LISBON AND MINERAL RIDGE, OHIO — Cambridge Realty Capital Cos. has provided two loans through the U.S. Department of Housing and Urban Development’s Lean mortgage insurance program totaling $24 million for the refinancing of The Vista Care Center and The Ridge Care Center. An Ohio-based limited liability company was the borrower. The Vista Care Center, located in Lisbon, is a 76-bed skilled nursing and assisted living facility. The Ridge Care Center, located in Mineral Ridge, is a 181-bed skilled nursing and assisted living facility. Both properties feature dining, housekeeping and laundry services. Residents have access to onsite healthcare services such as dentistry, podiatry, optometry, audiology, psychology and medical imaging. Cambridge provided a fully amortized 30-year loan for the Lisbon property and a 35-year loan for the Minera Ridge asset. The FHA/HUD Lean Section 232 program — which helps finance nursing homes, assisted living facilities as well as board and care facilities — provides lenders with protections against losses as the result of borrowers defaulting on their loans. HUD adopted the Lean model to simplify the loan application process and to reduce the amount of time it takes for qualified borrowers to obtain funding.
COLUMBUS, OHIO — Lingerfelt CommonWealth Partners LLC has acquired 100 East Broad Street, a 308,337-square-foot office tower in downtown Columbus. The purchase price was undisclosed. The property, also referred to as Chase Tower after its anchor tenant JP Morgan Chase, is situated in the heart of downtown Columbus across from Capitol Square. It is 60 percent occupied. Lingerfelt CommonWealth plans to immediately implement a multi-million-dollar renovation, consisting of a full elevator modernization, lobby improvements, new HVAC equipment and a new amenity package. Atlantic Real Estate Capital provided acquisition financing.
PIONEER, OHIO — Industrial Property Brokers (IPB) has negotiated the $4.6 million sale of a 157,000-square-foot steel processing plant in Pioneer in northwest Ohio. Tim Echemann of IPB and Ronald Jurgenson of Reichle Klein Group represented the seller, the Kidtson Family. Toledo Tool and Die purchased the property, which was formerly occupied by ArcelorMittal. Toledo Tool and Die is a supplier to the automotive industry that specializes in stamped parts.
HILLIARD, OHIO — Broder & Sachse Real Estate has acquired The Shoppes at Haydens Crossing in Hilliard, a suburb of Columbus. The purchase price was undisclosed. Located at 6700 Hayden Run Blvd., the 70,366-square-foot shopping center is anchored by Giant Eagle. Other tenants include Get Go Café + Market, Marco’s Pizza, Great Clips, Hayden Run Dentistry and Free to Be Me Salon. There is one retail space currently available for lease. Ben Wineman and Amy Holter of Mid-America Real Estate Corp. represented the seller, Echo Realty.
COLUMBUS, OHIO — M+A Architects has completed the interior design work of the new 80,000-square-foot home office for White Castle in Columbus. The office design incorporates shared workspaces and tributes to the hamburger chain’s history. Located at 555 W. Goodale St., it features a library, café, indoor fitness area, mother’s nursing suite and a spiral slide connecting the second floor to the first floor. The project team also included Architectural Alliance, POD Design and Elford.
INDEPENDENCE, OHIO — Topgolf Entertainment Group has opened its newest Ohio location in the Cleveland area. The three-level, 65,000-square-foot venue will feature popular Topgolf games and technology as well as private event spaces. In addition to golf, guests will enjoy a chef-driven menu, drinks, big screen TVs and music. The Cleveland location is situated at 5820 Rockside Woods Blvd. More than 500 full- and part-time associates were hired in advance of the property’s opening. Topgolf also has locations in Columbus and Cincinnati.
COLUMBUS, OHIO — Restoration Hardware has opened RH Columbus, The Gallery at Easton Town Center. The three-story, 60,000-square-foot concept includes a rooftop restaurant, wine and barista bar and landscaped park. On level two, visitors will find RH Modern, an assortment of modern furnishings, lighting, textiles and décor, as well as the RH Interior Design Firm & Atelier. RH Columbus is located at 4120 Worth Ave. within Easton Town Center, a 1,300-acre shopping center and mixed-use destination. “RH Columbus reflects our vision to create architecturally inspiring spaces that blur the lines between residential and retail, indoors and outdoors, home and hospitality — spaces that activate all of the senses and create an immersive experience that cannot be replicated online,” says Gary Friedman, RH chairman and CEO.
CLEVELAND — MCR has purchased the 240-room Hilton Garden Inn hotel in downtown Cleveland for an undisclosed price. Located at 1100 Carnegie Ave., the property is a short drive from the home where the 1983 movie A Christmas Story was filmed. Starring Peter Billingsley, a young boy named Ralphie attempts to get a Red Ryder BB gun from Santa. The Hilton Garden Inn features Harvey’s Sports Lounge and The Garden Grille, as well as a convenience store, fitness center, indoor pool, business center and 11,000 square feet of meeting space. New York City-based Hotel 1100 Carnegie LP sold the hotel for $28.2 million, according to Crain’s Cleveland Business.
WASHINGTON COURT HOUSE, OHIO — Marcus & Millichap has brokered the $2.5 million sale of a 10,125-square-foot property net leased to CVS Pharmacy in Washington Court House, located between Columbus and Cincinnati. The building is located at 1795 Columbus Ave. CVS recently extended its lease for 15 years. Dan Yozwiak and Nathan Coe of Marcus & Millichap secured the buyer, a partnership completing a 1031 tax-deferred exchange. Doug Brooks of Marcus & Millichap Capital Corp. arranged long-term, fixed-rate acquisition financing.
CHICAGO, INDIANAPOLIS, COLUMBUS AND MILWAUKEE — Starwood Real Estate Income Trust Inc., a non-traded real estate investment trust managed by Starwood Capital Group, has acquired a 33-property industrial portfolio totaling 4.1 million square feet in the Midwest for approximately $319.6 million, excluding closing costs. The properties are located in Chicago, Indianapolis, Columbus and Milwaukee. The portfolio is 98 percent leased to 50 tenants. It is largely comprised of light industrial buildings of less than 250,000 square feet. Kurt Sarbaugh, Robin Stolberg, Michael Joseph and Dominic Espinosa of JLL represented the seller, Becknell Industrial and a joint venture partner. Becknell will retain its position in the portfolio. Ken Martin, Alex Witt, Troy Shiley and Nelson Almond of JLL arranged a 10-year, $210 million fixed-rate CMBS loan with a global investment bank on behalf of new ownership.