COLUMBUS AND REYNOLDSBURG, OHIO — Lancaster Pollard has closed two refinancing loans totaling $5.5 million for multifamily properties in Ohio. Both properties were participating in the federal Low-Income Housing Tax Credit Program and have recently exited their initial 15-year credit period. Homeport Inc. was the borrower for both loans. In the first deal, Lancaster Pollard originated and underwrote a $3.5 million fixed-rate FHA loan for Pheasant Run Apartments, a 136-unit property located in Reynoldsburg. The FHA loan, which features a 35-year term, paid off existing debt and provided $1 million for repairs and renovations. In the second transaction, Lancaster Pollard originated and underwrote a $2 million fixed-rate Fannie Mae loan for Emerald Glen Apartments, a 130-unit complex in Columbus. The nine-year term financing paid off current debt and provided $350,000 for repairs and renovations. Both loans were paired with additional financing from the Ohio Housing Finance Agency.
BUCYRUS, OHIO — Regency Properties has acquired East Pointe Plaza, a 70,882-square-foot shopping center located in Bucyrus, approximately 65 miles north of Columbus, for an undisclosed price. The property is Regency’s first acquisition in Ohio. The center is currently 96 percent leased to tenants including Peebles, Dollar Tree and Hibbett Sports. The acquisition also includes two out-lots with road frontage available for future development.
CINCINNATI — TriHealth and Duke Realty have expanded Bethesda Butler Hospital to include 32 new inpatient rooms, six new intensive care rooms and a full kitchen and dining room. In addition to the 53,512-sqaure-foot expansion, the project also involved remodeling 7,569 square feet of the existing hospital space and adding 883 parking spaces. The building was also fortified for a possible third-floor expansion. Bethesda Butler Hospital now totals 90,788 square feet. Duke Realty owns the hospital, which is 100 percent leased to Bethesda Hospital. The facility is part of a larger campus that includes a cancer institute, infusion services, heart institute, digestive institute, sleep center and physical therapy institute. Duke Realty provided contracting services, and PFB Architects Inc. provided architectural services.
COLUMBUS — A joint venture comprised of CASTO, The Daimler Group and The New Albany Company has unveiled plans to develop a 320-acre, mixed-use project in Columbus. Hamilton Quarter, which will be located at the State Route 161 and Hamilton Road interchange, will include over 700,000 square feet of office space, 1 million square feet of retail, restaurant, and entertainment space, up to 800 multifamily units and 130 senior living units. The development will also include hospitality components. The development team and the City of Columbus will also develop the S-Curve extension, a new roadway that will connect the Hamilton Road exit directly with Hamilton Road to the west. In addition to the S-Curve extension, part of Dublin Granville Road will be rerouted to allow for a Central Boulevard to be constructed. The Central Boulevard will be a walkable, destination space that will feature Main Street-style restaurants and retail spaces. The first wave of development on Hamilton Quarter is expected to begin in late 2016 or early 2017.
COLUMBUS — The Cooper Commercial Investment Group has arranged the $2.9 million sale of a 101,621-square-foot retail center in Columbus. Livingston Avenue Center is anchored by Big Lots and Save-a-Lot. Dan Cooper of Cooper Commercial represented the seller, a Columbus-based private investment group, in the transaction. The private investment buyer was based in California. The transaction featured an 8.2 percent capitalization rate and was sold at 99 percent of list price.
TROY, OHIO — Midland Atlantic Properties has acquired Troy Towne Center, a 144,000-square-foot retail center in Troy, approximately 20 miles north of Dayton, for an undisclosed price. The shopping center is anchored by Kohl’s, Petco and Dollar Tree. Troy Towne Center is shadow anchored by a Walmart Supercenter and is surrounded by numerous retail outparcels. Other tenants at the retail center include Shoe Carnival, Sleep Outfitters and Verizon Wireless. The center, built in 1990, is 96 percent occupied. The seller in the transaction was undisclosed.
BLUE ASH, OHIO — NXT Capital has provided a $26 million refinancing loan for a 242-unit apartment community in Blue Ash, approximately 12 miles northeast of Cincinnati. Charleston at Blue Ash is a Class A community, located at 4870 Hunt Road, that features amenities such as a business center, covered parked, gated access, a fitness center, a tanning bed and a swimming pool. Unit amenities include 9-foot ceilings, balconies or patios, appliances and in-unit washers and dryers. The borrower in the transaction was undisclosed.
ASHTABULA, OHIO — The Cooper Commercial Investment Group has brokered the $1.9 million sale of a 16,820-square-foot retail center in Ashtabula, approximately 60 miles northeast of Cleveland. A Cleveland-based private investor sold AT&T Plaza to a Kansas buyer. Tenants at the shopping center include AT&T, Springleaf Financial, Best Cuts and Cashland. Dan Cooper of Cooper Commercial represented the seller in the transaction.
NORTH CANTON, OHIO — Embassy Suites by Hilton has opened a new 150-room hotel in North Canton, approximately 55 miles south of Cleveland. CPX Canton Airport LLC owns the Embassy Suites by Hilton Akron Canton Airport, and Commonwealth Hotel Collection is managing the property. The hotel includes a heated indoor swimming pool, fitness facility, business center, gift shop and a complimentary shuttle service within a 10-mile radius. All suites are equipped with two 42-inch LCD TVs, microwave, refrigerator, wet bar and Wi-Fi service. The hotel also features a ballroom, conference room and professional boardroom, which collectively make up over 6,000 square feet and can accommodate up to 500 guests.
MARYSVILLE, OHIO — Marcus & Millichap has arranged the sale of a 13,026-square-foot retail center in Marysville, approximately 33 miles northwest of Columbus, for $1.6 million. Millcreek Center was 84 percent occupied at the time of sale, and tenants include Subway, Anytime Fitness, All Smiles Family Dental Care and TK Nails. A private, out-of-state investor sold the asset, located at 15590 U.S. Route 36, to a local investor. C.J. Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap listed the property on behalf of the seller.