LEWIS CENTER, OHIO — An affiliate of Covington Group Inc. has purchased a 583,000-square-foot warehouse and distribution center located at 8355 Highfield Drive in Lewis Center, about 20 miles north of Columbus. The purchase price was undisclosed. Located on a 31-acre site, the property features a clear height of 24 feet and 32 dock doors. It is fully occupied by Volvo Group North America, which uses the building for its slow-moving parts division for trucks and heavy equipment. Dallas-based Covington owns and manages approximately 5.5 million square feet of industrial assets nationwide.
COLUMBUS, OHIO — The Silver Group and Quantum Real Estate Inc. have arranged the sale of a Jiffy Lube quick-service oil change facility in Columbus for $1.4 million. The 1,620-square-foot, freestanding building sits on a half-acre at 7007 E. Broad St. The tenant is Team Car Care, an operator of 520 Jiffy Lube locations nationally. There are approximately five years remaining on the 20-year lease. Barry Silver of Silver Group represented the San Francisco-based private seller. Dan Waszak of Quantum Real Estate represented the buyer, a New York City-based private real estate investor.
CINCINNATI — Ready Capital has closed a $4.5 million bridge-to-agency refinancing for a 148-unit, Class B multifamily property in the Winton Hills submarket of Cincinnati. The sponsor will use funds to retire existing debt, continue marking rents to market and implement a utility billing system. The nonrecourse, floating-rate loan features a 24-month term, one extension option and flexible prepayment. The sponsor has the ability to execute a low-cost refinancing with Ready Capital’s Freddie Mac small-balance loan program. The name of the borrower and property were not disclosed.
CLEVELAND AND BRECKSVILLE, OHIO — The Sherwin-Williams Co. (NYSE: SHW) plans to develop a new world headquarters building in downtown Cleveland, as well as a research and development (R&D) center in the Cleveland suburb of Brecksville. The company plans to invest $600 million to construct both facilities. The paint manufacturer and retailer’s headquarters building will span 1 million square feet just west of Public Square between Saint Clair and Superior avenues. The R&D center will span 500,000 square feet and will be located off Interstate 77 at Miller and Brecksville roads, 16 miles south of downtown Cleveland. The transition to the new facilities won’t occur until 2023 at the earliest, the company says. Sherwin-Williams previously launched a nationwide search for its new headquarters location before deciding to stay in Ohio, where it has been based since it was founded in 1866. “We currently operate out of a 90-year-old headquarters building that has served us well but is no longer conducive to meeting our future needs,” says John Morikis, the company’s chairman and CEO. “The major planned investment in Cleveland and Northeast Ohio we are announcing today reflects our confidence in the continued strength of the region and its people and …
COLUMBUS, OHIO — Walker & Dunlop Inc. has acquired MSF Real Estate Capital, an independent commercial real estate finance firm. MSF services approximately $925 million of life insurance company loans, substantially all of which will be added to Walker & Dunlop’s servicing portfolio prior to the end of the first quarter. With the acquisition, Walker & Dunlop has expanded its debt brokerage team to Columbus. Jeffrey Morris, Chad Kiner, Scott Moore and A.J. Mangan will spearhead Walker & Dunlop’s first office in the Columbus market. Founded in 1984, MSF has tripled the size of its full-service commercial real estate mortgage banking firm over the past decade. Collectively, the team has closed more than $10 billion in transaction volume throughout their careers.
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 …
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.
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.
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.
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.