Ohio

VICI Properties Completes Acquisition of JACK Cleveland Casino, Thistledown Racino for $843.3M

by Kristin Harlow January 27, 2020

CLEVELAND AND NORTH RANDALL, OHIO — VICI Properties Inc. (NYSE: VICI) has completed the acquisition of JACK Cleveland Casino and JACK Thistledown Racino for approximately $843.3 million. The company financed the transaction with cash on hand. JACK Cleveland Casino opened in May 2012 in the historic Higbee Building in downtown Cleveland. The property features approximately 96,000 square feet of gaming space, 1,300 gaming machines, 120 table games and eight food and beverage outlets. The casino is connected to both the 205-room Ritz-Carlton hotel and the 440-room Renaissance hotel. JACK Thistledown Racino is located in North Randall, about 10 miles southeast of Cleveland. The racino — a combination of a horse racing track and a casino — opened in April 2013. Situated on 129 acres, it features the race track, approximately 57,000 square feet of gaming space, 1,459 gaming machines and six food and beverage outlets. The venue hosts the Ohio Derby horse racing event every summer. The transaction increases VICI’s “exposure to the limited license state of Ohio, which continues to be one of the healthiest gaming markets across the country,” according to John Payne, president and COO of VICI. Simultaneous with the closing of the transaction, VICI entered into …

January 27, 2020

Acquisitions Industrial Midwest Ohio

Stan Johnson Co. Negotiates $16.8M Sale of Distribution Facility in Findlay, Ohio

by Kristin Harlow January 23, 2020

FINDLAY, OHIO — Stan Johnson Co. has negotiated the sale of a single-tenant, 402,604-square-foot distribution facility in Findlay for $16.8 million. The warehouse is fully leased to American Plastics, a designer, manufacturer and distributor of plastic-injection molded products. It is located at 14801 County Road 212. Originally built in 1998, the property sits on 24 acres and features a clear height of 28 feet, 44 dock doors and a fenced truck court. Rob Gemerchak and Jeff Hughes of Stan Johnson represented the seller, local developer Nickolas LLC. Plymouth Industrial REIT Inc. purchased the asset.

January 23, 2020

Acquisitions Industrial Midwest Ohio

Reichle Klein Group Brokers $4.6M Sale of Industrial Building in Ohio

by Kristin Harlow January 23, 2020

PIONEER, OHIO — Reichle Klein Group has brokered the $4.6 million sale of a 157,550-square-foot industrial building in Pioneer in northwest Ohio. The property is located at 2 Kexon Drive. Ron Jurgenson of Reichle Klein and Tim Echemann of Industrial Property Brokers represented the seller, Pioneer’s Kidston Family Cos. Ltd. Jurgenson represented the buyer, ATD Properties LLC.

January 23, 2020

Acquisitions Industrial Midwest Ohio

Reichle Klein Group Brokers $2.7M Sale of Industrial Facility Near Toledo

by Kristin Harlow January 17, 2020

PERRYSBURG, OHIO — Reichle Klein Group has brokered the $2.7 million sale of a 45,630-square-foot industrial facility in Perrysburg, just south of Toledo. The four-building property sits on 32 acres at 26933 Eckel Road. Jerry Malek of Reichle Klein represented the seller, Welded Construction LP. Malek also assisted the buyer, Perrysburg LLC.

January 17, 2020

Acquisitions Midwest Ohio Retail

Cooper Group Negotiates $2.1M Sale of CVS-Occupied Property in Akron, Ohio

by Kristin Harlow January 17, 2020

AKRON, OHIO — The Cooper Commercial Investment Group has negotiated the sale of a 10,125-square-foot retail property occupied by CVS Pharmacy in Akron for $2.1 million. CVS has more than 18.5 years remaining on its lease term. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private investor. A private Texas-based investor purchased the asset at a cap rate of 6 percent.

January 17, 2020

Midwest Office Ohio

Cushman & Wakefield Tapped to Manage 1.9 MSF Office Portfolio in Cincinnati

by Kristin Harlow January 16, 2020

CINCINNATI — Neyer Properties has hired Cushman & Wakefield to manage a portfolio of office properties totaling 1.9 million square feet throughout greater Cincinnati. The portfolio includes buildings such as 36 E. 7th Street, Centennial Plaza III, Baldwin 200, Keystone Parke I and Fountain Pointe I and II. Marnie Castleberry of Cushman & Wakefield will serve as account manager for the portfolio. Cincinnati-based Neyer is one of the largest property owners in greater Cincinnati.

January 16, 2020

Development Industrial Midwest Ohio

CT Realty to Develop 5.7 MSF Logistics Park in Columbus, Ohio

by Kristin Harlow January 10, 2020

COLUMBUS, OHIO — CT Realty has purchased 382 acres in Columbus for the development of a 5.7 million-square-foot logistics park. The eight-building project will be situated in immediate proximity to a Norfolk Southern intermodal yard as well as the Rickenbacker International Airport. The first phase of development comprises two buildings totaling 1.4 million square feet. The two buildings are slated for completion in early 2021. CT acquired the 382-acre property in a joint venture with Walton Street Capital. Brian Marsh and Dan Wendorf of JLL brokered the land sale and will market the project for lease. Bank of America is providing construction financing. Premier Design + Build Group will serve as general contractor for the infrastructure and Phase I of the development.

January 10, 2020

Illinois Indiana Industrial Loans Midwest Ohio

JLL Arranges $130M in Post-Acquisition Financing for Midwest Logistics Portfolio

by Kristin Harlow January 9, 2020

CHICAGO, COLUMBUS, INDIANAPOLIS AND CINCINNATI — JLL Capital Markets has arranged $130 million in post-acquisition financing for a 22-building logistics portfolio totaling 3.8 million square feet. Built between 1966 and 2016, the properties are located in the Chicago, Columbus, Indianapolis, Louisville and Cincinnati markets. The portfolio is approximately 90 percent leased to 52 tenants. Kristian Lichtenfels, Eric Tupler, Matt Schoenfeldt and Ken Martin of JLL arranged the loan on behalf of the borrower, a U.S. subsidiary of a publicly traded Canadian real estate company. A national balance sheet lender provided the 10-year loan, which features a fixed rate of 3.1 percent. Loan proceeds will be used to place debt on the portfolio as it was purchased in an all-cash transaction.

January 9, 2020

Acquisitions Healthcare Midwest Ohio

Reichle Klein Group Brokers $7.6M Sale of Medical Office Building Near Toledo

by Kristin Harlow January 9, 2020

SYLVANIA, OHIO — Reichle Klein Group has brokered the $7.6 million sale of a 48,928-square-foot medical office building in Sylvania, a northeastern suburb of Toledo. The property is located at 5520 Monroe St. ProMedica is one of the tenants. Marty Gallagher of Reichle Klein represented both the buyer and seller. PMA Investors LLC sold the asset to CD Property of Sylvania LLC.

January 9, 2020

Acquisitions Midwest Office Ohio

Alterra Acquires 86,524 SF Office Building in Columbus, Ohio for $6.5M

by Kristin Harlow January 8, 2020

COLUMBUS, OHIO — Brad Kitchen of Alterra Real Estate Advisors has acquired a five-story, 86,524-square-foot office building known as 3 Easton Oval in Columbus for $6.5 million. M/I Homes sold the property and had owned and operated it since 1995. M/I plans to vacate the building this spring. Alterra plans to undertake a renovation of the property that will include an update of the lobby and tenant spaces. Kevin Serna of Liberty National Bank originated acquisition financing.

January 8, 2020

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