Ohio

Montecito Acquires 38,000 SF Medical Office Building in Central Ohio

by Kristin Harlow June 4, 2019

GAHANNA, OHIO — Montecito Medical Real Estate has acquired a 38,000-square-foot medical office building and surgery center in Gahanna, a suburb of Columbus, for an undisclosed price. The two-story facility was constructed on a build-to-suit basis for Central Ohio Urology in 2013. The ambulatory surgery center is 27 percent of the rentable area and consists of four procedure rooms and two operating rooms. The remainder of the building consists of clinical areas, imaging, lab and administrative space.

June 4, 2019

Acquisitions Industrial Midwest Ohio

ICP Acquires 1.4 MSF Former Kmart Distribution Center in Warren, Ohio

by Jeff Shaw May 20, 2019

WARREN, OHIO — Industrial Commercial Properties LLC (ICP) has acquired a 1.4 million-square-foot former Kmart distribution center in Warren in northeastern Ohio. The purchase price was not disclosed. The property is located at 541 Perkins Jones Road. ICP is working with three tenants to take occupancy of a portion of the building, according to Chris Salata, COO. This is ICP’s fifth acquisition of a Sears or Kmart facility. The company most recently acquired a former Sears distribution center in Groveport, Ohio.

May 20, 2019

Acquisitions Midwest Office Ohio

Viking Partners, DRA Advisors Acquire Towers of Kenwood in Suburban Cincinnati for $80.6M

by Jeff Shaw May 17, 2019

CINCINNATI — Viking Partners Fund IV LLC, in conjunction with a fund managed by DRA Advisors LLC, has acquired Towers of Kenwood in Cincinnati. Ajoint venture of Hines and a subsidiary of a real estate fund managed by Oaktree Capital Management LP sold the office property for$80.6 million, according to the Cincinnati Business Courier. Towers of Kenwood is a 404,425-square-foot, seven-story office building located at the intersection of I-71 and Montgomery Road. The property was 97 percent leased at the time of acquisition. Tenants include iHeart Media, Sibcy Cline, UBS Financial Services and JPMorgan Chase Bank. Viking and DRA plan to make some capital improvements to the asset, including upgrades to the restrooms, corridors and lobbies.

May 17, 2019

Development Midwest Ohio Retail

Construction Underway for First Retail Phase of Hamilton Quarter in Columbus

by Jeff Shaw May 17, 2019

COLUMBUS, OHIO — Casto is underway on construction of the first retail phase of Hamilton Quarter in Columbus. This phase includes a 250,000-square-foot shopping center anchored by Target and Hobby Lobby. Both the 125,000-square-foot Target and the 55,000-square-foot Hobby Lobby are slated to open in October. Other planned tenants include Five Below, Aqua Tots Swim School, Beerhead Bar & Eatery, The Nail Boutique, Clean Juice, Sprint and Great Clips. The 40-acre retail site is immediately adjacent to The Ohio State University Wexner Medical Center’s planned medical campus. Hamilton Quarter is a 200-acre mixed-use development slated to include 600,000 square feet of office and hotel space and 1 million square feet of retail, restaurant and entertainment space.

May 17, 2019

Acquisitions Industrial Midwest Ohio

ICP Acquires Former Sears Distribution Center in Groveport, Ohio

by Kristin Harlow May 15, 2019

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.

May 15, 2019

Leasing Activity Midwest Ohio Retail

Bonobos to Open at Mixed-Use Development in Columbus, Ohio

by Kristin Harlow May 14, 2019

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.

May 14, 2019

Industrial Leasing Activity Midwest Ohio

Benchmark Industrial Signs 52,500 SF Headquarters Lease in Gahanna, Ohio

by Kristin Harlow May 14, 2019

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.

May 14, 2019

Acquisitions Midwest Office Ohio

Historic Office Property Trades Hands in Downtown Columbus

by Kristin Harlow May 14, 2019

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.

May 14, 2019

Loans Midwest Multifamily Ohio Seniors Housing

Merchants Capital Secures $49M Bridge Financing for Assisted Living Portfolio in Ohio

by Kristin Harlow May 13, 2019

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.

May 13, 2019

Acquisitions Midwest Office Ohio

Marcus & Millichap Brokers $5.6M Sale-Leaseback of Melink Headquarters in Ohio

by Kristin Harlow May 8, 2019

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.

May 8, 2019

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