CLEVELAND — KeyBank’s community development lending and investing group will provide $9.6 million in the form of Low-Income Housing Tax Credit (LIHTC) equity to help finance Emerald Alliance IX in Cleveland’s Union Miles neighborhood. Upon completion, the project will be renamed Inez Killingsworth Place and offer 66 units of permanent supportive housing, as well as supportive services, to chronically homeless individuals making less than 30, 50 or 60 percent of the area median income. The project is the ninth permanent supportive housing effort co-developed under the Cuyahoga County Housing First Initiative by the Cleveland Housing Network and Emerald Development and Economic Network. The Housing First model, endorsed by the National Association to End Homelessness, prioritizes securing housing for homeless individuals as quickly as possible. Ryan Olman of KeyBank closed the transaction.
XENIA, OHIO — Marcus & Millichap has brokered the sale of a retail property located at 537 W. Main St. in downtown Xenia. An out-of-state private buyer acquired the property from a publicly traded REIT for $6.3 million. Constructed in 2009, the 14,550-square-foot building is net leased to Walgreens. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap represented the seller in the transaction.
WESTLAKE, OHIO — Berkadia has secured $92 million in financing for the new headquarters of American Greetings Corp. in the Cleveland suburb of Westlake. The borrower was Ohio-based H&L Property Co. The 10-year loan, which Bank of America Merrill Lynch provided, features a 4.8 percent fixed interest rate, 65 percent loan-to-value ratio and 25-year amortization schedule. The new headquarters is located on a 13.5-acre property at One American Road in Crocker Park, a 1.2 million-square-foot mixed-use development in Westlake.
CLEVELAND — Cushman & Wakefield|CRESCO Real Estate has been selected as the exclusive leasing agent for Post Office Plaza, located at 1500 W. 3rd St. in downtown Cleveland. Built in 1934, the property offers 476,000 square feet of office space. Formerly the M.K Ferguson Building, the property originally served as Cleveland’s main post office and is listed on the National Register of Historic Places. The property is managed by Forest City Commercial Management.
CINCINNATI — Marcus & Millichap has arranged the sale of a retail property located at 6401 Colerian Ave. in Cincinnati. A local REIT sold the property to an out-of-state REIT for $7.8 million. The 57,692-square-foot property is triple net leased to Kroger through 2020. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap represented the seller and buyer in the deal.
PERRYBURG, OHIO — CPA:17 – Global, a non-traded real estate investment trust, has acquired a distribution and light manufacturing facility in Perrysburg. InSite Real Estate sold the property for $14 million. The facility is net leased to First Solar Inc. under a 10-year term. The 391,700-square-foot facility serves primarily as warehousing for solar panels with about 80,000 square feet dedicated to light assembly. W. P. Carey Inc. brokered the transaction.
LEXINGTON, OHIO — Marcus & Millichap has arranged the sale of Turn Key Storage, a self-storage facility located at 1435 Orchard Park Road in Lexington. An individual/personal trust sold the property to a limited liability company for $1.8 million. Brett Hatcher and Joseph Holloway of Marcus & Millichap represented the seller and the buyer in the transaction. Situated on 5.7 acres, the 48,900-square-foot property features 352 units with 54 expansion-ready units. Facility amenities include steel roll-up doors, paved drives throughout, 24-hour video surveillance and digital gate access.
LIMA, OHIO — Reichle Klein Group has arranged the lease of a former Walmart retail building located at 975 N. Cable Road in Lima. Big R Stores signed a 10-year lease for the 110,580-square-foot property. The site will be the store’s first location in Ohio. Big R sells a variety of goods, including apparel, sporting goods, home basics, toys, and pet, livestock, auto and lawn and garden products. Duke Wheeler of Reichle Klein Group represented the lessee in the deal. The landlord was not disclosed.
PARMA, OHIO — Gordmans has opened a new store in The Shoppes at Parma in the Cleveland suburb of Parma. The value-priced department store joins a JCPenney, Walmart, Dick’s Sporting Goods and Marc’s grocery store at the 750,000-square-foot, mixed-use redevelopment. The new Gordmans totals 45,000 square feet.
CINCINNATI — The Global Operations Center has opened at The Banks mixed-use development in Cincinnati. More than 2,000 employees will work in the 12-story, 338,000-square-foot tower. The main entrance will be at the corner of Second and Rosa Parks streets. The new building is located in Phase II of The Banks, and includes 19,000 square feet of street-level retail space. Taste of Belgium and Pies & Pints are under construction and will open in the coming weeks. Next door, the Radius at The Banks apartment community is also now open. GE has signed a 15-year lease with Carter and Nicol Investment Co., co-owners of the building. PNC Financial Services led the construction financing for the project, and Brasfield & Gorrie oversaw construction along with Cincinnati-based Jostin Construction. RJTR is the architect and CBRE will manage the property.