MANSFIELD, OHIO — Cooper Commercial Investment Group has brokered the $2.3 million sale of Mansfield Plaza in central Ohio. Tenants include Save-a-Lot, Family Dollar and AutoZone. Bob Havasi and Dan Cooper of Cooper Group represented the seller, a California-based private investment group. An Ohio-based investor purchased the asset at a cap rate of 7.8 percent.
TOLEDO, OHIO — Thyssenkrupp Supply Chain Services NA Inc. has signed a 119,952-square-foot industrial lease in Toledo. The 1.1 million-square-foot building is situated on 46 acres at 315 Matzinger Road. Ron Jurgenson of Reichle Klein Group represented the landlord, I.B.C. Inc. Jerry Malek of Reichle Klein and Peter J. Kepic of Colliers International represented the tenant. The lease is for four years and five months.
COLUMBUS, OHIO — True Food Kitchen is opening its first location in Ohio at Easton Town Center. Set to open in 2020, the 6,000-square-foot restaurant will feature both indoor and outdoor dining space as well as a bar. True Food Kitchen offers vegetarian, vegan and gluten-free dishes and operates 26 locations in 11 states. Easton Town Center is currently undergoing a $500 million, 16-acre expansion. L Brands, The Georgetown Company and Steiner + Associates make up the development team.
CLEVELAND — Glenmont Capital Management LLC has acquired the Radisson Hotel Cleveland-Gateway for an undisclosed price. The 143-room hotel features a business center, fitness center, 3,500 square feet of meeting space and the Gateway Bar and Grill. The property will undergo a $7 million renovation, including guest rooms, meeting space and public areas. Upon completion, the hotel will be rebranded as a Hotel Indigo, an upscale boutique hotel within the Intercontinental Hotel Group system. Pyramid Hotel Group will manage the hotel, which will stay open during the renovation.
WEST JEFFERSON, OHIO — Hillwood, a Perot company, and Continental Real Estate Cos. have unveiled plans to develop an approximately 840,000-square-foot speculative distribution center in West Jefferson. Slated for delivery in early 2020, the property will be expandable up to 1.2 million square feet. The project will offer convenient access to I-70 and will be situated 20 miles west of the central business district. Building features include a clear height of 36 feet, cross-dock configuration, 130 trailer parking spaces and 200 car parking spaces.
BEAVERCREEK, DAYTON AND WESTCHESTER, OHIO — PMZ Realty Capital LLC has secured $35 million for the refinancing of a three-property hotel portfolio in Ohio. The assets include the 118-room Springhill Suites by Marriott in Beavercreek, the 130-room Holiday Inn North Cincinnati in West Chester and the 111-room Holiday Inn Express & Suites in Dayton. Middletown Management was the borrower. PMZ arranged 10-year, nonrecourse CMBS loans for the Beavercreek and West Chester properties, and a fixed-rate loan for the Dayton asset.
MAYFIELD HEIGHTS, OHIO — CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, has started construction of a seniors housing community in Mayfield Heights, approximately 12 miles east of downtown Cleveland. The two-story building will offer 100 independent living, 60 assisted living and 32 memory care units. Apartment sizes range in size from 403-square-foot studios to 836-square-foot two-bedroom units. The property will offer five single-story cottages, each offering two 1,680-square-foot residences. Common areas will add 61,000 square feet to the property, which is slated to open in summer 2020. Southfield, Mich.-based Harley Ellis Devereaux designed the project, which is located near restaurants, retail and healthcare, including Hillcrest Hospital. Chattanooga, Tenn.-based EMJ Corp. is serving as general contractor. CA Senior Living currently has 23 communities operating or under construction throughout the U.S. CA entered the Ohio senior housing market in 2017 with the completion of The Sheridan at Mason, located in Deerfield Township near Cincinnati.
SPRINGBORO, OHIO — NorthMarq Capital has secured a $2.4 million loan for the acquisition of Spring Creek Apartments in Springboro, a suburb of Cincinnati and Dayton. The 66-unit apartment property is located at 475 Gilpin Road. Amenities include a pool, sundeck, pet area and laundry facilities. Noah Juran of NorthMarq arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule. The borrower completed a 1031 tax-deferred exchange.
INDIANAPOLIS AND CINCINNATI — Industrial Logistics Properties Trust (Nasdaq: ILPT) has acquired an eight-property industrial portfolio in metro Indianapolis and Cincinnati for $280 million. The buildings total 4.2 million square feet and are fully leased to 10 tenants. On average, the properties are 13 years old and feature clear heights of 34 feet. The seller was not disclosed. ILPT also acquired a portfolio of 18 properties located in 12 states from affiliates of Cole Office & Industrial REIT Inc. for $625.3 million.
CLEVELAND — KeyBank Real Estate Capital has provided three loans for the refinancing of a SmartStop self-storage portfolio. Located in 12 states, the 39 facilities total 24,181 units. Randy Martin of Cleveland-based KeyBank originated a $90 million loan for 29 facilities in California, Colorado, Florida, Illinois, Indiana, Maryland, Nevada, North Carolina, Ohio and Texas. Concurrently, the sponsor received a $27.5 million mezzanine loan. Martin also originated a $104 million loan for 10 properties located in California, Florida, Massachusetts, Nevada and South Carolina.
