Ohio

KeyBank Provides $39.4M for Redevelopment of Apartment Property in Cleveland

by Kristin Harlow October 23, 2018

CLEVELAND — KeyBank Real Estate Capital and KeyBank Community Development Lending and Investment have provided a total of $39.4 million in financing for the redevelopment and preservation of Commodore Apartments in Cleveland. Specifically, KeyBank provided a $16.6 million low-income housing tax credit equity investment, an $11.6 million construction loan and an $11.1 million FHA 221(d)(4) first mortgage loan. The 12-story, high-rise building was originally constructed in 1924 as a hotel and later converted into apartment units in 1964, with renovations in 2008 and 2010. The 198-unit apartment complex features 23 studio, 142 one-bedroom and 33 two-bedroom units. A project-based Section 8 HAP contract will provide rental assistance for 144 units for tenants earning between 30 to 60 percent of the area median income. Rehabilitation plans call for the replacement of the roof, elevator modernization, new fire alarm system installation, replacement of domestic water supply and waste plumbing, accessibility upgrades, and in-unit renovations, including upgrading the kitchens, baths, flooring and interior doors. Jeff Rodman, Kelly Frank and Victoria O’Brien of KeyBank originated the financing. Ohio Housing Finance Agency, the city of Cleveland and The Community Builders were financing partners.

October 23, 2018

Development Midwest Mixed-Use Ohio

Silverman & Co. Begins Development of The District at Deerfield Near Cincinnati

by Kristin Harlow October 22, 2018

DEERFIELD TOWNSHIP, OHIO — Silverman & Co. Inc. has broken ground on Phase I of The District at Deerfield, a $120 million mixed-use project in Deerfield Township near Cincinnati. Phase I includes a 242-unit apartment property known as One Deerfield and a medical office complex to be occupied by Mercy Health. Floor plans at One Deerfield will range from 590 to 1,600 square feet. Community amenities will include a wine and beer garden, fire pit, pool, fitness center, coffee bar, gaming lawn, pet spa and dog parks. Completion is slated for fall 2019. Phase II will encompass a variety of commercial offerings, with an emphasis on premier dining, shopping and entertainment. OnSite Retail Group will oversee the lease-up of the 95,000-square-foot retail and restaurant space. Plans also call for a 150-room hotel and a community park.

October 22, 2018

Acquisitions Hospitality Midwest Ohio Wisconsin

HREC Arranges Sales of Red Roof Inn Hotels in Ohio, Wisconsin

by Kristin Harlow October 22, 2018

POLAND, OHIO AND MADISON, WIS. — HREC Investment Advisors has arranged the sale of the 117-room Red Roof Inn in Poland, Ohio, and the 108-room Red Roof Inn in Madison, Wis. The properties were sold separately to different investors for undisclosed prices. Each hotel will undergo renovations. Herb Warmbrodt, Zane Varvel, Lewis Thompson, Tom Sommer and Jim Merkel of HREC represented the seller.

October 22, 2018

Market Reports Midwest Midwest Market Reports Office Ohio

Startups, Millennials Drive Strong Fundamentals for Columbus Office Market

by Kristin Harlow October 18, 2018

The Columbus office market continues to be diverse and thriving as the city becomes an economic hub in the Midwest. With a population that has grown to over 2.1 million people, and the eighth largest millennial population, Columbus has developed varied markets including concentrations in automotive, data centers, fashion/apparel, finance/insurance, food, healthcare, logistics, manufacturing, R&D, beauty, retail/e-commerce and technology. Columbus boasts 14 Fortune 1000 headquarters and five Fortune 500 companies, including Cardinal Health, Nationwide Insurance, American Electric Power, L Brands and Big Lots. Columbus also hosts a multitude of other large businesses, which are drivers in the market, such as The Ohio State University, JPMorgan Chase and Huntington Bancshares. Having such large employers in the central Ohio region has helped draw other small businesses and given rise to a thriving start-up community, which is supported by Rev1 Ventures (a technology incubator), several community supported incubators and venture capital. A successful Columbus start-up, Cover My Meds, recently sold for $1.3 billion, and the city of Columbus hopes that this is the first of many similar success stories. With its recent sale, Cover My Meds is now planning a new 400,000-square-foot corporate headquarters in Columbus. Another notable project in Columbus is Facebook’s …

October 18, 2018

Acquisitions Midwest Net Lease Ohio Retail

IPA Arranges $15.1M Sale of Property Net Leased to Giant Eagle in Medina, Ohio

by Kristin Harlow October 15, 2018

MEDINA, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $15.1 million sale of a single-tenant property net leased to Giant Eagle Supermarket in Medina, about 35 miles south of Cleveland. The 90,346-square-foot property is located at 870 N. Court St. Giant Eagle has operated at the site since 2006. The property underwent an expansion and renovation in 2010. Erin Patton, Scott Wiles and Craig Fuller of IPA marketed the property on behalf of the seller, a Chicago-based private REIT. A Miami-based private fund purchased the asset.

October 15, 2018

Development Hospitality Midwest Ohio

98-Room Fairfield Inn & Suites Opens in Dayton, Ohio

by Kristin Harlow October 15, 2018

DAYTON, OHIO — Shaner Hotels has opened the 98-room Fairfield Inn & Suites in Dayton. Shaner operates and co-owns the select-service hotel in conjunction with Crawford Hoying. Located at 305 E. Monument Ave., the six-story hotel is situated between Fifth Third Field, home of the Class A minor league the Dayton Dragons, and Riverscape Metro Park. Hotel amenities include a fitness center, business center, on-site laundry facilities and complimentary Wi-Fi. Dining options include complimentary breakfast, a lobby bar and The Market, which offers snacks and drinks.

October 15, 2018

Loans Midwest Multifamily Ohio Seniors Housing

Greystone Provides $15M Bridge Financing for Two Skilled Nursing Facilities in Youngstown, Ohio

by Kristin Harlow October 12, 2018

YOUNGSTOWN, OHIO — Greystone has provided $15 million in bridge financing for two skilled nursing facilities in Youngstown. The properties include Beeghly Oaks Center for Rehab and Healing and Oasis Center for Rehab and Healing. The properties have undergone significant renovations and offer sub-acute care, skilled nursing, pulmonary care, wound care, orthopedic rehabilitation, a veterans program, concierge services and outpatient therapy. The Beeghly Oaks Center has a dialysis unit, and the Oasis Center offers diabetic management and a Parkinson’s program for residents and non-residents. Fred Levine of Greystone originated the loan.

October 12, 2018

Acquisitions Midwest Net Lease Ohio Retail

Boulder Group Brokers $2.8M Sale of Property Net Leased to CVS in Cleveland Heights, Ohio

by Kristin Harlow October 12, 2018

CLEVELAND HEIGHTS, OHIO — The Boulder Group has brokered the $2.8 million sale of a single-tenant property net leased to CVS Pharmacy in Cleveland Heights, an inner-ring suburb of Cleveland. The 10,159-square-foot building is located at the intersection of Monticello Boulevard and Noble Road. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate investment company. A West Coast-based real estate partnership purchased the asset. CVS has five years remaining on its lease, which expires in January 2023.

October 12, 2018

Acquisitions Midwest Ohio Retail

Encore Brokers $1.9M Sale of Rite Aid-Occupied Property in Cleveland

by Kristin Harlow October 10, 2018

CLEVELAND — Encore Real Estate Investment Services has brokered the sale of a single-tenant retail property occupied by Rite Aid in Cleveland for $1.9 million. Rite Aid has three years remaining on its 20-year lease at the 11,180-square-foot property. Brandon Hanna, Brent Hanna and Deno Bistolarides of Encore represented the seller in the transaction. Neither the buyer nor the seller was disclosed.

October 10, 2018

Acquisitions Midwest Mixed-Use Ohio Retail

DealPoint Merrill Acquires Former Sears Store Near Cleveland, Plans $70M Redevelopment

by Kristin Harlow October 9, 2018

RICHMOND HEIGHTS, OHIO — DealPoint Merrill has acquired the former Sears store at Richmond Town Square Mall in Richmond Heights, about 13 miles northeast of Cleveland. The 248,000-square-foot Sears store has been vacant since March 2017. DealPoint Merrill plans to redevelop the store into a $70 million project featuring a 375-unit luxury apartment property, a 98-key hotel and 8,000 square feet of restaurant space. Joseph Khouri of CBRE brokered the sale of the Sears store. Sears was the seller. DealPoint Merrill previously purchased the former Macy’s store at the mall with plans to transform it into a self-storage property.

October 9, 2018

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