Ohio

Marathon Petroleum Agrees to Sell Speedway Gas Stations to Owners of 7-Eleven for $21B

by Kristin Harlow August 3, 2020

FINDLAY, OHIO — Marathon Petroleum Corp. (NYSE: MPC) has entered into a definitive agreement with 7-Eleven Inc. whereby 7-Eleven will acquire the convenience store chain Speedway for $21 billion in cash. The transaction is expected to close in the first quarter of 2021. Ohio-based Marathon expects the sale to result in after-tax cash proceeds of approximately $16.5 billion and to use the proceeds to both repay debt and return capital to shareholders. The arrangement includes a 15-year fuel supply agreement for approximately 7.7 billion gallons per year associated with the Speedway business. Speedway, a subsidiary of Marathon, owns and operates retail convenience stores nationwide. The deal includes about 3,900 convenience stores and would bring 7-Eleven’s retail footprint in the U.S. and Canada to roughly 14,000 locations, according to The Wall Street Journal. Tokyo-based Seven & i Holdings Co. Ltd. is the parent company of 7-Eleven.

August 3, 2020

Acquisitions Industrial Midwest Ohio

Reichle Klein Group Brokers $1.1M Sale of Industrial Building in Sylvania, Ohio

by Kristin Harlow August 3, 2020

SYLVANIA, OHIO — Reichle Klein Group has brokered the $1.1 million sale of an industrial building in Sylvania, which is located in northern Ohio near the Michigan border. The 3.8-acre property is situated at 3525 Silica Road. Lynette Reichle of Reichle Klein Group represented the buyer, Sylvania-based J-West LLC. The seller was undisclosed.

August 3, 2020

Acquisitions Indiana Midwest Missouri Ohio Retail Wisconsin

Gorjian Acquisitions Sells 500,000 SF Midwest Retail Portfolio for $25M

by Kristin Harlow July 29, 2020

OHIO, WISCONSIN, INDIANA AND MISSOURI — Gorjian Acquisitions has sold eight retail and mixed-use properties totaling more than 500,000 square feet for $25 million. The portfolio includes the following Midwest properties: Saint Clairsville Plaza in Saint Clairsville, Ohio; Bradley Square in Milwaukee; Cabool Center in Cabool, Mo.; a single-tenant Dunkin’ property in Gary, Ind.; and Lafayette Center in Indianapolis. The portfolio also includes a mixed-use building in Brooklyn, N.Y.; a single-tenant Family Dollar property in Danville, Va.; and Oglethorpe Plaza in Albany, Ga. Gorjian Acquisitions, based in Great Neck, N.Y., is led by Joel J. Gorjian. The privately held commercial real estate investment and management firm holds an ownership interest in 75 properties nationwide. Buyer information was not disclosed.

July 29, 2020

Industrial Leasing Activity Midwest Ohio

LSI Industries Relocates to 46,60 SF Industrial Facility in Akron, Ohio

by Kristin Harlow July 27, 2020

AKRON, OHIO — LSI Industries has relocated from North Canton to a 46,360-square-foot industrial facility in Akron. LSI, a producer of lighting solutions, purchased the property from developer Industrial Commercial Properties (ICP). The facility is located at 5127 Boyer Parkway. Tim Breckner of Colliers International represented LSI in the sale. ICP worked closely with LSI to coordinate a tenant buildout.

July 27, 2020

Industrial Leasing Activity Midwest Ohio

Cornerstone Business Park in Suburban Cleveland Reaches Full Occupancy

by Kristin Harlow July 23, 2020

TWINSBURG, OHIO — Cornerstone Business Park in Twinsburg, a southern suburb of Cleveland, is now fully leased. Lowe’s will lease 180,000 square feet within the park’s most recently delivered asset, a 276,000-square-foot speculative building at 8601 Independence Parkway. Lowe’s will use the space as a distribution center. Terry Coyne of Newmark Knight Frank represented the owners and developers, Scannell Properties and DiGeronimo Cos. JLL represented Lowe’s. Cornerstone Business Park is located on the site of the former 1.8 million-square-foot Chrysler stamping plant. Scannell plans to add a final 279,000-square-foot speculative building at the park. Other tenants at Cornerstone include FedEx, Amazon, O’Reilly’s Auto Parts and Bridgestone.

July 23, 2020

Acquisitions Industrial Midwest Ohio

Lightstone Acquires 580,000 SF Distribution Facility in Cincinnati for $25M

by Kristin Harlow July 23, 2020

CINCINNATI — Lightstone has acquired Harrison Distribution Center in Cincinnati for $25 million. The 580,000-square-foot distribution facility is leased to a distributor of food service supplies and merchandise. It features a clear height of 32 feet, 40 dock doors, ample parking and immediate highway access. Peter Rotchford of JLL arranged acquisition financing on behalf of Lightstone. Patrick Gallagher of CBRE represented the undisclosed seller. Lightstone owns more than 5 million square feet of industrial and retail properties nationwide.

July 23, 2020

Loans Midwest Multifamily Office Ohio

Grandbridge Arranges $4.7M in Refinancing for Two-Property Portfolio in Lorain, Ohio

by Kristin Harlow July 6, 2020

LORAIN, OHIO — Grandbridge Real Estate Capital has arranged two loans totaling $4.7 million for the refinancing of a two-property portfolio in Lorain, about 30 miles west of Cleveland. The first property is Fairway East Apartments, a recently renovated apartment community totaling 80 units across five buildings. The second asset is City Center, a 56,384-square-foot office building housing tenants such as Spectrum Consulting Services, Lorain County Community College and United Property Management. Craig Kegg of Grandbridge arranged the 15-year, fixed-rate loans with insurance company correspondents. United Property Management was the borrower.

July 6, 2020

Development Midwest Ohio

Ohio’s Central State University Receives $500,000 Grant for Conversion of Power Plant into Student Center

by Kristin Harlow July 6, 2020

WILBERFORCE, OHIO — Central State University has received a $500,000 grant from the U.S. Department of the Interior for the conversion of the university’s historic campus power plant into a student career services facility. The grant agreement will fund a portion of the planned $3 million project. The new center will be named the Frank Murphy Student Success Center. The project will provide classrooms, meeting spaces and technology to support academic programs and events. The federal grant is part of $7.7 million in grants given to 18 projects in 12 states for the preservation of historic structures on campuses of historically black colleges and universities. It is administered by the National Park Service. Central State University is located in Wilberforce, which is between Columbus and Cincinnati.

July 6, 2020

Affordable Housing Development Midwest Multifamily Ohio

NRP Group to Build 52-Unit Affordable Housing Project in Cleveland

by Kristin Harlow June 26, 2020

CLEVELAND — The NRP Group will develop a 52-unit affordable housing project on the site of the former Harry E. Davis Elementary School, which has been vacant since 2006. Located at the corner of East 105th St. and Churchill Road in Cleveland’s Glenville neighborhood, the four-story project will include 48 apartments and four townhomes. The project is the first phase of a larger development known as Churchill Gateway. The units will be designated affordable to residents earning at or below 60 percent of the area median income. NRP is also developing a 2,500-square-foot community outreach center at the site. The center will focus on health education and workforce training. Project partners include the City of Cleveland, Cuyahoga Metropolitan Housing Authority, Cleveland Metropolitan School District and University Hospitals. The Ohio Finance Housing Agency allocated housing tax credits for the project. Churchill Gateway is expected to be complete in fall 2022.

June 26, 2020

Acquisitions Midwest Ohio Retail

IPA Brokers $46M Sale of Giant Eagle-Anchored Shopping Center in Ohio

by Kristin Harlow June 22, 2020

CUYAHOGA FALLS, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $46 million sale of The Plaza at Chapel Hill in Cuyahoga Falls, about 35 miles south of Cleveland. The 458,935-square-foot shopping center is home to Giant Eagle, Burlington and Dick’s Sporting Goods. Scott Wiles, Erin Patton, Craig Fuller, Joseph French Jr. and CJ Jackson of IPA represented the seller, a New York City-based private real estate investment trust. A partnership between Baltimore-based America’s Realty LLC, New York-based Borough Equities and Miami-based Dragonfly Investments purchased the asset. The center was 90 percent occupied by 26 tenants at the time of sale. It was built in several phases between 1985 and 2013. Chris Nevin of First National Bank originated acquisition financing.

June 22, 2020

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