Wednesday, January 15, 2025
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AcquisitionsMidwestMultifamilyOhio

Reynolds Asset Management Purchases 176-Unit Multifamily Property in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Reynolds Asset Management has purchased Hyde Park Townhomes, a 176-unit multifamily rental property in Columbus. The purchase price and seller were undisclosed. Built in 1974 and located at 5650 Knighthood Lane, the property consists of three-story townhomes and flats that vary between one- and three-bedroom layouts. Joni Sweetwood and Rob Holland of Kislak Co. brokered the sale. Matt Pizzalato, Tom Diddio, Max Custer, Sal Buzzerio and Mike Mataras of JLL arranged acquisition financing through Fannie Mae.

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DevelopmentLeasing ActivityMidwestOhioRetail

Steiner + Associates Unveils Reimagined Fashion District at Easton Town Center in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Steiner + Associates has unveiled the re-tenanting of the Fashion District at Easton Town Center in Columbus. Plans call for new and expanded national retailers, contemporary brands, and elevated food-and-beverage offerings. The re-tenanting of the Fashion District includes the transformation of approximately 100,000 square feet of retail and restaurant space. Noteworthy tenants include Louis Vuiton, Sephora, L’Occitane, Lululemon, Chanel Beauty, David Yurman, Golden Goose, BOSS, Alo Yoga, Jo Malone, Faherty, Buck Mason, Bluemercury, Tecovas and Breitling. Restaurant tenants include Mastro’s, PBR Cowboy Bar + Smokehouse and Cooper’s Hawk Winery & Restaurant. The Fashion District will be anchored by fine dining restaurant Del Mar, which is slated to open this spring. Easton Town Center is a shopping and dining destination that is home to more than 250 shops, restaurants and entertainment venues.

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DevelopmentIndustrialMidwestOhio

PREMIER Design + Build Group Completes Phase II of Rickenbacker Logistics Park in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — PREMIER Design + Build Group has completed Phase II of the Rickenbacker Logistics Park in Columbus. CT Realty is the developer of the 382-acre industrial park. Phase II included three new buildings, expanding the development by more than 2 million square feet. Phase II also involved the construction of Raymond Avenue and Henson Family Street, as well as expanding an existing retention pond. PREMIER also completed tenant improvements for Building 7, a 1 million-square-foot property that is home to a global beverage company. PREMIER recently began work on Phase III, which will add a 773,000-square-foot building. When complete, Rickenbacker Logistics Park will total 4 million square feet. The project team included Harris Architects, Swift Engineering and Verdantas. Mechanical, electrical and plumbing partners included Connelly Electric, MVP Plumbing Corp., Dalmatian Fire and MK Industries Inc.

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AcquisitionsMidwestMultifamilyOhioSeniors Housing

Phorcys Capital Partners Acquires 160-Unit Assisted Living Community Near Cleveland for $13M

by Kristin Harlow

WICKLIFFE, OHIO — Phorcys Capital Partners, the investment advisor to Phorcys Senior Housing Recovery Fund LP, has acquired Prosper at Wickliffe in Wickliffe, about 15 miles northeast of Cleveland. The assisted living facility features 160 units. Phorcys made the purchase through a trustee-directed short sale for $13 million. Prosper Life Care will take over management of the property.

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Affordable HousingLoansMidwestMultifamilyOhio

BWE Provides $14.5M Acquisition Loan for Affordable Housing Building in Cincinnati

by Kristin Harlow

CINCINNATI — BWE has provided a $14.5 million Fannie Mae loan for the acquisition of Page Tower, a 169-unit affordable housing building in Cincinnati. The 14-story property was constructed in 1971. Amenities include a community room, mail room and central laundry area. The first floor features 7,500 square feet of commercial space. Victor Agusta Jr. of BWE originated the seven-year loan, which features 24 months of interest-only payments and a 35-year amortization. The property includes a 100 percent Section 8 HAP contract for four years.

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Kroger_Banks-Crossing_Fayetteville
AcquisitionsCompany NewsMidwestOhioRetailTop Stories

Kroger, Albertsons to Sell 166 Additional Stores in $2.9B Divestiture Agreement Ahead of Proposed Merger 

by Hayden Spiess

CINCINNATI AND BOISE, IDAHO — Cincinnati-based The Kroger Co. and Boise, Idaho-based Albertsons Cos. Inc. have announced plans to sell an additional 166 grocery stores to C&S Wholesale Grocers in a divestiture package. This marks an amendment to an existing agreement with the buyer, which will now acquire a total of 579 stores in a $2.9 billion deal. The original divestiture package was announced in September of last year, in connection with a proposed merger between Kroger and Albertsons.  In February, the Federal Trade Commission (FTC) sued to block Kroger’s $24.6 billion acquisition of Albertsons (which was originally announced October 2022), citing anticompetition concerns. The FTC alleged in a press release that a merger between the companies would create a “monopoly” as well as “lead to lower quality products and services” and threaten “the ability of employees to secure higher wages, better benefits and improved working conditions.” The deal would mark the largest supermarket merger in U.S. history, with Kroger and Albertsons operating thousands of stores nationally. Colorado and Washington also filed measures at the state level to block the merger.  The companies hope to assuage the concerns of federal and state antitrust regulators with the enhanced divestiture package. According to …

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Express
Company NewsMidwestOhioRetailTop Stories

Fashion Retailer Express Files for Bankruptcy, Plans to Close 107 Stores

by Katie Sloan

COLUMBUS, OHIO — Fashion retailer Express Inc. (OTCMKTS: EXPR) has filed for Chapter 11 bankruptcy protection and announced plans to close 107 of its 602 stores. The Columbus-based company’s portfolio includes apparel brands such as Bonobos, Express and UpWest Express. As part of the proceedings, 95 stores under the company’s Express banner will be shuttered alongside all 12 of its UpWest Express locations. Express has been battling with soft consumer demand due to slowing spending patterns and increased price sensitivity in discretionary categories, according to Reuters. Further details on the specific locations set for closure were not provided, but closing sales at the impacted locations are anticipated to begin tomorrow, April 23. Business at all other brick-and-mortar locations and online is expected to continue as usual. Express concurrently announced that it has received a non-binding letter of intent from a consortium of investors led by WHP Global to acquire a substantial majority of the company’s retail stores and operations. The investment group includes an indirect subsidiary of Simon Property Group and Brookfield Properties. WHP Global, which purchased a controlling stake in the parent company of Toys ‘R’ Us in 2021, has held 7.4 percent ownership in Express Inc. since January 2023.  …

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DevelopmentMidwestOhioRetail

Graycor Construction Completes 125,000 SF Bass Pro Shops Store in West Chester, Ohio

by Kristin Harlow

WEST CHESTER, OHIO — Graycor Construction Co. has completed a 125,000-square-foot Bass Pro Shops Outdoor World store in West Chester near Cincinnati. The store is located at 5951 Bass Pro Drive at the intersection of I-75 and Allen Road. The development includes a fire watch tower, archery range, aquarium, exterior decorative water feature and boat showroom. Torgerson Design Partners was the architect. Graycor has now completed seven Bass Pro Shops.

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AcquisitionsMidwestOhioRestaurantRetail

Cooper Group Arranges $2M Sale of Starbucks-Occupied Property in Mentor, Ohio

by Kristin Harlow

MENTOR, OHIO — The Cooper Commercial Investment Group has arranged the $2 million sale of a single-tenant property occupied by Starbucks in Mentor, a northeast suburb of Cleveland. Constructed in 2022, the building features a drive-thru. Dan Cooper of Cooper Group represented the seller, a private investment group based in Ohio. The 1031 exchange buyer purchased the asset at a cap rate of 5.74 percent. There are approximately eight years remaining on the 10-year lease.

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AcquisitionsIndustrialMidwestOhio

Colliers Brokers Sale of 1.2 MSF Distribution Center in Metro Columbus for $94.1M

by Kristin Harlow

COMMERCIAL POINT, OHIO — Colliers has brokered the sale of Rickenbacker Exchange Building 2 in metro Columbus for $94.1 million. The 1.2 million-square-foot distribution center is located at 521 Exchange Way in Commercial Point. VanTrust Real Estate developed the building, which was fully leased to Hanesbrands Inc. prior to its completion in 2022. The property, located within the 875-acre Rickenbacker Exchange at Commercial Point industrial park, features a clear height of 40 feet, four drive-in doors, 120 docks and 728 parking spaces. Alex Cantu and Alex Davenport of Colliers brokered the transaction. VanTrust sold the asset to W. P. Carey Inc.

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