COLUMBUS, OHIO — Core5 Industrial Partners has received construction financing to move forward with the development of C5 Southgate, a 437,000-square-foot, speculative industrial building in Columbus. The property will be situated on a 30-acre site near I-70. Patterson Real Estate Advisory Group arranged an undisclosed amount of construction financing through ServisFirst Bank in Atlanta. Core5 has developed more than 12 million square feet of industrial space since 2015.
BRUNSWICK AND NILES, OHIO — United Church Homes, an Ohio-based nonprofit provider of senior living residential and healthcare services, has acquired two active adult communities in Northeast Ohio for an undisclosed price. Harbor Woods Living at Brunswick and Harbor Woods Living at Niles were each built in 2016. The four-story, rental properties consist of 127 units each and cater to active adults over age 55. Amenities include a fitness center, salon, library, game room and gathering spaces. Harbor Woods Living was the seller. United Church Homes says the acquisition is aligned with its strategy of expanding its portfolio of market-priced housing for middle-income, older adults.
COLUMBUS, OHIO — Herman & Kittle Properties Inc. has opened Whispering Creek, a $5 million apartment community in Columbus. The property is located at 2960 Gooden Way and features 188 units. Floor plans range from one-bedroom to four-bedroom units. Amenities include a business center, dog park, fitness center, laundry facility, play area and barbecue grills. The development is situated near Hoover Park and the Scioto Country Club on the Scioto River. Monthly rents start at $811.
CLEVELAND — KeyBank Real Estate Capital (KBREC) and KeyBanc Capital Markets (KBCM) have structured $31 million in financing for the renovation of Carnegie Tower at Fairfax in Cleveland. Built in 1976, the affordable seniors housing property rises 12 stories and features 171 units. It is a project-based Section 8 building and is situated on two acres next to Cleveland Clinic. Units come in one- and two-bedroom floor plans and are reserved for residents age 62 and older. KBREC provided a $14 million HUD construction-to-permanent loan while KBCM sold $17 million of tax-exempt bonds. Additionally, KeyBank Community Development Corp. provided $10 million of low-income housing tax credit equity to purchase credits awarded to the project. Robbie Lynn, Kelly Frank, Ryan Olman and Sam Adams of KeyBank structured the financing on behalf of the borrower, Columbus-based National Church Residences. The project will preserve the building as affordable housing and ensure the long-term viability of the development, according to KeyBank.
CLEVELAND — ResellerRatings, a Cleveland-based technology company, has signed a 3,500-square-foot office lease at the historic Caxton Building in downtown Cleveland. ResellerRatings, which is a ratings website where consumers submit reviews of online retailers, is scheduled to move into its new space in November. Stephen Morris of CBRE represented the tenant in the lease transaction. Katherine and Bill Bolton own the eight-story property. The Caxton Building opened in 1903 and was named after William Caxton, the first to introduce the printing press to England. The building was designed to house graphic arts and printing businesses.
Investors favor multifamily markets with brisk population growth and meaningful barriers to entry. But can a case be made in turbulent times for slow-growth Midwest cities characterized by weak entry barriers? View higher resolution version of chart above here. Midwest metro areas with relatively healthy demographic growth — Columbus, Indianapolis and Kansas City come to mind — have posted constructive performance trends during the pandemic recession so far, particularly with respect to rent. Among the 10 largest Midwest markets, Columbus recorded the fastest rent growth over the past three years (18.2 percent, according to Yardi Matrix) and nearly the fastest since the beginning of the pandemic (2.9 percent between February and October). Indeed, Columbus, Indianapolis (2.7 percent) and Kansas City (2.3 percent) respectively recorded the third, fourth and sixth fastest rent trends in the region since February, and each readily topped the -1.1 percent U.S. primary and secondary market average. The fastest rent growth in the region, however, was recorded by two metro areas not blessed with brisk population growth — Cincinnati and Detroit. Between February and October all property rents increased 3.0 percent in Cincinnati and 3.4 percent in Detroit, figures exceeded in only a handful of markets nationally. …
MAYFIELD HEIGHTS, OHIO — Anthology Senior Living, a new organization created by real estate development firm CA Ventures, has opened Anthology of Mayfield Heights in suburban Cleveland. The property is home to 180 independent living, assisted living and memory care residences. The community serves as the company’s first “Life Plan Community,” a new design strategy for seniors housing created in collaboration with national design firm HED. This type of community consists of a main building and a small arrangement of cottages. Courtyards enable residents to participate in outdoor activities such as swimming, pickleball, gardening, lounging and meditating. Indoors, residents have access to multiple dining options such as a bistro, pub, private dining and large dining room. Other amenities include a business center, clubhouse, fitness center, golf simulator, library, pottery room and theater.
CANAL WINCHESTER, OHIO — The Opus Group has completed Winchester Logistics Park, a two-building speculative industrial project in Canal Winchester, about 15 miles southeast of Columbus. The first building spans 258,000 square feet while the other is 556,000 square feet. Kenco Logistics Group is the first tenant and will occupy 197,465 square feet of the smaller building. Opus served as developer, design-builder, architect and engineer. First National Bank of Omaha provided project financing. Brian Marsh and Dan Wendorf of JLL are marketing the remaining square footage for lease.
MARION, OHIO — Cushman & Wakefield has brokered the sale of the Marion Industrial Center in Marion within central Ohio. The sales price was undisclosed. Located at 3007 Harding Highway East, the property includes more than 1.5 million square feet of warehouse and manufacturing space on 511 acres. Marion Industrial Center has direct access to the CSX rail network. There is enough land to facilitate the immediate construction of millions of square feet of new Class A warehouse space, according to Cushman & Wakefield. Whitney Kerr Jr., Michael Flynn and Mike Hurd of Cushman & Wakefield represented the seller, a privately held group. Grant Tidemann of J.P. Weigand Commercial partnered with the Cushman & Wakefield team on the transaction. Jaguar Transport, a transportation and logistics service company, was the buyer.
More than a few column inches in multifamily media this year were dedicated to the implications of coronavirus on the housing preferences of renter households. Many theorize that the pandemic is leading householders to reexamine their attachment to urban life and consider suburban alternatives that offer larger floor plans, better schools, free parking and unit access without an elevator ride. Available data suggest there is something to this notion. Occupancy and rent in core urban neighborhoods in the primary markets have declined, substantially in the highest-cost cities. Suburban performance, by contrast, is strengthening. What is less certain is whether the same phenomenon is working to the benefit of secondary markets as well as big city suburbs. The jury is still out but investors already have stepped up acquisitions in the Sunbelt growth markets to exploit the opportunity — Austin and Phoenix were among the nine most active property markets in the third quarter, and Raleigh and Charlotte were just a step behind – but what of the staid and stable Midwest? Columbus, Indianapolis and Kansas City (the “Midwest Three”) stand out among Midwest cities as the secondary markets most likely to attract gateway city refugees. Each offers renters most of …
