COLUMBUS, OHIO — Lacrosse Unlimited has opened a new store in the Worthington area of Columbus. Located at 2245 W. Dublin Granville Road, the store marks the 46th location nationwide and the first in Ohio for the lacrosse equipment supplier. Lacrosse Unlimited was founded in 1990 by the DeSimone family, avid lacrosse players, and is headquartered in Edgewood, N.Y.
By Mary Lamie, Bi-State Development Modern bulk distribution buildings under construction in the St. Louis region hit a historic high earlier this year, approaching 8 million square feet. The record level of construction illustrates the industrial real estate market in the southwestern Illinois and eastern Missouri region continues to expand to meet ever-increasing demand as world and domestic markets strive to move beyond the disruption that has defined the past two years. The need for reliable freight logistics and flexible supply chains is proving more essential than ever to keep economies moving, and regions that can meet those needs while delivering the modern bulk and manufacturing space distributors and developers demand will have the greatest potential for continued growth. In mid-2022, nearly 7.4 million square feet remained under construction in the St. Louis region, a level of construction 78 percent higher than 2021 and 47 percent higher than the most recent five-year average. Also noteworthy is the fact that 100 percent of the modern bulk construction projects underway is speculative. That represents more speculative activity in the region today than in 2019, 2020 and 2021 combined, a clear indication that developers believe the St. Louis market is a solid place …
COLUMBUS, OHIO — United Way of Central Ohio has selected the AspireCOLUMBUS proposal from the Columbus Metropolitan Housing Authority (CMHA) and national nonprofit The Community Builders (TCB) for the redevelopment of its headquarters building at 360 S. Third St. The CMHA-TCB proposal is a $70 million project slated for completion in late 2025 or early 2026. Plans call for a 12-story building with 30,000 square feet of commercial space and 135 mixed-income units. Moody Nolan will lead the design. The CMHA-TCB partnership has a purchase sale agreement of $4 million to take ownership of the building. Battelle Memorial Institute Foundation donated the one-acre site to United Way of Central Ohio in 1978 for use as its headquarters. When the nonprofit decided to sell the property, it enlisted the help of a real estate task force consisting of United Way employees, board members, community volunteers and outside advisors. Funding for the redevelopment project will come from New Markets Tax Credit equity, traditional debt, CMHA funding, Low-Income Housing Tax Credit equity and potential gap funding from state and local partners.
COLUMBUS, OHIO — Lucky’s Market will join the tenant lineup at Thurber Village, a shopping center in Columbus undergoing redevelopment to include both retail and residential space. Lucky’s, a family-owned independent grocery store, will offer a mix of natural foods, fruits and vegetables. CASTO has owned Thurber Village since 2005. Redevelopment plans call for a 13,000-square-foot CVS store, a 21,000-square-foot Lucky’s store and 225 apartment units. The new CVS store will replace an existing CVS location. Construction is expected to begin this fall.
CHICAGO — Newcastle Properties has acquired Forest View shopping center in Chicago for an undisclosed price. Jewel-Osco anchors the 68,727-square-foot property, which is located at the corner of Cumberland and Lawrence avenues. The sale marks the first time the property has sold since it was built in the mid-1960s. Len Blackman of Leklen Realty Group and Michael Horne of Newcastle sourced the off-market acquisition. Drew Trammell of Newcastle managed the due diligence process and closing. Seller information was not provided.
CHICAGO — Maverick Commercial Mortgage Inc. has arranged a $3.5 million loan for the acquisition of two industrial buildings leased to SCR Medical Transportation in Chicago. The building at 8801 S. Greenwood Ave. spans 47,000 square feet, while the property at 8835 S. Greenwood Ave. totals 16,125 square feet. The properties serve as the Chicago headquarters of Beacon Mobility, which acquired SCR Medical Transportation. Benjamin Kadish arranged the five-year loan, which features a fixed interest rate of 4.15 percent. A Midwest-based financial institution provided the loan to the borrower, a Maryland-based national real estate investment firm specializing in single-tenant, net leased industrial properties.
TROY, ILL. — Contegra Construction is building a 35,000-square-foot fabrication facility for Nu Way Cos. in Troy, about 20 miles northeast of St. Louis. Nu Way, a construction material and equipment supplier, says it is expanding due to the robust demand for reinforcing steel, which is widely known as rebar. Nu Way FAB, a newly formed division, will occupy the new facility, which will feature three overhead cranes and 4,000 square feet of office space. The new facility will more than quadruple Nu Way’s rebar production tonnage. Completion is slated for spring 2023. Joining Contegra on the project are J.F. Electric, Vee-Jay Cement Contracting, Illinois Electric Works and Affton Fabricating and Welding Co.
GOSHEN, IND. — Evergreen Real Estate Group has topped out construction of Green Oaks of Goshen. The four-story, 120-unit assisted living community for low-income seniors is located at 282 Johnston St. in Goshen, a city in northern Indiana. Evergreen Construction Co., a division of Evergreen Real Estate Group, is the general contractor. Completion is slated for early 2023. The $30 million project is being built on a vacant three-acre lot near an existing Salvation Army building. Gardant Management Solutions will manage the property. Green Oaks of Goshen will offer 49 studios and 71 one-bedroom units, all of which will be reserved for seniors age 62 and older with incomes at or below 80 percent of the area median income. Amenities will include a community room, media room, computer room, fitness center, salon, library, community garden and outdoor area. The Indiana Housing and Community Development Authority authorized 4 percent low-income housing tax credits (LIHTC) in support of the project. The City of Goshen issued tax-exempt bonds that were sold by PiperSandler, providing debt financing. Affordable Housing Partners invested in the project, providing LIHTC equity.
NEW PHILADELPHIA, OHIO — The Cooper Commercial Investment Group has negotiated the $5.6 million sale of Monroe Centre in New Philadelphia, about 85 miles south of Cleveland. The 78,743-square-foot complex is home to office, medical and General Services Administration (GSA) tenants. The New Philadelphia VA Clinic, which recently renewed its lease for five years, anchors the property. Additional tenants include the Social Security Administration, Ohio BMV, OhioMeansJobs and Fresenius Medical Care. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private investment group. An Ohio-based private investor was the buyer. The property sold at about 96 percent of the list price.
MISHAWAKA, IND. — Marcus & Millichap has arranged the $3.9 million sale of a 6,677-square-foot retail building in Mishawaka, a city in northern Indiana. Located at 5230 N. Main St., the property is home to Mission BBQ and Crumbl Cookies. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.
