SEVEN HILLS, OHIO — Anchor Cleveland has negotiated the sale of a 120,000-square-foot property formerly occupied by Kmart in suburban Cleveland for $3.5 million. The 14-acre sale also included vacant land and existing adjacent buildings. Matt Wilson of Anchor Cleveland represented the buyer, Meijer Stores. Florida-based Kin Properties was the seller.
COLUMBUS, OHIO — Marcus & Millichap has brokered the sale of a 3,480-square-foot property net leased to Sherwin-Williams in Columbus for $1.9 million. Built in 2016, the property is located at 634 S. High St. Dan Yozwiak of Marcus & Millichap marketed the building for sale on behalf of the seller, a limited liability company. Yozwiak also represented the buyer, a limited liability company.
WEST JEFFERSON, OHIO — Griffin Capital Essential Asset REIT Inc. has sold a 160,410-square-foot industrial building in West Jefferson for $30.3 million. FedEx Freight occupies the Class A property, which is located at 10 Commerce Parkway, about 20 miles west of Columbus. The REIT initially purchased the building in July 2015.
CINCINNATI — NorthMarq has arranged $18.2 million of construction debt and $5.5 million of equity for Airy Hills at North Bend Crossing, a seniors housing property in Cincinnati. The 82-unit community will be located at 5150 N. Bend Crossing. The unit mix will include 31 assisted living units, 32 memory care units and 19 rehabilitation units. Noah Juran of NorthMarq arranged the three-year financing with a regional bank. General contractor The Douglas Co. expects to begin construction immediately. Completion is slated for the fourth quarter of 2020 or early 2021.
CINCINNATI — KeyBank Community Development Lending and Investment (CDLI) has arranged $10.6 million in financing for construction of Walnut Hills Senior Campus in Cincinnati. The Model Group is redeveloping the property, formerly known as The Manse Apartments, as a 60-unit Section 8 apartment complex for seniors and the disabled. The property site consists of the historic Manse Hotel and Annex, which will be renovated, as well as a vacant duplex, triplex and mixed-use property that will be demolished and replaced with a four-story building. The project will consist of studios and one-bedroom units restricted to seniors earning up to 60 percent of the area median income. Additional financing was provided by the Ohio Housing Finance Agency, City HOME Funds, a grant from the Federal Home Loan Bank of Cincinnati and a donation from KeyBank. Ohio Capital Corp. for Housing was the equity investor. Kelly Frank, Greg Deeks and Laura Janosko of Key’s CDLI team arranged the financing. The lender was not disclosed.
SHARONVILLE, OHIO — Marcus & Millichap has brokered the $5.2 million sale of a 75-room Holiday Inn Express & Suites hotel in Sharonville near Cincinnati. The property is located at 11160 Dowlin Drive. Andrew Bankhurst and Alexandre Duong of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the buyer, a limited liability company.
COLUMBUS, OHIO — NKF Multifamily Capital Markets has arranged the sale of a three-property multifamily portfolio comprising 550 units in Columbus for $43.6 million. The portfolio consists of Abbington Village, Ashley Village and Chatham Village. Each was built in 1987 and is situated in the southeast portion of the city. George Skaff of NKF arranged the sale on behalf of the buyer, AndMark Investment Fund. Purvesh Gosalia of NKF arranged $34.8 million in fixed-rate acquisition financing through Freddie Mac. AndMark plans to make improvements to the properties.
COLUMBUS, OHIO — Three new retailers have opened at Easton Town Center in Columbus, including Brandy Melville, Peloton and 7 For All Mankind. Brandy Melville is an Italian clothing and accessories brand geared toward teenage girls and young women. The brand has locations in 12 states. Peloton is an indoor cycling company with over 80 showrooms across the United States, United Kingdom and Canada. Customers can try out the bike and mobile classes firsthand. Los Angeles-based 7 For All Mankind is a denim retailer with more than 100 retail locations in North America, Europe, Asia and the Middle East. Easton Town Center, developed by The Georgetown Co., L Brands and Steiner + Associates, is a 1,300-acre mixed-use development for shopping, dining and entertainment. It is undergoing a $500 million expansion set to open late this year and early 2020.
CINCINNATI — A partnership between Konover South LLC, Zucker Investment Group and Rob Truett of Truett Realty Group has acquired a 3,651-square-foot retail space in Cincinnati’s Hyde Park for $1.4 million. The retail space, occupied by Lululemon, anchors the six-story Michigan Terrace condominium property. It is situated at 3500 Michigan Ave. Aaron Baum and Preet Sabharwal of SAB Capital represented the undisclosed seller. KS Lending Corp., a Konover South company, provided a $920,000 loan for the acquisition.
COLUMBUS, OHIO — Ready Capital has provided a $19.3 million loan for the acquisition, renovation and stabilization of a multifamily property within an Opportunity Zone in the North Rickenbacker submarket of Columbus. The Class B community spans 419,000 square feet and includes 376 units. Upon acquisition, the undisclosed borrower plans to upgrade all units and common areas. The nonrecourse, floating-rate loan features a 48-month term and a loan-to-cost ratio of 75 percent.