FINDLAY, OHIO — Industrial Property Brokers (IPB) has negotiated the sale of a 402,604-square-foot industrial facility in Findlay for $13.7 million. The building is situated on 55 acres. The sale also included 66 acres of undeveloped land that is located immediately adjacent to the facility. Tim Echemann of IPB represented the buyer, Nick Reinhart. American Tire Distributors was the seller.
MIDDLEBURG HEIGHTS, OHIO — MOOYAH Burgers, Fries & Shakes is set to open a Middleburg Heights restaurant in late September. The property is located at 19137 E. Bagley Road, south of Cleveland, and is the first restaurant for franchise owner Emad Tawfik. MOOYAH plans to expand across the Cleveland area with an additional four locations and more than 80 jobs over the next few years. Guests have the option to choose from a variety of bun options and six cheeses as well as fries, sweet potato fries and seven flavors of ice cream shakes.
ROSSFORD, OHIO — Retailer Five Below has signed a 10-year lease at Crossroads Centre in Rossford, about five miles south of Toledo. Five Below will occupy 8,552 square feet at 9570 Fremont Pike. Crossroads Centre is a 464,713-square-foot regional shopping center situated on 66 acres. Duke Wheeler of Reichle Klein Group represented the undisclosed landlord in the lease transaction. Five Below is a discount retailer that sells products costing up to $5.
DAYTON, OHIO — NorthMarq has arranged a $7 million loan for the acquisition of Southland 75 Shopping Center in Dayton. The 117,410-square-foot retail center is located at 8265-8361 Springboro Pike. Major tenants include Dollar Tree, Hobby Lobby and Get Air Trampoline Park. Noah Juran of NorthMarq arranged the 10-year loan, which features a 25-year amortization schedule. A regional bank provided the loan for the undisclosed borrower.
COLUMBUS, OHIO — The Pizzuti Cos. is underway on the development of The Residences at The Sutton, a six-story multifamily project featuring 100 units and 123 parking spaces. The property is situated within the Short North neighborhood of Columbus, which is known for its art galleries, specialty shops, restaurants, pubs and coffee houses. Community amenities include a 2,000-square-foot rooftop deck, fitness center and package delivery room. Completion is slated for summer 2020. The Residences is the second phase of a multi-phase project, which includes a new mixed-use building located at 875 N. High St. The Offices at The Sutton is a four-story office and retail development that includes 45,000 square feet of office space and 12,000 square feet of ground-level retail space.
CINCINNATI — Messer Construction has broken ground on a 73,000-square-foot speculative industrial building at 2249 Seymour Ave., formerly a parking lot for the Cincinnati Gardens complex. The Port of Greater Cincinnati Development Authority purchased the 19-acre gardens property in 2016 as part of its industrial revitalization strategy to create development-ready sites in order to attract advanced manufacturers to Hamilton County. Messer Construction bought a five-acre parcel from The Port for the construction of the new manufacturing facility and will develop it in partnership with Terrex Development. The project represents a $6.5 million investment, according to Tim Steigerwald, president and CEO of Messer. The project team includes BHDP Architecture, Colliers International and Fifth Third Bank. Completion is slated for next year.
For the year ending in March, multifamily vacancy in the Cleveland metro area tightened to the lowest level since 2016, keeping annual rent growth climbing. Measured supply gains amid increased renter demand over the past four quarters have resulted in steady vacancy and rent improvement. These trends should continue over the next several quarters, holding vacancy below the 5 percent threshold. Favorable apartment operations are capturing investor attention. Demand for apartments is coming from an increase in employment that is allowing more people to move into rentals. Employers added roughly 14,200 positions year over year in May, nearly double the previous year’s growth. Another encouraging sign for Cleveland is that most employment sectors added jobs during this period. The heightened hiring has kept the unemployment rate below 5 percent for the past five months and the rate is down 80 basis points since May 2018. Education and health services is the most dominant employment sector, and the construction segment led employment gains during the past 12 months, staffing more than 5,300 new positions, followed by professional and business services with nearly 4,200 people. New apartment projects contribute to some of the construction jobs. Over the past four quarters, builders added …
TOLEDO AND OREGON, OHIO — Reichle Klein Group has brokered the $29.4 million sale of an 888-unit apartment portfolio in Toledo and Oregon. The properties include Tamarack Creek, Piccadilly West and Alexor in Toledo; and Piccadilly East, located at 2750 Pickle Road in Oregon. Tony Plath and Harlan Reichle of Reichle Klein represented the local seller, R.J. Lloyd Co. Ltd. Columbus-based Urban Land Co. Ltd. purchased the portfolio.
TALLMADGE, OHIO — KeyBank Real Estate Capital has provided a $14.5 million Freddie Mac loan for the refinancing of a 101-unit seniors housing property in Tallmadge, just east of Akron. Built in 2016, Danbury Tallmadge offers independent living, assisted living and memory care. Lee Delaveris of KeyBank originated the loan. Danbury Senior Living was the borrower.
NORTH CANTON, OHIO — Stan Johnson Co. has brokered the sale of a newly constructed, 107,500-square-foot industrial building in North Canton, a suburb of Cleveland. The sales price was not disclosed. ComDoc, a subsidiary of Xerox, fully leases the property as its corporate headquarters. The build-to-suit is located at 8247 Pittsburg Ave. NW. Rob Gemerchak, Jeff Hughes and Jeff McKinney of Stan Johnson represented the seller, Industrial Commercial Properties LLC. A subsidiary of Global Net Lease, an institutional investor based in New York, purchased the building.
