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AcquisitionsIndianaIndustrialMidwestOhio

JLL Brokers $140M Sale of Industrial Portfolio in Indiana, Ohio

by Kristin Harlow

INDIANA AND OHIO — JLL Capital Markets has brokered the sale of 12 industrial properties spanning approximately 3 million square feet in Cleveland, Fort Wayne and Bloomington for nearly $140 million. John Huguenard, Sean Devaney, Kurt Sarbaugh and Peter Moriarty of JLL represented the seller, Raith Capital Partners. Plymouth Industrial REIT purchased 10 buildings totaling 2.1 million square feet in the greater Cleveland area. The assets are 90 percent leased. STAG Industrial Inc. acquired the 764,177-square-foot facility in Fort Wayne. The building is fully leased to a supplier of parts and components to the recreational vehicle industry. Lastly, Legacy Investing LLC purchased the 125,000-square-foot manufacturing and distribution facility in Bloomington. It is fully leased to a healthcare and pharmaceutical company.

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AcquisitionsMidwestOfficeOhio

Joint Venture Acquires Dayton Office Campus in Sale-Leaseback Transaction

by Kristin Harlow

DAYTON, OHIO — A joint venture between Industrial Commercial Properties and Industrial Realty Group has acquired the LexisNexis-occupied office campus in Dayton for an undisclosed price. The 391,000-square-foot, four-building property sits on 60 acres. Doug Altemuehle of Newmark represented the seller, LexisNexis, in the sale-leaseback transaction. Don Feathers of Roaring Fork Advisors LLC represented the buyers, which plan to modernize the asset. LexisNexis, a provider of legal and business research, will remain the anchor tenant at the campus.

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AcquisitionsIndustrialMidwestOhio

Marcus & Millichap Arranges $5.4M Sale of Whirlpool-Occupied Distribution Center in Fremont, Ohio

by Kristin Harlow

FREMONT, OHIO — Marcus & Millichap has arranged the $5.4 million sale of a Whirlpool-occupied distribution center in Fremont, about 35 miles southeast of Toledo. The 132,500-square-foot, net-leased property is located at 240 Norwest Drive. Whirlpool has fully occupied the building for more than 10 years. Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap secured and represented the buyer, a private investor. Buyer information was undisclosed.

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MidwestOhioRetail

Huntington Bank to Close 198 Branches as Part of TCF Acquisition

by Kristin Harlow

COLUMBUS, OHIO — As a result of its $22 billion acquisition of TCF Financial, Huntington Bank plans to close 198 branches, including all 97 locations in Meijer grocery stores, according to Crain’s Detroit Business. The branch closures are expected to occur in Michigan, Ohio and Illinois after the locations have been vetted for customer traffic, transaction trends and proximity to other locations. Columbus-based Huntington’s acquisition of Detroit-based TCF, previously announced in December, is expected to take place in the second quarter. The merger will create a top 10 U.S. regional bank with dual headquarters in Columbus and Detroit.

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AcquisitionsMidwestMultifamilyOhio

Colliers Brokers Sale of 949-Unit Apartment Property in Euclid, Ohio

by Kristin Harlow

EUCLID, OHIO — Colliers International has brokered the sale of The Vista Apartments in Euclid near Cleveland. The sales price was $30.1 million, according to Crain’s Cleveland Business. The waterfront apartment property is located at 26151 Lake Shore Blvd. and features 949 units. Built in the early 1970s, it features a mix of one-, two- and three-bedroom floor plans as well as penthouses. Gary Cooper and Anthony DeMarco of The Cooper Multifamily Team at Colliers represented the seller. Buyer and seller information was undisclosed.

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AcquisitionsIndustrialMidwestOhio

Westmount Realty Capital Sells 289,491 SF Industrial Building Occupied by FedEx in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Westmount Realty Capital LLC has sold a 289,491-square-foot industrial building occupied by FedEx Supply Chain Inc. in Columbus for an undisclosed price. The building is situated within the Rickenbacker Global Logistics Industrial Park. FedEx has occupied the property since September 2019. Westmount acquired the building in late 2018 as part of a 1.4 million-square-foot portfolio. Built in 1994, the industrial building sits on 14.3 acres along John Glenn Avenue. It features 46 loading docks, including five drive-in doors. Clear heights range from 24 to 28 feet. Jerry Hopkins of Newmark represented Westmount in the transaction. Buyer information was not disclosed.

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AcquisitionsHealthcareMidwestOhio

Montecito Acquires 91,300 SF Medical Office Building in Sandusky, Ohio

by Kristin Harlow

SANDUSKY, OHIO — Montecito Medical Real Estate has acquired a three-story, 91,300-square-foot medical office building in Sandusky, about 60 miles west of Cleveland. The purchase price and seller were undisclosed. The facility serves as the flagship location for Northern Ohio Medical Specialists (NOMS) and is fully leased to the organization. The building was constructed in 2009 and expanded in 2018 with the addition of an ambulatory surgery center. NOMS is a major provider across Northern Ohio, with 45 locations and more than 260 providers in 30 different medical specialties.

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Affordable HousingLoansMidwestMultifamilyOhio

KeyBank Structures $86.8M in Financing for Acquisition, Renovation of Affordable Housing Property in Columbus

by Kristin Harlow

COLUMBUS, OHIO — KeyBank has structured $86.8 million in financing for the acquisition and renovation of Crosswinds Village, a 232-unit affordable housing property in Columbus. Built in 1999, the property spans 21 buildings. Cleveland-based real estate development and construction firm PIRHL acquired the property in conjunction with the Columbus Metropolitan Housing Authority. The buyers plan to renovate the units and community areas as well as preserve the property’s affordable housing status. The renovation is scheduled for completion in summer 2022. Kelly Frank and Ryan Olman of KeyBank Community Development Lending and Investment secured $49.4 million in acquisition and construction financing. Robbie Lynn of KeyBank’s Commercial Mortgage Group arranged a $23.8 million, fixed-rate Freddie Mac loan that will fund upon completion and stabilization of the project. Key Community Development Corp. provided $13.8 million of low-income housing tax credit equity and the Ohio Housing Finance Agency issued bonds.

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AcquisitionsIndustrialMidwestOhio

Industrial Realty Group Acquires Former Printing Facility in Columbus for $11.5M

by Kristin Harlow

COLUMBUS, OHIO — Industrial Realty Group has acquired the former Columbus Dispatch printing facility in Columbus for $11.5 million. The 450,000-square-foot property is located at 5300 Crosswind Drive and sits on roughly 65 acres within the Southwest Airport Industrial Park. It has been vacant since spring 2020. Aiden Cleghorn of BellCornerstone and Curt Berlin of NAI Ohio Equities represented the seller, Gannett Co. Inc.

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MidwestOhioRetail

L Brands Reports Holiday Same-Store Sales Growth of 5 Percent

by Kristin Harlow

COLUMBUS, OHIO — L Brands Inc., the parent company of retailers Victoria’s Secret and Bath & Body Works, reported that its same-store sales during the holiday period grew 5 percent, compared with a 3 percent drop one year ago. Shoppers purchased more lounge wear, hand soap and candles ahead of the new year. Comparable sales at Bath & Body Works increased 17 percent for the nine-week period that ended Jan. 2. Columbus-based L Brands expects to report its fourth-quarter earnings on Feb. 24.

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