Ohio

ICP Purchases 377-Acre Former Amusement Park in Northeast Ohio for Mixed-Use Redevelopment

by Katie Sloan November 3, 2020

BAINBRIDGE TOWNSHIP AND AURORA, OHIO — Industrial Commercial Properties (ICP) has purchased a 377-acre tract that formerly housed the Geauga Lake Amusement Park (pronounced jee-AW-ga) and Sea World Ohio. Cedar Fair sold the asset for an undisclosed price. Located in Bainbridge Township and Aurora approximately 25 miles southeast of downtown Cleveland, the developer plans to rebrand the property as The Geauga Lake District. Elements of the new design will pay homage to the history of the site and the former amusement park, which operated from 1887 to 2007. The master-planned development will include retail, restaurants, residential and other commercial uses alongside public green space. “We are reigniting this iconic landmark,” says Chris Semarjian, owner of ICP. “The redevelopment of this site will not only create a fully functioning district where people can live, work, dine and recreate, but it will also have a broader impact on economic development and job creation for the region.” The development will include the construction of Geauga Lake Boulevard, which will connect State Route 43 to Depot Road. “Many of us that grew up in Northeast Ohio have fond memories of the park and it was important to our development team, the Bainbridge Township trustees and …

November 3, 2020

Acquisitions Industrial Midwest Ohio

JLL Arranges Sale of 434,000 SF Distribution Center in Suburban Cleveland

by Kristin Harlow October 30, 2020

GLENWILLOW, OHIO — JLL has arranged the sale of Victory Commerce Center in Glenwillow, a suburb of Cleveland. The sales price was undisclosed. Developed in 2019, the 434,000-square-foot distribution and fulfillment center features a clear height of 32 feet, 30 dock-high doors, nine drive-in doors and LED lighting. It is situated on 40 acres within the larger Diamond Business Center. John Huguenard and Sean Devaney of JLL represented the seller, Illinois-based Westminster Capital. Matthew Schoenfeldt, Michael Gigliotti, Mike Tepedino and Brian Walsh of JLL secured acquisition financing on behalf of the buyer, Investcorp.

October 30, 2020

Acquisitions Midwest Ohio Restaurant Retail

Upland Brokers $1.6M Sale of Arby’s-Occupied Property in Ontario, Ohio

by Kristin Harlow October 30, 2020

ONTARIO, OHIO — Upland Real Estate Group Inc. has brokered the $1.6 million sale of a 3,662-square-foot property occupied by Arby’s in Ontario near Mansfield. The building is situated on an outparcel to Richland Mall. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the undisclosed seller. An all-cash buyer purchased the asset and completed a 1031 exchange.

October 30, 2020

Acquisitions Industrial Midwest Ohio

Boulder Group Brokers $10.5M Sale of Industrial Building in Mansfield, Ohio

by Kristin Harlow October 28, 2020

MANSFIELD, OHIO — The Boulder Group has brokered the $10.5 million sale of a 314,736-square-foot industrial facility in Mansfield, located midway between Columbus and Cleveland. The building is net leased to School Specialty Inc., a distributor of supplies, furniture, technology products, supplemental learning products and curriculum solutions for education. The facility is located at 100 Paragon Parkway within an industrial park that is home to other tenants such as FedEx, Coca-Cola, Frito-Lay and the Ohio Army and National Guard. The building features 49,500 square feet of office space with expansion capabilities. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the transaction. A private investor sold the asset to a Northeast-based real estate investment trust. School Specialty’s lease expires in October 2025.

October 28, 2020

Acquisitions Illinois Midwest Ohio

Investcorp Acquires 32 Industrial Properties in Illinois, Ohio

by Kristin Harlow October 27, 2020

ILLINOIS AND OHIO — Investcorp has acquired 32 industrial properties totaling approximately 3.5 million square feet across four U.S. markets. The value of the acquired properties was more than $280 million. The assets are 96 percent leased and consist of a variety of Class A and B warehouse, distribution and flex industrial buildings. Tenants work in the healthcare, logistics, e-commerce, telecommunications and food service industries. Most of the properties are located in Chicago and Cleveland but others are situated in Columbus and Cincinnati. The acquisition grows Investcorp’s U.S. industrial portfolio to roughly $2 billion with 22 million square feet across 260 buildings.

October 27, 2020

Development Industrial Midwest Ohio

Ashley Furniture to Invest $70M for Distribution Center in Suburban Columbus

by Kristin Harlow October 27, 2020

ETNA, OHIO — Ashley Furniture Industries Inc. has unveiled plans to build a new facility in Etna near Columbus. The furniture manufacturer says it will invest $70 million and create 300 new jobs. Hiring will begin in late 2021, once the building is completed. TPA Group is the developer and FCL Builders is the general contractor for the project. The new 1 million-square-foot facility, located at 70 Global Parkway, will serve as a regional distribution hub for e-commerce fulfillment and store shipments. “Providing access to nearly 50 percent of the U.S. population within a day’s drive, Etna’s location in central Ohio is a strategic choice for Ashley,” says Todd Wanek, president and CEO of the Arcadia, Wis.-based retailer. Ashley sells furniture in more than 20,000 storefronts in 155 countries.

October 27, 2020

Development Industrial Midwest Ohio Top Stories

Purina to Build $550M Pet Food Production Facility in Metro Cincinnati

by John Nelson October 27, 2020

WILLIAMSBURG TOWNSHIP, OHIO — Nestlé Purina PetCare (Purina), a subsidiary of the global Nestlé brand, plans to build a new 1.2 million-square-foot industrial facility in the Cincinnati suburb of Williamsburg Township. The St. Louis-based pet product manufacturer says its total investment in the facility will total $550 million and it will house more than 300 employees when fully operational. Purina will produce its brands of dry dog and cat food at the new facility such as Purina Pro Plan, Purina ONE and Dog Chow. The property will adhere to the latest food safety and sustainability standards and utilize robotics and digital technology to maximize efficiency, according to Purina. The new facility is situated within South Afton Industrial Park and represents the first ground-up facility for Purina since 1975. Construction will begin this fall and the factory is expected to be operational in 2023. This is Purina’s second pet food production facility announced in 2020 as the company revealed last month its plans to convert a former brewery in Eden, N.C., into a 1.3 million-square-foot pet food factory. The new $450 million property will sit on the North Carolina-Virginia border and begin operations in 2022. “Purina is excited to be building …

October 27, 2020

Leasing Activity Midwest Ohio Restaurant Retail

Slim Chickens Opens in Streetsboro, Ohio

by Kristin Harlow October 20, 2020

STREETSBORO, OHIO — Slim Chickens, a fast-casual restaurant, has opened its newest location in Streetsboro, about 30 miles southeast of Cleveland. David Giesen is the franchisee behind the Streetsboro restaurant. He has opened 16 restaurant franchises with the Arby’s and Freddy’s brands. The Streetsboro Slim Chickens is expected to create 75 new jobs in the community. Since its founding in 2003, Slim Chickens has grown to more than 100 restaurants in 17 states with a goal of opening 600 restaurants by 2025. This is the brand’s second location in Ohio. Fayetteville, Ark.-based Slim Chickens is known for its fried chicken and Southern-inspired sides.

October 20, 2020

Acquisitions Midwest Ohio Retail

Boulder Group Brokers $1.2M Sale of Family Dollar-Occupied Property in Ohio

by Kristin Harlow October 14, 2020

AMANDA, OHIO — The Boulder Group has brokered the $1.2 million sale of an 8,320-square-foot property occupied by Family Dollar in Amanda, about 30 miles southeast of Columbus. Constructed in 2016, the building is located at 308 E. Main St. Family Dollar has 11 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate owner. A Southeast-based real estate investor purchased the asset.

October 14, 2020

Industrial Leasing Activity Midwest Ohio

Third-Party Logistics Provider Signs 80,000 SF Industrial Lease in Akron, Ohio

by Kristin Harlow October 13, 2020

AKRON, OHIO — ASW Supply Chain Services LLC has signed an 80,000-square-foot industrial lease at 3111 Gilchrist Road in Akron. The supply chain management company provides integrated warehousing, distribution, fulfillment, asset management and transportation services. Bill Sadataki of NAI Pleasant Valley represented the landlord, Raith Capital Partners LLC.

October 13, 2020

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