GALION, OHIO — Grandbridge Real Estate Capital has arranged a $1.5 million loan for the refinancing of Galion West Shopping Center in Galion, about 60 miles north of Columbus. The 59,135-square-foot property includes a Papa John’s. Craig Kegg of Grandbridge arranged the financing with an insurance company. The 10-year loan features an interest rate of 4.93 percent and a 15-year amortization schedule.
ASHLEY, IND. — Brightmark Energy has received $260 million in financing to build the nation’s first commercial-scale plastics-to-fuel plant in Ashley, a small town of fewer than 1,000 residents in the northeast corner of Indiana. The financing includes $185 million in Indiana green bonds, which were underwritten by Goldman Sachs & Co. Brightmark plans to invest $47 million in the plant, according to KPC News, a local news outlet. Brightmark is the controlling owner of RES Polyflow, an Ohio-based energy technology company that innovated the process for converting plastics directly into transportation fuel and other products. Brightmark acquired a majority interest in the company in November. Brightmark Energy Ashley Indiana will convert up to 100,000 tons of plastics into 18 million gallons per year of ultra-low-sulfur diesel and naphtha blend fuels and nearly 6 million gallons a year of commercial-grade wax in a process that is expected to be 93 percent efficient. The outputs could also be used to produce the feedstocks necessary for manufacturing plastic again, “thus creating the world’s first truly circular economy technology for plastics,” according to Brightmark. “We are excited about the market’s confidence in the validity of this technology to economically convert single-use plastics for …
Fueled by continued population growth that has made Columbus the 14th-largest city in America and its strategic location in the U.S. Interstate system, the Columbus industrial market has been on a multi-year run in terms of new inventory and positive net absorption. Given the fact that drivers are able to reach approximately 50 percent of American households and 30 percent of Canadians within a one-day drive of the city, we see no end in sight for these market trends. That one-day drive statistic has made Columbus one of the country’s leading e-commerce distribution markets. Also, according to a recent ranking by Realtor.com, the metropolitan area is the only large northern city to grow its population by more than 10 percent from 2010 to 2017. The company also reported that Columbus was the fourth-hottest housing market based on the number of hits each listing receives and time on the market. Further, the central Ohio region’s business-friendly environment encourages developers to build in designated areas, and it is working. At the close of the fourth quarter last year, 5.7 million square feet of new industrial product was under construction. The overall vacancy rate for the Columbus industrial market was 4.8 percent, which …
CINCINNATI — VICI Properties Inc. (NYSE: VICI), together with a subsidiary of Hard Rock International, has entered into a definitive agreement to acquire the Jack Cincinnati Casino in downtown Cincinnati for approximately $745 million. VICI Properties will acquire 100 percent of the membership interests of a subsidiary of Jack Cincinnati that owns the land and real estate assets of the casino for $558 million. Hard Rock will acquire the operating assets of Jack Cincinnati for $187 million. Simultaneous with the transaction, VICI will enter into a triple-net-lease agreement with Hard Rock. Jack Cincinnati opened in 2013 and features 100,000 square feet of gaming space with approximately 1,800 gaming machines and 100 table games. The property also contains 33,000 square feet of meeting space, six restaurants and two bars. The transaction is expected to close late this year. Goldman Sachs & Co. LLC is serving as financial advisor and Kramer Levin Naftalis & Frankel LLP is serving as legal advisor to VICI.
COLUMBUS, OHIO — Nationwide Realty Investors has unveiled plans for additional development at Grandview Yard, a mixed-use project in Columbus. Construction has begun on a new two-story, 34,000-square-foot office building on the north side of Goodale Boulevard. Columbus-based law firm Carlile Patchen & Murphy LLC will occupy approximately 17,000 square feet on the second floor. Completion is slated for spring 2020. Nationwide also has plans for The Junction, a three-building townhome development comprising 20 two-story residences. Townhome residents will have access to The Yard Club, Grandview Yard’s residential amenity building and clubhouse featuring a pool, fitness center and community room, as well as a mix of retail and dining options. When fully complete, Grandview Yard will encompass 1.2 million square feet of office, restaurant, retail and hospitality space as well as parks and approximately 1,500 residential units.
INDEPENDENCE, MO. — Hamilton Zanze has acquired Cornerstone Apartments in Independence near Kansas City for an undisclosed price. Built in 2004, the 420-unit apartment property features 14 buildings. Community amenities include a fitness center, indoor-outdoor pool and spa. Hamilton Zanze plans to upgrade the business center and clubhouse as well as add a dog park and package storage system. Mission Rock Residential will manage the property. The seller was not disclosed.
GERMANTOWN, WIS. — Zilber Property Group has unveiled plans to develop two speculative industrial facilities totaling 403,021 square feet in Germantown, a northwest submarket of Milwaukee. The buildings will be situated within the newly constructed Germantown Gateway Corporate Park. Currently, a 706,000-square-foot distribution facility occupied by Wauwatosa-based Briggs & Stratton Corp. anchors the business park. The new facilities will feature clear heights of 30 feet, LED lighting and ESFR sprinkler systems. A timeline for development was not disclosed.
DES PLAINES, ILL. — Marcus & Millichap has brokered the $1.9 million sale of a Fifth Third Bank ground lease in Des Plaines. The 4,224-square-foot building is located at 510 Metropolitan Way. Austin Weisenbeck and Sean Sharko marketed the property on behalf of the seller. An outside broker represented the out-of-state, 1031 exchange buyer.
SHELBYVILLE, IND. — Greenleaf Foods SPC has selected Shelbyville as the location for a new plant-based protein foods production facility. The company says it will invest $310 million in the new plant and create as many as 460 jobs by the end of 2022. The 230,000-square-foot facility will double Greenleaf’s production capacity. Greenleaf has not yet selected a general contractor for the build-to-suit project. Incentives from the city and Shelby County totaled $2.5 million. The state offered up to $5 million in conditional tax credits and as much as $1 million in training grants based on job creation plans. The state also offered up to $1.25 million from the Industrial Development Grant Fund. Greenleaf makes foods under the Lightlife Foods and Field Roast Grain Meat Co. brands. The company is a wholly owned subsidiary of Toronto-based Maple Leaf Foods Inc. Established in 2018, Greenleaf is headquartered in Chicago and currently operates facilities in Seattle and Turner Falls, Mass.
CINCINNATI AND DAYTON, OHIO — KeyBank Community Development Lending & Investment has provided a total of $29.9 million in construction financing for three affordable housing properties in Ohio. KeyBank provided a $9.9 million loan for the construction of Omega Senior Lofts, an 81-unit seniors independent living facility in Dayton. MVAH Partners is the developer. KeyBank also provided a $10.9 million construction loan for Commons at South Cumminsville, an 80-unit property in Cincinnati. Upon completion, 60 of the units will be reserved for individuals who meet the HUD definition of chronically homeless with the remaining 20 units targeting low-income residents with sensory or mobility impairments. All units at the property will benefit from 20-year Section 8 vouchers, enabling tenants to pay no more than 30 percent of their incomes toward rent. Lastly, KeyBank provided a $7.9 million construction loan and a $1.2 million Federal Home Loan Bank community investment program loan to Episcopal Retirement Services for the rehabilitation of Madison Villa, a 93-unit, age-restricted Section 8 property in Cincinnati. The Model Group is the project partner.
