FINDLAY, OHIO — Marathon Petroleum Co. has signed a 37,727-square-foot office lease in Findlay, about 40 miles south of Toledo. The Findlay-based company will fully occupy the building, which is known as the Waterside Building. Lynette Reichle and Todd Dickerson of Reichle Klein Group represented the landlord, Roach Enterprises of Ohio Ltd. Marathon Petroleum signed a three-year lease.
ORANGE VILLAGE, OHIO — The developers behind Pinecrest in suburban Cleveland have obtained a $171.5 million loan to refinance the 750,000-square-foot mixed-use project. Square Mile Capital Management LLC provided the loan to a joint venture between Cleveland-based Fairmount Properties and the DiGeronimo Cos., which opened Pinecrest in spring 2018. Situated on 58 acres in Orange Village, Pinecrest features 400,000 square feet of retail and restaurant space that houses Whole Foods Market, REI, Silverspot Cinema, Pinstripes, West Elm, Williams Sonoma, Pottery Barn, Vineyard Vines and Orangetheory Fitness, as well as chef-driven restaurants. About 160,000 square feet of creative office space sits atop the ground-level shops and restaurants. Pinecrest also features 87 high-end apartment residences and a one-acre park, as well as a 145-room AC Hotel by Marriott that wasn’t included in the financing. Trey Morsbach and Jim Curtin of HFF’s Dallas office led the debt placement team to arrange the floating-rate loan, which will be used to refinance a $142 million construction loan that HFF arranged for the developers in spring 2017. HFF also assisted the developer in securing joint venture equity for the project in June 2016. “This refinancing reflects the viability and strength of our asset,” says Eric Louttit, …
EAST CLEVELAND, OHIO — Gorjian Acquisitions has purchased a 25,250-square-foot retail building in East Cleveland for an undisclosed price. Discount retailer Roses Express occupies the single-tenant property, which is located on a 2.3-acre lot at 1450 Hayden Ave. Roses Express is owned by Variety Wholsalers Inc., which operates nearly 400 stores across the Midwest and Southeast. The seller was not disclosed.
COLUMBUS, OHIO — Marcus & Millichap has negotiated the sale of the Extend-A-Suites Columbus for $1.8 million. The 133-room hotel is located at 887 Morse Road. Andrew Bankhurst, Alexandre Duong, Allan Miller and Mark Diebold of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Bankhurst and Duong represented the buyer, a limited liability company.
NEWTON, MASS. AND WESTLAKE, OHIO — TravelCenters of America LLC (NASDAQ: TA) has agreed to purchase 20 truck stop locations from its primary landlord, Hospitality Properties Trust (NASDAQ: HPT), for $308.2 million. The 20 properties span 15 states. HPT will continue to own 179 properties that TA leases. The leases have been amended by both companies, which puts the 179 properties under five leases. The leases have all been extended by three years. Westlake-based TA expects to purchase nine of the travel centers for $140.5 million Jan. 17 and expects to complete the remaining purchases in two closings by the end of January. HPT expects to gain $160 million from the sale, which it plans to use to repay borrowings under its revolving credit facility and for general business purposes. When the sales are finalized, TA’s rent will fall by $243.9 million per year. Under the amended leases, TA’s rent will be reduced by $43.1 million per year. HPT will receive $70.5 million for backlogged payments in 16 quarterly payments from TA beginning April 1. The backlogged rent has been reduced from $150 million due to moving the payments up from June 2024. “As we move into the tenth year …
COLUMBUS, OHIO — Hertz Investment Group, owner of 65 East State, has planned a $2.5 million renovation of the 26-story office building in Columbus. Additions include an 80-person conference room and a café area. The lobby will receive updated lighting, new seating areas, new artwork and an electronic directory. The existing locker rooms will be remodeled and updated to support the new fitness center. The landscaping, signage and outdoor patio will be updated as well. Andy Jameson and Dan Dunsmoor of Colliers International handle leasing for the 494,488-square-foot property.
CLEVELAND — Berkadia has arranged a $33.2 million loan for the refinancing of US Bank Centre, a 15-story office property in Cleveland’s Theater District. Located at 1350 Euclid Ave., the building features 255,072 square feet of leasable space and a parking garage. Mark Vogel and Dan Geuther of Berkadia arranged the loan on behalf of the borrower, The Wolstein Group. Bank of America Merrill Lynch provided the 10-year, fixed-rate loan, which features a 67 percent loan-to-value ratio and two years of interest-only payments.
ASHTABULA, OHIO — The Ashtabula City Council has approved a 10-year, 75 percent tax abatement for the development of the city’s first hotel in almost 99 years. The 25,000-square-foot, 26-room River Bend Hotel will be located on a vacant strip of land at the corner of West 6th Street and Goodwill Drive. Erie Bank is providing a $3.1 million loan. The $5 million project will be further financed by public funds from the city and county as well as through funds from the Ashtabula County 503 Corp., whose mission is to promote job creation and economic development in the county. Ashtabula is known for its wineries, lake recreation and covered bridges. The property will include a first-floor wine bar, 500-square-foot conference room, fitness center and lobby with fireplace. Former resident Todd Canter proposed the hotel. Canter formerly served as Asia Pacific CEO for LaSalle Investment Management Securities. Local businesses such as Laurello Vineyards, Delta Railroad, Iten Industries and JCI Contractors are teaming with Canter on the hotel development. Architectural design firm Stephen Berry has been selected for the project. A third-party hotel management firm, yet to be selected, will manage the property. A timeline for completion was not disclosed.
CINCINNATI — City Club Apartments has executed a lease for a 6,000-square-foot rooftop restaurant and bar at its apartment property in Cincinnati. Scheduled to open in spring 2019, the 10th-floor restaurant will include indoor and outdoor seating, as well as handcrafted cocktails, wine and craft beer. The owners will share the concept’s name and additional details at a later date, according to Jonathan Holtzman, CEO of City Club Apartments. The apartment property includes 294 units and penthouses with 50 different floor plans. City Club Apartments had previously announced a 10,000-square-foot specialty market and a 1,000-square-foot wellness café on the first floor.
ROSSFORD, OHIO — Eidi Properties has acquired Crossroads Centre and Rossford Pointe near Toledo for an undisclosed price. RPT Realty, a publicly traded real estate investment trust, was the seller, according to The Blade, Toledo’s daily newspaper.Crossroads Centre is a 470,225-square-foot power center anchored by Target and Home Depot. Rossford Pointe spans 47,477 square feet. Toledo-based Eidi Properties now owns 40 shopping centers.
