GROVEPORT, OHIO — Industrial Commercial Properties LLC (ICP) has acquired a former Sears distribution center in Groveport, a southern suburb of Columbus, for an undisclosed price. The 570,000-square-foot facility is situated on 42.8 acres at 4400 S. Hamilton Road. ICP intends to lease up the vacant property, likely with two tenants. The company has acquired four properties from Sears since 2014.
COLUMBUS, OHIO — Bonobos has signed a new lease to occupy 1,500 square feet at a mixed-use development in Columbus. The Pizzuti Companies is the developer for the property, which is located in the Short North Arts District. Founded in 2007 as an online-only retailer for men’s clothing, Bonobos began opening brick-and-mortar locations in 2012. This is the company’s first location in Columbus and third in Ohio. Bonobos will join office tenant Industrious at the four-story building. Industrious, a coworking space provider, will occupy 30,000 square feet on the third and fourth floors. The property is slated to open in July.
GAHANNA, OHIO — Benchmark Industrial Inc. has signed a 52,500-square-foot headquarters lease at the Central Park of Gahanna, a 262,500-square-foot speculative warehouse currently under construction. Eric Shea of Newmark Knight Frank brokered the lease transaction on behalf of the property’s developer, Trevi Enterprises. Set for completion in September, the property will feature a clear height of 32 feet, 25 dock doors, five drive-in doors and ESFR sprinklers. Benchmark is a distributor of shipping and industrial packaging products, warehouse supplies, safety supplies and janitorial supplies.
COLUMBUS, OHIO — CBRE has arranged the sale of a historic office building occupied by Carlile Patchen & Murphy LLP in downtown Columbus. The sales price was not disclosed. The new owner, 366 E. Broad LLC, plans to renovate the building, which is located at 366 E. Broad St. The three-story property, built in 1926, was designed by Richards, McCarty and Bulford and originally owned by the Ohio State Life Insurance Co. CPM Investments, an affiliate of Carlile Patchen & Murphy LLP, purchased the 29,672-square-foot building in 1986. Carlile Patchen & Murphy LLP plans to relocate to 950 Goodale Blvd. in the Grandview Yard development in spring 2020. David Hartsook of CBRE represented the seller. Todd Schiff of Robert Weiler Co. represented the buyer.
CINCINNATI, COLUMBUS AND HILLIARD, OHIO — Merchants Capital has secured $49 million in bridge financing for three assisted living communities in Ohio. The borrower, Wallick Communities, develops affordable assisted living and memory care communities. The properties include the 108-unit The Ashford at Mt. Washington in Cincinnati, the 131-unit The Ashford on Broad in Columbus, and the 124-unit The Ashford on Sturbridge in Hilliard. All three communities are designed to serve working- and middle-class seniors, offering rents at 15 to 30 percent below rents in similar communities. Merchants Capital secured the bridge loans through its parent company, Merchants Bank. Wallick will use the loans to refinance underlying debt and allow more time to meet the requirements for HUD.
MILFORD, OHIO — Marcus & Millichap has brokered the $5.6 million sale-leaseback of Melink Corp.’s global headquarters in Milford, about 15 miles northeast of Cincinnati. The office property spans 30,000 square feet. Alexander Nulf, David Peirce and Joseph DiSalvo of Marcus & Millichap marketed the property on behalf of Melink, the seller. Craig Fuller, Erin Patton, Josephine Zupan and Scott Wiles of Marcus & Millichap represented the buyer, a limited liability company. Melink is a provider of energy efficiency and renewable energy solutions for commercial buildings. The lease term is 15 years.
AKRON, OHIO — Echo Development Group Inc. has acquired a 5,645-square-foot medical building in Akron for an undisclosed price. Echo acquired the property in partnership with BrightView, an outpatient addiction practice based in Cincinnati. The partnership plans to convert the building into a behavioral health clinic, which is set to open this summer. Currently, BrightView operates eight clinics in various locations throughout Ohio.
STREETSBORO, OHIO — Pine Tree has LLC acquired Streetsboro Crossing, an 89,436-square-foot retail center in Streetsboro near Cleveland. The purchase price was not disclosed. Giant Eagle anchors the property, which was completed in 1996 and renovated in 2001. Other tenants include Pet Supplies Plus, Palm Beach Tan, GNC, Sally Beauty Supply and Great Clips. The occupancy rate is 94 percent. Amy Sands and Clinton Mitchell of HFF marketed the property on behalf of the seller, Brixmor Property Group.
COLUMBUS, OHIO — Casto, along with development partners Robert Weiler Co., Kelley Cos., Columbus Metropolitan Housing Authority and S2 Construction, has opened a 230-unit apartment building in Columbus known as River & Rich. The project also includes 30,000 square feet of retail space and a 300-space public parking garage. Roy G Biv, a nonprofit art gallery, is joining River & Rich as the marquee tenant and will open on Friday, May 3. Located in the rear of the property are three large murals created by local artists. An additional 13 murals can be found inside the building. Amenities include a clubhouse, fitness center and amenity deck. Monthly rents for one-bedroom units start at $1,209.
DAYTON, OHIO — Hunt Real Estate Capital has provided a $33.2 million Freddie Mac loan for the refinancing of Water Street Residential in Dayton. The newly constructed apartment complex is located at 427 Water St. and consists of 269 units housed within seven buildings. There are 21 different floor plans and the unit mix includes 161 one-bedroom units, 93 two-bedroom units and 15 three-bedroom units. Amenities at the property, built in two phases in 2015 and 2018, include a clubhouse, movie theater room, business center and pool. Chad Kiner and A.J. Mangan of MSF Real Estate Capital Inc. arranged the 15-year, permanent loan, which replaced a short-term bridge loan that the borrower put in place in October. Water Street Residential I LLC was the borrower.
