Ohio

PEBB Enterprises Completes Lease-up of Redeveloped Sugarcreek Plaza in Dayton, Ohio

by Kristin Harlow October 8, 2018

DAYTON, OHIO — PEBB Enterprises has completed the lease-up of Sugarcreek Plaza in Dayton. PEBB acquired the retail property, formerly home to a Cub Foods grocery store, in January 2016 when it was completely vacant. PEBB renovated the façade and added 6,000 square feet of space as well as a new outparcel. The latest tenant to join the shopping center was Affordable Uniforms. Others include Bed Bath & Beyond, Buy Buy Baby and Planet Fitness. A KFC operator has signed a long-term ground lease for the outparcel.

October 8, 2018

Affordable Housing Loans Midwest Multifamily Ohio

KeyBank Provides $6M Construction Loan for Affordable Housing Project in Cleveland

by Kristin Harlow October 5, 2018

CLEVELAND — KeyBank Community Development Lending & Investment has provided a $6 million construction loan for the acquisition and rehabilitation of the Stuyvesant Motor building in Cleveland. The borrower, Woda Cooper Communities, plans to transform the historic five-story building into Prospect Yard, a 42-unit affordable housing development. The property will serve persons earning at or below 60 percent of the area median income. Constructed in 1911, the building originally housed a production plant, service center, garage and storage for Stuyvesant Motor Co. Kelly Frank of KeyBank originated the loan. CREA, Woda Group and Ohio Housing Finance Agency provided additional funding for the project. Completion is slated for May 2019.

October 5, 2018

Loans Midwest Ohio Retail

NorthMarq Arranges $7.2M Acquisition Loan for Shopping Center in West Chester, Ohio

by Kristin Harlow October 4, 2018

WEST CHESTER, OHIO — NorthMarq Capital has arranged a $7.2 million loan for the acquisition of Liberty Commons in West Chester. The 58,059-square-foot shopping center is located at 7302-7340 Yankee Road. Tenants include a chiropractor, nail salon, hair salon and wings restaurant. Noah Juran and Dale Stewart of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. A national bank provided the loan. The borrower was not disclosed.

October 4, 2018

Acquisitions Industrial Midwest Ohio

Gladstone Commercial Acquires 157,810 SF Industrial Facility Near Columbus, Ohio

by Kristin Harlow September 28, 2018

DELAWARE, OHIO — Gladstone Commercial Corp. has acquired a single-tenant 157,810-square-foot industrial facility in the Columbus-area community of Delaware. The purchase price was not disclosed. The building serves as the headquarters and primary manufacturing facility for Acoust-A-Fiber, which manufactures acoustic, thermal management solutions for the automotive industry. The property is situated on 14.7 acres at 759 Pittsburgh Drive. Robin Stolberg, Kurt Sarbaugh, Nick Foster, Ken Martin and Sam Berry of HFF represented the seller, Agracel.

September 28, 2018

Acquisitions Industrial Midwest Ohio

Signature Associates Negotiates Sale of 104,200 SF Industrial Building in Holland, Ohio

by Kristin Harlow September 28, 2018

HOLLAND, OHIO — Signature Associates has negotiated the sale of a 104,200-square-foot industrial building in Holland, a suburb of Toledo. The sales price was not disclosed. The property is located at 6145 Merger Drive. Joe Banyai of Signature Associates brokered the transaction. Honey Baked Foods Inc. purchased the building from Merger Investment Group LLC.

September 28, 2018

Acquisitions Midwest Ohio Retail

Out of the Box Ventures Acquires 733,633 SF Shopping Mall in Mansfield, Ohio

by Kristin Harlow September 26, 2018

MANSFIELD, OHIO — Out of the Box Ventures LLC has acquired Richland Mall in Mansfield, located midway between Columbus and Cleveland. Wells Fargo Bank NA sold the property for $7.4 million, according to local media. Macy’s, JC Penney, Sears and AVITA Health Systems anchor the 733,633-square-foot enclosed mall. Other tenants include Victoria’s Secret, American Eagle Outfitters, Chuck E. Cheese’s, Bath & Body Works, Champs Sports, GameStop, Lenscrafters and The Finish Line. The acquisition includes all but Sears and AVITA Health Systems, which are both separately owned. Robert Marona of Madison Marquette will market the property. Out of the Box Ventures is a subsidiary of Miami-based real estate development firm, Lionheart Capital.

September 26, 2018

Acquisitions Midwest Multifamily Ohio Seniors Housing

SLIB Negotiates $2M Sale of Skilled Nursing Community in Fremont, Ohio

by Kristin Harlow September 12, 2018

FREMONT, OHIO — Senior Living Investment Brokerage has negotiated the sale of Pristine Senior Living and Post-Acute Care of Fremont, an 82-bed skilled nursing facility, for $2 million. The three-story community is located in Fremont, approximately 40 miles southeast of Toledo. Constructed in 1965 and expanded in 1989, the 73,515-square-foot property sits on 6.8 acres. The seller was Sandusky County, which previously leased the community to Pristine Senior Living. The lease term ended and Pristine exited the Ohio market. The buyer was a New-Jersey based company with 11 other communities in Ohio. The transaction was positioned as a value-add play, as the community’s occupancy was below 50 percent at the time of sale. The new owner plans to make capital improvements to the building. The price equates to a price per bed of $24,390 and a capitalization rate of 7.04 percent.

September 12, 2018

Development Midwest Ohio Retail

DealPoint Merrill to Redevelop Retail Property Formerly Occupied by Giant Eagle in Cleveland

by Kristin Harlow September 10, 2018

CLEVELAND — DealPoint Merrill is redeveloping a former Giant Eagle store in Cleveland. The developer plans to convert the 56,500-square-foot property, which is situated on 4.3 acres at 13820 Lorain Ave., into a CubeSmart Self Storage location. Plans also call for the construction of a restaurant on an adjoining pad site. Project completion is slated for the first quarter of 2019. Overland Associates was the seller. DealPoint Merrill received a $6.6 million construction loan from an undisclosed lender for the project.

September 10, 2018

Acquisitions Midwest Ohio Retail Top Stories

EG Group to Acquire 225 Minit Mart Stores, Additional Assets for $305M

by Taylor Williams September 10, 2018

WESTLAKE, OHIO — British gas station and convenience store operator EG Group has agreed to acquire a portfolio of real estate assets, including 225 Minit Mart-branded stores, for $305 million. The seller was Westlake, Ohio-based TravelCenters of America, which operates several convenience store and gas station chains across the country, including Petro, TA and Quaker Steak & Lube. The transaction follows EG Group’s acquisition of a 762-site portfolio of convenience stores across the country earlier this year. Kroger sold those properties, which include stores under the Tom Thumb, Loaf ‘N Jug and Kwik Shop banners. “We have a firm commitment to growing our presence in the USA, the world’s largest convenience market,” says Mohsin Issa, founder and CEO of EG Group. “The Minit Mart portfolio will be a strong addition to our business.” Upon closing of the deal, EG Group will own and operate approximately 1,000 convenience retail stores and gas stations across the country. A timeline for closing was not released. Legal advisors to EG Group are Eversheds Sutherland LLP for acquisition issues and Kirkland & Ellis LLP for banking and finance issues. Barclays Bank acted as M&A advisor to EG Group and also underwrote debt financing for the deal. — Taylor Williams

September 10, 2018

Acquisitions Midwest Minnesota Ohio Retail

Four Springs Capital Trust Acquires Two Automotive Service Properties in Minnesota, Ohio

by Kristin Harlow September 7, 2018

BLOOMINGTON, MINN. AND MILFORD, OHIO — Four Springs Capital Trust (FSCT) has acquired two automotive service centers for an undisclosed price. One of the properties is a collision repair center leased to ABRA Auto Body & Glass in Bloomington, Minn. The other is a tire and service center occupied by AAA in Milford, Ohio. Sellers of the properties were not disclosed. New Jersey-based FSCT is an internally managed, private real estate investment trust focused on acquiring a portfolio of net leased retail, industrial and healthcare properties.

September 7, 2018

Newer Posts

Older Posts