Ohio

Uber Capital Group Arranges $15M Acquisition Financing for Shopping Center in Maumee, Ohio

by Kristin Harlow January 24, 2018

MAUMEE, OHIO — Uber Capital Group LLC has arranged a $15 million loan for the $21 million acquisition of The Shops at Fallen Timbers in Maumee, located about 10 miles southwest of Toledo. A private commercial real estate group purchased the property from GGP Inc. Joel J. Gorjian of Uber sourced the loan with a regional bank based in Ohio. Built in 2007, The Shops at Fallen Timbers is a 1 million-square-foot shopping center located on a 110-acre site at 3100 Main St. Approximately 60 tenants occupy the center, including anchors J.C. Penney, Dillard’s, Barnes & Noble and Rave Cinemas.

January 24, 2018

Loans Midwest Office Ohio

KeyBank Provides $237.1M Acquisition Financing for Office Portfolio in Eight States

by Kristin Harlow January 23, 2018

CLEVELAND — KeyBank Real Estate Capital has provided a $237.1 million bridge loan for the acquisition of a 12-property office portfolio located throughout eight states. The Class A and B properties are located in Arizona, Illinois, Georgia, Florida, Maryland, Massachusetts, Michigan and Tennessee. The portfolio, which is 71 percent leased, includes nine multi-tenant buildings and three single-tenant buildings totaling more than 2.2 million square feet. Alex Buecking, Devin Jolley and Josh Berde of Key arranged the loan on behalf of the borrower, Bridge Investment Group Partners.

January 23, 2018

Midwest Ohio Restaurant Retail

Marcus & Millichap Brokers $2.5M Sale of Texas Roadhouse Ground Lease in West Chester Township, Ohio

by Kristin Harlow January 22, 2018

WEST CHESTER TOWNSHIP, OHIO — Marcus & Millichap has brokered the sale of a Texas Roadhouse ground lease in West Chester Township, about 25 miles north of Cincinnati, for $2.5 million. The 7,163-square-foot net leased property is located at 7309 Kingsgate Way and has a 15-year ground lease. Craig Fuller, Erin E. Patton and Scott Wiles of Marcus & Millichap marketed the property on behalf of the seller, a local private developer. An out-of-state buyer completing a 1031 exchange was the purchaser.

January 22, 2018

Loans Midwest Multifamily Ohio

Hunt Provides $6M Refinancing for Apartment Property in Lakewood, Ohio

by Kristin Harlow January 18, 2018

LAKEWOOD, OHIO — Hunt Mortgage Group has provided a $6 million Freddie Mac loan for the refinancing of Harbour View in Lakewood, about seven miles west of Cleveland. The 131-unit apartment property is located at 1370 Sloane Ave. Built in 1971, the nine-story building is currently 98 percent occupied. The borrower, Harbour View Associates Ltd., has invested more than $1 million in capital improvements to the property over the last five years. The 10-year loan features a 30-year amortization schedule.

January 18, 2018

Loans Midwest Office Ohio

Bellwether Arranges $57M Refinancing of Office Building in Cleveland, Ohio

by Kristin Harlow January 17, 2018

CLEVELAND, OHIO — Bellwether Enterprise Real Estate Capital LLC has arranged a $57 million loan for the refinancing of One Cleveland Center in Cleveland. Renovated in 2011, the property includes 543,945 square feet of Class A office space, along with a 1,100-square-foot attached parking garage. The 31-story building features an on-site café, dry cleaning service, security and an underground pedestrian connection. Jim Doyle and Ross Halloran of Bellwether arranged the 10-year CMBS loan on behalf of the borrower, Optima 1375 II LLC. Rialto provided the loan, which was used to refinance both the building and parking garage as well as fund tenant improvements.

January 17, 2018

Midwest Net Lease Ohio Retail

Marcus & Millichap Brokers $3.8M Sale of Net Leased Retail Building in Trotwood, Ohio

by Kristin Harlow January 15, 2018

TROTWOOD, OHIO — Marcus & Millichap has brokered the sale of a retail building net leased to Walgreens in Trotwood, about 10 miles northwest of Dayton, for $3.8 million. The 14,866-square-foot property is located at 5271 Salem Ave. Walgreens has more than 11 years remaining on its lease. Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Medi Vakili of Investment Property Group represented the buyer, a private trust.

January 15, 2018

Midwest Net Lease Office Ohio

Mohr Capital Acquires 460,000 SF Net Leased Office Building in Suburban Cleveland, Ohio for $52M

by Kristin Harlow January 11, 2018

MAYFIELD HEIGHTS, OHIO — Mohr Capital has acquired a 460,000-square-foot net leased office building in Mayfield Heights, a suburb of Cleveland, for $52 million. Rockwell Automation Inc., a provider of industrial automation and information products, fully occupies the property on a triple net lease. The location serves as the second largest employment center for Rockwell, with close to 2,000 employees involved in the company’s architecture and software operating branch. The building was constructed as a build-to-suit for Rockwell in 1995. Rodrigo Godoi of Mohr Capital represented the Dallas-based real estate investment company in the transaction. Normal Rockwell Ohio LLC was the seller.

January 11, 2018

Loans Midwest Multifamily Ohio

Hunt Mortgage Group Provides $7.6M Loan for Acquisition of Apartment Property in Columbus, Ohio

by Kristin Harlow January 9, 2018

COLUMBUS, OHIO — Hunt Mortgage Group has provided a $7.6 million Fannie Mae loan for the acquisition of Sutton Square Apartments in Columbus. The 202-unit apartment property is comprised of 29 two-story buildings. Built in 1968, the community is currently 95 percent occupied. The 15-year loan features a 30-year amortization schedule. Hamilton Sutton Square LLC was the borrower.

January 9, 2018

Illinois Midwest Ohio Retail Top Stories

Sears, Kmart, Macy’s Unveil List of Store Closures for Early 2018

by Kristin Harlow January 5, 2018

HOFFMAN ESTATES, ILL. AND CINCINNATI — Sears Holdings Corp. has announced that 64 Kmart stores and 39 Sears stores will close nationwide between March and early April of this year. Sears had previously unveiled an effort to close unprofitable stores and “right size” store footprints. Eligible associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores. Liquidation sales will begin as early as Jan. 12 at the stores set to close. The company is closing three Kmart stores and three Sears stores in its home state of Illinois. For a full list of store closings, click here. Meanwhile, Cincinnati-based Macy’s has also announced the planned closure of 11 stores, four of which were previously disclosed. With these closures, the retailer will have completed 81 of the approximately 100 planned store closures announced in August 2016. The company intends to close approximately 19 additional stores as leases or operating covenants expire or sales transactions are completed. Including the newly announced stores, Macy’s has closed 124 stores since 2015. A majority of the Macy’s stores closing in early 2018 are located in California and Florida. A full list is available here. …

January 5, 2018

Loans Midwest Ohio Retail

Dougherty Provides $2.7M Refinancing for Shopping Mall in Elyria, Ohio

by Kristin Harlow January 3, 2018

ELYRIA, OHIO — Dougherty Funding LLC has provided a $2.7 million loan for the refinancing of Midway Mall in Elyria, about 30 miles southwest of Cleveland. The retail center encompasses 585,606 square feet of gross leasable area. The mall is approximately 80 percent occupied by 75 tenants, and is comprised of a mix of national, regional and local tenants. Elyria Realty LLC, Midway CH LLC and Midway Nassim LLC were the borrowers. Dougherty served as lead lender and is servicing the loan.

January 3, 2018

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