northwest Bank joins accounting firm Brady Ware, which has leased half of a floor in the building. Alterra acquired the asset in December 2019.

March 16, 2021

Development Industrial Midwest Ohio

Opus Completes 75 Logistics Center in Middletown, Ohio

by Kristin Harlow March 12, 2021

MIDDLETOWN, OHIO — The Opus Group has completed 75 Logistics Center, a 612,589-square-foot speculative warehouse in Middletown, about 32 miles north of Cincinnati. Corporate apparel brand Cintas and global logistics company DHL have fully leased the building. In addition to convenient access to I-75, the project features a clear height of 36 feet, 40 dock doors and 79 trailer positions. Opus served as developer, design-builder, architect and structural engineer. Opus also served as interior designer for the tenant improvements. The project was a joint venture with Founders Properties.

March 12, 2021

Acquisitions Midwest Ohio Retail

Stan Johnson Co. Brokers $3M Sale of Cincinnati Retail Center

by Kristin Harlow March 11, 2021

CINCINNATI — Stan Johnson Co. has brokered the sale of a 25,600-square-foot retail center located at 7074 Harrison Ave. in Cincinnati for $3 million. The property was 94 percent leased at the time of sale to seven tenants. Constructed in 2006, the two-story building sits on 2.3 acres. Patrick Metz of Stan Johnson represented the seller, a California-based private investor. MAGNA Properties, an Ohio-based individual investor, purchased the asset as part of a 1031 exchange. The sale reflects a cap rate of 9.1 percent.

March 11, 2021

Acquisitions Industrial Midwest Ohio

JLL Brokers Sale of 583,000 SF Distribution Center in Metro Columbus

by Kristin Harlow March 10, 2021

LEWIS CENTER, OHIO — JLL Capital Markets has brokered the sale of a 583,000-square-foot distribution center in Lewis Center within metro Columbus for an undisclosed price. Located at 8355 Highfield Drive, the property is fully leased to a manufacturer of trucks, buses and construction equipment. Constructed in 1988, the building features a clear height of 24 feet, 32 dock-high doors, four drive-in doors and LED lighting. Coler Yokam, Robin Stolberg, Kurt Sarbaugh and Dan Wendorf of JLL represented the seller, a joint venture between Covington Group and Castlelake. Equity Industrial Partners purchased the asset. Additionally, JLL arranged a 10-year, fixed-rate acquisition loan with an insurance company.

March 10, 2021

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