COLUMBUS, OHIO — Washington Prime Group Inc. (NYSE: WPG) has completed its previously announced 1-for-9 reverse stock split of its common stock. Every nine issued and outstanding shares of common stock have been converted into one share of common stock, effective Dec. 22. A company performs a reverse stock split to boost its stock price by decreasing the number of shares outstanding, according to Investopedia. Reverse stock splits are usually pursued in an effort to prevent a stock from being delisted or to improve a company’s image and visibility. Washington Prime Group’s current share is 85 cents per share, as of Friday, Dec. 18. Columbus-based Washington Prime Group is a retail REIT that owns, manages, acquires and develops shopping centers nationwide.
MINNEAPOLIS — Davis Medical Investors LLC has acquired an eight-property, 309,735-square-foot medical office portfolio for $112 million. The Minneapolis-based buyer acquired the assets through a new fund backed by Capital One. Three of the buildings were purchased from Davis Medical Investors-affiliated partnerships and the other five were acquired from undisclosed, third-party sellers. The portfolio comprises three properties in Minnesota, three in Tennessee and one each in Ohio and Connecticut. The acquisitions in Tennessee and Connecticut represent Davis Medical Investors’ entry into those markets. The portfolio was 99 percent leased at the time of sale with an average lease term of more than eight years. The buildings in the portfolio are an average of 10 years old. According to Mark Davis, founder and managing partner at Davis Medical Investors, the fund will be able to acquire more than 20 medical office buildings totaling up to $240 million. “Despite some of the acquisitions being temporarily put on hiatus because of COVID-19, we stayed in close contact with the sellers to ensure we successfully brought these deals to fruition,” says Stewart Davis, executive vice president of investments at Davis Medical Investors. The properties in the portfolio include: M Health-Fairview in Minneapolis, which is …
SHAKER HEIGHTS, OHIO — Pembrook Capital Management LLC has provided a $17.7 million loan for the acquisition and renovation of a 275-unit multifamily portfolio in Shaker Heights, an inner-ring suburb of Cleveland. The properties include Colton House, Golfview, Fairway-Marchmont Terrace, Aristocrat and Moreland Manor. The borrower, Significan Lifestyle Communities, is known for its unique property management method whereby tenants enter into membership agreements as opposed to leases and pay membership fees instead of rent. Members are invited to personalize their homes through a selection of custom paint colors and other upgrade choices. The seller was undisclosed.
COLUMBUS, OHIO AND DETROIT — Huntington Bancshares Inc. (NASDAQ: HBAN) and TCF Financial Corp. (NASDAQ: TCF) have signed a definitive agreement under which the companies will combine in an all-stock merger with a total market value of approximately $22 billion. According to a release, the merger will create a top 10 U.S. regional bank with dual headquarters in Columbus, Ohio and Detroit. Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, TCF will merge into Huntington. The combined holding company and bank will operate under the Huntington name and brand following the closing of the transaction, which is expected to occur in the second quarter of 2021. Stephen Steinour will remain the chairman, president and CEO. Gary Torgow will serve as chairman of the bank’s board of directors. “This merger combines the best of both companies and provides the scale and resources to drive increased long-term shareholder value,” says Steinour. “Huntington is focused on accelerating digital investments to further enhance our people-first, digitally powered customer experience.” At least 800 employees of the combined company will work in downtown Detroit at the headquarters of the commercial bank. Columbus will remain the headquarters …
CLEVELAND — GBX Group LLC, in partnership with Ethos Capital Partners LLC, have completed the revitalization of 2125 Superior Avenue in Cleveland’s Superior Arts District. The modernized residential and retail property is now known as 2125 Superior Living. Originally built in 1914 as the home of The Prince-Wolf Co. garment factory, the property now includes 57 units. The 40,000-square-foot development features amenities such as a courtyard and dog park. Street-level retail space will be home to Green Goat, a bar and café by local restauranteur Bobby George. Residents will begin moving in this month with Green Goat slated to open in early 2021.
CINCINNATI — Stan Johnson Co. has brokered the sale of a 134,000-square-foot industrial building in Cincinnati for approximately $29 million. Located at 3191 Railside Ave., the last-mile facility is fully leased to an undisclosed e-commerce company. The newly constructed facility sits on 22.5 acres. Craig Tomlinson and John Zimmerman of Stan Johnson represented the seller, Neyer Properties. EXAN Group represented the buyer, a discretionary Spanish commercial real estate group. The property is part of a larger tract of land that Neyer had acquired in recent years from the city.
MILFORD, OHIO — Coworking company COhatch has unveiled plans to open its third Cincinnati-area location in Milford, about 15 miles northeast of Cincinnati. The coworking space will be located at the site of the former Sycamore Distillery. Originally built in 1834, the downtown historical landmark is being renovated and restored. COhatch says its new space will help meet growing demand from local residents for community, collaboration and private office space. The 8,800-square-foot building is slated to open in summer 2021. This COhatch location will feature 23 private offices, three meeting rooms, a community space and a second-story deck with outdoor seating. The meeting and event spaces will be available to the community as well as COhatch members. COhatch intends to build 10 locations in Southwest Ohio. The company currently has 14 facilities open or under development in the Midwest.
TOLEDO, OHIO — Reichle Klein Group has arranged the sale of a 65,200-square-foot industrial facility in Toledo for $1.8 million. The property sits on 2.7 acres at 0 Water St. Jerry Malek of Reichle Klein represented the seller, Norfolk Southern Railway Co. Downtown Toledo Development Corp. purchased the asset.
COLUMBUS, OHIO — The Pizzuti Cos. has opened The Residences at the Sutton, a 100-unit luxury apartment development in the Short North Arts District of Columbus. Move-ins for the first residents have begun. The six-story project features studios, one- and two-bedroom floor plans as well as 123 parking spaces. Amenities include a fitness center with Peloton bikes, yoga area and package room. The third floor includes a 2,000-square-foot amenity deck with a bocce ball court, fire pit and clubroom. Lupton Rausch Architecture was the project architect. Monthly rents start at $1,175. Residents can now receive two months of free rent on a 14-month or longer lease.
AKRON AND CANTON, OHIO — Plymouth Industrial REIT Inc. has closed on a previously announced acquisition of a portfolio of industrial buildings located in Akron and Canton for approximately $94 million. The 10 buildings total 2.1 million square feet. They are 98 percent leased to 15 tenants in a variety of industries, including transportation and logistics, healthcare, manufacturing and food and beverage. The acquisition brings Plymouth’s holdings in the Cleveland metro area to 3.6 million square feet and increases the size of its Ohio portfolio to 7.5 million square feet. The company will manage the portfolio from its Columbus regional office. With the completion of this transaction, Plymouth has acquired 5.5 million square feet of industrial properties year to date for total consideration of roughly $244 million. Plymouth now owns 23.3 million square feet of industrial product throughout the country.