BOWLING GREEN, OHIO — RCG Ventures has acquired Shoppes on South Main in Bowling Green for an undisclosed price. TJ Maxx, Planet Fitness, Petco, Staples and Dollar General anchor the 110,507-square-foot shopping center. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap represented the seller, a public REIT.
U.S. economic growth in 2018 is expected to be the strongest in three years. The steady momentum in the Cleveland office market fully supports this forecast. Overall vacancy rates in the Cleveland metro area align with national trends in the range of 12 to 14 percent, rental rates are increasing modestly with averages in the low $20s per square foot and the market for Class A office space continues to be very tight. Tenant improvement allowances offered by landlords are rising faster than rents in a competitive leasing environment, ranging from $20 to $60 per square foot. Larger, multi-floor blocks of quality space are becoming especially difficult to come by in both the central business district (CBD) as well as the suburbs, making new office construction projects more viable than in the past. Attraction, retention When it comes to attracting the best and brightest workforce, office occupiers are seeking vibrant, walkable locations, rich with amenities and character. Building owners and developers in the Cleveland CBD continue to introduce office conversion projects that bring more apartments downtown, helping in turn to strengthen the office market. The K&D Group is currently converting a portion of the iconic 52-story Terminal Tower to …
CLEVELAND — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant retail building occupied by Dollar General in Cleveland for $1.6 million. The property, located at 3040 Fulton Road, spans 7,489 square feet. Jack Farritor of Quantum represented the seller, a national developer based in Alabama. A Los Angeles-based institutional investment firm was the buyer. Dollar General has 15 years remaining on its lease.
DELAWARE COUNTY, OHIO — Blue Horseshoe Ventures has unveiled plans to build a $10 million stadium dedicated to e-sports at its Planet Oasis project in Delaware County. The 30,000-square-foot, multi-level arena will be designed to host every form of competitive gaming and will feature a competition stage; 50-foot LED video wall; VIP lounges; a broadcast center and production studio; gamer-inspired menu; e-sports exhibition show matches; and a vintage video game cocktail bar. The new facility will be one element of the $2 billion Planet Oasis project, which Blue Horseshoe first announced in July. At full build-out, Planet Oasis will span 350 acres and will feature attractions such as indoor skydiving, electric go-karts, virtual golf, bowling, laser tag, indoor waterpark, at least 15 hotels, more than 75 restaurants, a health and wellness resort and a conference center. Blue Horseshoe expects to break ground on the project in December, with a planned opening date of December 2019 for the first 45 percent of the development, according to David Glimcher, CEO and principal of Blue Horseshoe.
The industrial real estate market in Cleveland has a long and storied history. The region’s market powered much of the overall growth in the early 20th century and, at that time, propelled Cleveland to the nation’s sixth largest city. The market transitioned to automotive production, which reached its peak in the 1960 and 1970s. Nearly half a million people were employed in the automotive sector during these decades, in plants operated by Ford, Chrysler and Chevrolet, or at the thousands of third-party companies that supplied everything from wire harnesses to pumps and steel. Over the next half century, the market has again transitioned and while domestic automotive production is still a critical component, advances in technology coupled with a gradual but consistent decrease in the number of vehicles actually being built has resulted in considerably fewer people being employed in the auto industry. Current estimates are around 120,000 jobs. A terrific example of this transition is the former Chrysler stamping plant in the Cleveland suburb of Twinsburg. It opened in 1956 and quickly became a critical part of the auto giant’s production cycle, processing and stamping over 25,000 tons of steel annually. At its peak, the plant employed over 5,000, …
CLEVELAND — KRA Management has acquired the Galleria and Tower at Erieview in downtown Cleveland. The purchase price was not disclosed, but local media report the sales price was approximately $17 million. The property includes a 760,339-square-foot office tower and a 93,663-square-foot retail center. The 40-story property is the fourth-tallest building in Cleveland and features amenities such as a 40,000-square-foot YMCA fitness facility. The retail portion of the property includes a two-story retail center and a food hall. Bryan Rosenberg, Patrick Shields, Jaime Fink, Jeffrey Bramson, John Merrill and Doug Rodio of HFF represented the seller, RAIT Financial Trust of Philadelphia, and procured the buyer. Last summer, the Tower was 45 percent leased while the Galleria was 60 percent leased, according to the Plain Dealer. KRA Management is a family-owned and operated real estate development and property management business that was founded by James Kassouf.
CLEVELAND — The NRP Group has relocated its headquarters to the Halle Building at 1228 Euclid Ave. in downtown Cleveland. The developer, builder and manager of multifamily housing was previously based in Garfield Heights, Ohio, a southern suburb of Cleveland. The company now occupies the entire fourth floor, or 43,000 square feet, of the 380,000-square-foot Halle Building. Approximately 130 employees have moved to the new headquarters. NRP Group has 700 employees nationwide and has delivered more than 33,000 residential units in 15 states.
PERRYSBURG TOWNSHIP, OHIO — Contegra Construction is underway on an $82 million expansion of a Walgreens warehouse and distribution center in Perrysburg Township, about 12 miles south of Toledo. Completion of the 380,000-square-foot expansion is slated for summer 2019. The facility currently totals 650,000 square feet. Approximately 680 workers are employed at the site. Contegra will use tilt-up concrete panels to complete the project, which will feature 40- and 50-foot clear heights, 40 new dock doors, an automated storage and receiving system and conveyers. The new portion of the facility will be fully climate-controlled. Other features include LED lighting and break room and office spaces. Walgreens owns the facility.
FAIRFIELD, OHIO — Marcus & Millichap has brokered the $7.1 million sale of a 158,500-square-foot industrial warehouse in Fairfield, about 25 miles north of Cincinnati. In a simultaneous transaction, Packaging Corp. of America has signed a 10-year lease at the property. Sean O’Brien of Marcus & Millichap marketed the property on behalf of the seller, a private investor. A REIT purchased the asset, which is located at 3840 Port Union Road.
COLUMBUS, OHIO — Cantor Fitzgerald Investors LLC and Rodin Global Property Trust Inc. have acquired a 241,493-square-foot office building in the Easton submarket of Columbus for $46.9 million. The Class A property is fully leased through September 2032 to Comenity Servicing LLC, a subsidiary of Alliance Data Systems Corp., which serves as guarantor of the lease. Constructed in 2017, the asset is part of a three-building office campus that houses more than 1,700 employees and serves as the headquarters for Alliance Data Card Services.