TOLEDO, OHIO — Modern Builders Supply Inc. has signed a 125,000-square-foot industrial lease at 4100 Bennett Road in Toledo. The locally based company, which was founded in 1944 and distributes name-brand roofing, siding, windows and doors, has more than doubled its warehouse space with this new lease. Lynette Reichle of Reichle Klein Group represented the tenant in the lease transaction. Ronald Jurgenson of Reichle Klein represented the landlord, I.B.C. Inc.
AKRON AND ROSSFORD, OHIO — Amazon (NASDAQ: AMZN) will open two fulfillment centers in Ohio in a move that will bring more than 2,500 new jobs to the northern part of the state. The properties, each of which will span more than 700,000 square feet, will be located in Akron and Rossford, the latter being a suburb of Toledo. The developments will be the e-commerce giant’s seventh and eighth industrial assets in Ohio, and will be used to sort, pack and ship various items to customers in the region. According to the Akron Beacon Journal, the Akron facility will be developed at the site of the former Rolling Acres mall, which was recently foreclosed upon and demolished. Construction is scheduled to begin in September, the paper reports. Amazon did not disclose additional timelines for the openings of the centers. “Ohio has been a great place to do business, serve customers and create jobs,” says Alicia Boler Davis, Amazon’s vice president of global customer fulfillment. “We’re excited to grow our team in the Buckeye state, which now includes more than 8,500 Amazonians.” “Amazon continues to demonstrate confidence in the great workforce and e-commerce business climate we have in Ohio,” adds Ohio …
MARION, OHIO — Marcus & Millichap has arranged the $2 million sale of a 10,617-square-foot property net leased to Rite Aid in Marion, approximately 50 miles north of Columbus. The building is located at 1081 Mount Vernon Ave. Rite Aid has operated at the location for more than 21 years. Dan Yozwiak, Joe Sparano and Nathan Coe of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The buyer was not disclosed.
CINCINNATI — FC Cincinnati (FCC), a Major League Soccer team, is headed for a new home. The team recently started construction of a $250 million stadium in the city’s West End, unveiling the full design plans for the first time this week. General contractor Turner Construction broke ground on the project in December and expects to complete the stadium in March 2021. Architecture firm Populous designed West End Stadium — the team said the name may change as potential corporate sponsors get involved with naming rights — to hold between 26,000 and 26,500 seats. It will also feature standing room known as “The Bailey,” which can hold up to 3,100 additional fans. FC Cincinnati has entered into a public-private partnership with the City of Cincinnati for infrastructure improvements around the stadium, with the city providing $35 million for those projects. The construction itself will be privately funded by the team’s ownership. U.S. Bank is providing construction financing for the stadium, according to Cincinnati Public Radio. “As a Cincinnati native and lifelong resident, I have nothing but pride knowing our West End Stadium will be a strong symbol of this city on the world stage,” says FCC president Jeff Berding. ““MLS …
Over the past decade, Cincinnati has successfully positioned itself as a formidable Midwestern city, hungry for growth and innovation. Whether you’re a startup or a Fortune 500 company, the city (and its surrounding suburbs) can provide an attractive backdrop. The Cincinnati office market largely reflects this momentum. Demand in some areas has slowed, but the office market remains steady. In fact, the office market has experienced a flurry of activity in 2019 and is awash in new lease transactions and announcements of proposed new development. The first quarter of 2019 recorded a 1 percent drop in the entire market vacancy to 14.2 percent, according to Colliers International. The central business district (CBD)’s 12.2 percent vacancy is expected to drop another percentage point, as several pending leases are soon to be announced. I-71 North dominates The most active area is the I-71 North submarket, where five lease transactions came to fruition. Eversana leased 78,000 square feet at 8990 Duke Blvd., filling the former Express Scripts building just months after it went vacant. Worldpay took down 50,000 square feet at 8845 Governor’s Hill Drive across the street from its headquarters. Smith/Halleman Partners, the owner of the multi-building Governors Pointe, attracted Resurgent Capital …
COLUMBUS, OHIO — Six new retailers have been confirmed as part of the $500 million expansion of Easton Town Center in Columbus. The retailers include Ivan Kane’s Forty Deuce Café & Speakeasy, Arhaus Furniture, Pins Mechanical Co., The Beeline, Forbidden Root Restaurant and Brewery and Crimson Cup Coffee & Tea. At Forty Deuce, the ground floor will include a café serving burgers and desserts while the upstairs will incorporate a hidden speakeasy. The new Arhaus store will span 17,500 square feet. Ohio-based Pins Mechanical has already opened with 30,000 square feet of bowling, foosball, pinball, duckpin bowling and ping pong. The Beeline is a 3,000-square-foot bar with outdoor entertainment space. Forbidden Root’s 12,000-square-foot location will be its first outside of Chicago and is scheduled to open late this month. Crimson is a Columbus-based coffee roaster. The expansion of Easton will encompass 140,000 square feet of new retail and restaurant space, 125,000 square feet of office space and 750 residential units, all set to open in late 2019 and early 2020. Co-developed by The Georgetown Co., L Brands and Steiner + Associates, Easton is a 1,300-acre mixed-use development in northeast Columbus.
COLUMBUS, OHIO — The Pizzuti Cos. has purchased the former Grant Oak Apartments in Columbus and is scheduled to begin construction immediately on the redevelopment of the site. Located at the southeast corner of Grant Avenue and Oak Street in the Discovery District, the project will include a combination of renovation work, new construction and site improvements. Phase I will include a renovation of the four westernmost buildings and will result in 70 market-rate studio and one-bedroom units. Completion is slated for spring 2020. Phase II will include a new-construction, five-story building with a mix of studio, one- and two-bedroom units. The 80-unit property will include walk-up units along Oak and 9th streets. Pizzuti expects to break ground on Phase II in the fall with completion slated for late summer 2020. Sullivan Bruck Architects oversaw the design of the renovated portion and Lupton Rausch Architects Inc. designed the new-construction building. Elford Inc. will serve as the general contractor on both portions of the project.
HILLIARD, OHIO — Marcus & Millichap has arranged the $3.7 million sale of a 5,525-square-foot property net leased to S&T Bank in Hilliard, a suburb of Columbus. The build-to-suit, completed this year, is located at 4599 Cemetery Road. Dan Yozwiak and John Reehil of Marcus & Millichap brokered the transaction. Both the buyer and seller were limited liability companies.
DUBLIN, OHIO — Commonwealth Hotels has acquired the Courtyard Columbus-Dublin for an undisclosed price. The 147-room hotel is located within five miles of the Muirfield Village Golf Club, a Jack Nicklaus-designed course that is home of the Memorial Tournament, a yearly PGA event. It is also situated 17 miles from downtown Columbus. The hotel includes three meeting rooms spanning more than 1,200 square feet. Guests have access to a fitness center, pool and free Wi-Fi. The seller was not disclosed. Marriott operates the Courtyard brand. Commonwealth Hotels currently manages 48 properties with nearly 5,600 rooms.
LIMA, OHIO — Woda Cooper Cos. Inc. has completed the conversion of an historic 1926 bank building in downtown Lima into a 47-unit mixed-income housing community. A grand opening ceremony took place Tuesday, June 25. Formerly the First National Bank & Trust Building, the 12-story building is listed on the National Register of Historic Places. Known as 43 Town Square, the property offers a mix of affordable and market-rate apartments. The building sat vacant for many years and was in need of substantial rehabilitation. Of the 47 units, 37 are designated as affordable for families and seniors with household incomes up to 60 percent of the area median income. Rents for the affordable units range from $313 to $675 per month. The 10 market-rate apartments rent for $769 to $916 per month. The project also includes a first-floor management office, two community rooms, a computer room and multiple laundry spaces. Project funding partners included the Ohio Housing Finance Agency, the U.S. Department of Interior, Ohio Development Services Agency, city of Lima and RiverHills Bank. CREA LLC is investing in the low-income housing tax credits and federal historic tax credits.