CINCINNATI — An affiliate of Next Realty LLC has sold Kings Automall Shopping Center in Cincinnati for an undisclosed price. The asset was part of Next Realty Fund IX LP. The 67,000-square-foot neighborhood retail center sits at the entrance to the Kings Automall corridor, which is home to 14 auto dealerships representing 18 vehicle brands. Next Realty acquired the property in July 2021 and implemented a business plan focused on strengthening tenant retention and improving occupancy. During the time of ownership, Next Realty leased all vacancies and executed several lease extensions. Most recently, LensCrafters, a tenant at the center since 1997, completed a long-term lease renewal. The leasing activity resulted in a 25 percent increase in the property’s net operating income. The buyer was able to assume the in-place financing, which offered more favorable terms than currently available options.
FARGO, N.D. — Blue West Capital has arranged the sale of a single-tenant retail property net leased to Planet Fitness in Fargo for $6.1 million. The cap rate of 6.68 percent represented the lowest cap rate recorded for a Planet Fitness facility nationally since 2023, according to CoStar. Carly Gallagher Kelly of Blue West represented the undisclosed seller. The all-cash buyer was a national real estate investment trust. The newly constructed, flagship location is operated by one of Planet Fitness’s largest franchisees, with 119 locations across 10 states. There are more than 2,600 Planet Fitness locations nationwide.
MAYFIELD HEIGHTS, OHIO — Time Equities Inc. (TEI) and RHM Capital have acquired 6055 Parkland Boulevard, a 104,221-square-foot office building in the eastern Cleveland suburb of Mayfield Heights, for $3.5 million. The partnership plans to begin immediate renovations to the lobby and common areas and enhance the building’s existing amenities. The property features 35,000-square-foot floorplates, underground parking and direct visibility to I-271. CBRE represented the seller, Progressive Insurance. Jonathan Dulberg and Keaton Baum represented TEI on an internal basis, and Preston Hoge represented RHM internally.
CHICAGO — Lument has provided $90.6 million in Fannie Mae DUS loans for the refinancing of four multifamily communities totaling 654 units in Chicago. The loans replace existing life company debt for the borrower, BJB Properties, a Chicago-based operator. Evan Hom of Lument originated the loans, which feature fixed interest rates, seven-year terms and 35-year amortizations. In addition to providing permanent financing, the loans provide cash-out proceeds for the borrower. According to Lument, 96 percent of the portfolio is housing that is accessible and affordable. The assets are all located in the Lakeview neighborhood and include 424 W. Diversey, 451 Wrightwood, 443 Wrightwood and 517 Oakdale. All of the properties were built in the late 1920s.
NORTH AURORA, ILL. — Colliers has brokered the sale of Park 88 Logistics Center, a two-building industrial development totaling 429,623 square feet in North Aurora. Completed in 2024, the fully leased property is home to three tenants with a weighted lease term of 6.3 years. Park 88 Logistics Center is situated near the full four-way interchange at I-88 and Route 31. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the seller, TradeLane. Ares Management was the buyer.
INDIANAPOLIS — Keystone Group has acquired 120 Monument Circle, the former headquarters of Elevance Health (previously Anthem) in Indianapolis. Keystone has recently acquired and redeveloped more than 1 million square feet of vacant office buildings within one city block marking over $250 million in investment into luxury mixed-use, residential, retail and hospitality developments in downtown Indianapolis. The Indianapolis-based development company will transform 120 Monument Circle, which is currently vacant and is the most expansive property on Monument Circle. Redevelopment plans are still in the early stages and call for rooftop views, outdoor amenities, parking and maximized retail and restaurant spaces. Keystone will work with the community, including civic, nonprofit, higher education institutions and anchor corporations based in downtown Indianapolis as well as city and state leaders.
KANSAS CITY, KAN. — Hunt Midwest and LANE4 Property Group have opened The Hudson, a 228-unit luxury apartment complex adjacent to the University of Kansas Health System campus in Kansas City. The developers partnered with KU Endowment to build the project. The Hudson’s name is a homage to the Rosedale neighborhood’s history, where Rainbow Boulevard was once known as Hudson Road until it was renamed in 1919 to honor WWI veterans. The Hudson project team included Security Bank as lender, BRR Architecture as architect, Cerris as general contractor and Olsson as civil engineer.
SHALERSVILLE, OHIO — Piping Rock, a global vitamin and supplement manufacturer, has signed a 408,767-square-foot industrial lease at Turnpike Commerce Center in Shalersville near Cleveland. The lease represents 40 percent of the 1 million-square-foot building’s space. Geis Cos. and Stonemont Financial Group own the newly constructed, Class A facility, which anchors a 470-acre industrial park. Joe Messina and David Stecker of JLL represented ownership in the lease. Fred Herrera and Fred Ragsdale of CBRE represented the tenant. Turnpike Commerce Center features a clear height of 40 feet, cross-dock configuration, 330 trailer spaces, 179 dock positions, 60-foot speed bays and 3,253 square feet of office space. The facility is located less than one mile from the Ohio Turnpike (I-80).
COLUMBUS, OHIO — Vista Residential Partners has broken ground on Greenway Vista, a 312-unit multifamily development in Columbus. Situated near Rickenbacker Airport and Anduril’s planned mega-facility, Greenway Vista will offer a mix of one- and two-bedroom apartments averaging approximately 840 square feet in size. Parse Capital and Old National Bank provided financing for Greenway Vista. Designed by Columbus-based ArchAll Architects, the garden-style apartment community will feature a 6,500-square-foot clubhouse with fitness and business centers, resort-style swimming pool with cabanas and grilling area, a large central green area with a gameday pavilion and outdoor grill station, community garden and a pet park. The 25-acre community will also have direct access to Blacklick Greenway Trail, a 12-mile trail that runs between Reynoldsburg and Groveport on the southeastern edge of Columbus.
FAIRVIEW PARK, OHIO — JLL Capital Markets has arranged the $51.5 million sale of Westgate Shopping Center, a 311,440-square-foot regional power center located in the Cleveland suburb of Fairview Park. Originally built in the mid-1950s and renovated in 2007, Westgate Shopping Center sits on 55 acres. Michael Nieder and Brian Page of JLL’s Investment Sales and Advisory team represented the seller, The RH Johnson Co., in the transaction. The buyer was Phillips Edison & Co. Target, Lowe’s Home Improvement, Kohl’s, Planet Fitness, Petco, Marshalls and Ulta Beauty anchor the center, which was 97.2 percent leased at the time of sale. Other tenants include Bath & Body Works, Five Guys, Jersey Mike’s, Club Pilates, The Joint, Great Clips and Five Below. In the past three years, ownership has executed 17 new leases or relocations and 13 extensions totaling more than 130,000 square feet.