GENEVA, OHIO — Colliers International has brokered the $9 million sale of a Spire Institute sports facility in northeast Ohio’s Geneva. The 750,000-square-foot property is located at 5201 Spire Circle. The development includes an outdoor stadium, indoor track and field arena, aquatics center as well as volleyball and basketball courts. Mark Abood and Brian Hurtuk of Colliers represented the seller, Ronilee LLC. Baltimore-based investment group Axxella LLC was the buyer.
FAIRBORN, OHIO — NorthMarq has secured a $6.1 million loan for the refinancing of Wright Executive Center in Fairborn near Dayton. The 119,473-square-foot office building is located on Presidential Drive. Susan Branscome of NorthMarq arranged the 10-year, fixed-rate loan with a life insurance company. The borrower was undisclosed.
LORDSTOWN, OHIO — General Motors and LG Chem have teamed up to invest up to $2.3 billion through a new, equally owned joint venture company. The partnership plans to establish a battery cell assembly plant for electric vehicles on a greenfield manufacturing site in northeast Ohio’s Lordstown. The plant is expected to create more than 1,100 new jobs. Groundbreaking is slated for mid-2020. Coinciding with the news is GM’s sale of its manufacturing complex in Lordstown to Lordstown Motors Corp. for the production of battery-electric trucks. This investment builds on GM’s previously announced $28 million investment in its Warren, Mich. battery lab.
GARFIELD HEIGHTS, OHIO — Industrial Commercial Properties (ICP) has purchased a building formerly occupied by a Kmart store in Garfield Heights, a suburb of Cleveland. The purchase price was not disclosed. The 89,300-square-foot property is located at 12501 Rockside Road and is situated on 9.3 acres. ICP plans to update the building and repurpose it into industrial space.
MIDDLETON, OHIO — Baum Realty Group LLC has brokered the $1.9 million sale of a 22,052-square-foot, single-tenant building occupied by Staples in Middleton, about 30 miles northeast of Cincinnati. Patrick Forkin of Baum represented the seller, a private regional investor. The buyer was undisclosed. Staples has approximately four years remaining on its lease.
MAYFIELD HEIGHTS, OHIO — Mohr Capital has sold a 460,000-square-foot, net leased office building in Mayfield Heights, a suburb of Cleveland, for $61.1 million. The property is fully leased to Rockwell Automation Inc. Mohr acquired the asset two years ago. Rodrigo Godoi and Kyle Campbell of Mohr represented the company in the sale. There were no brokers involved in the transaction. The buyer was undisclosed.
TOLEDO, OHIO — The Boulder Group has brokered the sale of a single-tenant property net leased to Taco Bell in Toledo for $1.8 million. The building is located at 2234 W. Alexis Road. There are 15 years remaining on Taco Bell’s lease, which is guaranteed by Charter Foods North LLC. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate investment company. A 1031 exchange buyer purchased the property.
MIAMISBURG, OHIO — Kawa has provided a $26 million loan to help fund the $134.5 million acquisition of Austin Landing, an 834,630-square-foot mixed-use project in Montgomery County’s Miamisburg. Austin Landing, constructed in phases between 2009 and 2019, features office and retail space and is more than 95 percent occupied. Office tenants include Wells Fargo, UBS, Merrill Lynch, Raymond James and Baird. Retail tenants include Kroger, Kohl’s, a movie theater and 16 restaurants. An eight-acre community park provides event space. In addition to Kawa’s loan, the buyers utilized senior financing from Citi Bank and its own equity to fund the acquisition. Austin Landing North LLC, a partnership between Columbia Investments, Venture Capital Properties and A&H Acquisitions, purchased the property, according to the Dayton Business Journal. VisCap Development has managed the property since 2016.
CANAL WINCHESTER, OHIO — The Opus Group (Opus) has broken ground on Winchester Logistics Park, a two-building speculative industrial development in Canal Winchester, Ohio, near Columbus. Construction on a mid-size, 258,000-square-foot and a larger, 556,000-square-foot cross-dock building is scheduled for completion in the summer of 2020. Near U.S. Highway 33, the I-270 beltway and I-70, Winchester Logistics Park will contain build-to-suit office space, 32 to 36-foot clear heights, LED lighting and auto and trailer parking, intended for industrial users. Opus is the developer, design-builder, architect and engineer of record. The development is a joint venture with New York-based AIG Global Real Estate, the real estate equity investment arm of insurer American International Group Inc. (AIG). First National Bank of Omaha provided financing for the project. Brian Marsh and Dan Wendorf of JLL will market the project for lease.
SEATTLE AND TOLEDO, OHIO — Merrill Gardens, a Seattle-based owner-operator, has formed a joint venture with ReNew, a Toledo-based REIT. The two companies will co-own 26 of the 28 seniors housing properties that ReNew is acquiring from New Senior Investment Group. In addition to owning a minority stake in the venture, Merrill Gardens will take over operations of the 26 communities. The two companies have worked together before on other joint ventures. An existing operating partner of ReNew will operate the final two communities in the portfolio, with ReNew taking a full ownership stake in those properties. The transaction brings Merrill Gardens’ total portfolio to 65 communities in 17 states. Of the 26 communities that will now be part of the Merrill Gardens portfolio, 15 are currently managed by Blue Harbor, the Portland-based management company that Merrill Gardens purchased in early November. Merrill Gardens also recently announced the addition of Tana Gall as president, replacing Dave Eskenazy who plans to retire early next year. Gall was the CEO at Blue Harbor for the past three years and she will now oversee the expanded Merrill Gardens portfolio. “This agreement provides an important chance for us to expand our footprint and diversify …
