Ohio

Cushman & Wakefield Brokers $1.4M Sale of Office Building in Westerville, Ohio

by Christina Cannon October 27, 2015

WESTERVILLE, OHIO — Cushman & Wakefield has brokered the sale of an office building in Westerville, a northeastern suburb of Columbus. Linda Aselin of Powell, Ohio, sold the 14,993-square-foot, Class B asset to 575 Westar Crossing LLC for $1.4 million. The facility was built in 2003 and is located at 575 Westar Crossing. Todd Barcus and John Boll of Cushman & Wakefield represented the seller. The building was constructed for National Auto Care Corp. in 2004, but NAC recently downsized and moved out of the building. The new owner plans to invest in the property and create a multi-tenant complex.

October 27, 2015

Midwest Ohio Retail

Marcus & Millichap Arranges $1.4M Sale of 3,482 SF Retail Building in Ohio

by Christina Cannon October 22, 2015

STEUBENVILLE, OHIO — Marcus & Millichap has arranged the $1.4 million sale of a 3,482-square-foot property in Steubenville, approximately 70 miles south of Youngstown. The building is currently net leased by AT&T. Located at 2114 Sunset Blvd., the building is situated on an outparcel in front of a Kroger. The seller, a developer, sold the asset to a California-based private investor. Arthur Kaplan and Lisa Sickinger of Marcus & Millichap represented the seller.

October 22, 2015

Industrial Midwest Ohio

Hillwood Investment Properties Acquires 484,216 SF Industrial Property in Columbus

by Christina Cannon October 14, 2015

COLUMBUS, OHIO — Hillwood Investment Properties has acquired Rickenbacker 8, a 484,216-square-foot industrial property located in Columbus, for an undisclosed price. The Class A warehouse was completed in 2014. Hillwood Investment acquired the property from Founders Capital. Features include 32-foot clear heights, trailer storage, ESFR sprinklers and ample car parking. The building is currently available for lease. Dan Wendork, Steve Kuhr and Adam Bornhorst of JLL brokered the transaction.

October 14, 2015

Midwest Office Ohio

Marcus & Millichap Brokers $3.8M Sale of 19,910 SF Medical Office Property in Suburban Columbus

by Christina Cannon October 12, 2015

GAHANNA, OHIO — Marcus & Millichap has arranged the sale of a 19,910-square-foot medical office property in Gahanna, a Columbus suburb. The Stonybrook Medical Center sold for $3.8 million. John P. Reehil of Marcus & Millichap represented the undisclosed seller. Michael Barron, Dan Burkons, Josh Wintermute, Richard Lattro and Jordan Marshall represented the undisclosed buyer. The property, located at 5175 Morse Road, is 77 percent occupied. Tenants include Ohio State University Otolaryngology, COPCP, Smith Facial Plastics and Advanced Dental.

October 12, 2015

Midwest Office Ohio

Marcus & Millichap Arranges $4.4M Sale of Medical Office Building in Columbus Suburb

by Christina Cannon October 9, 2015

PICKERINGTON, OHIO — Marcus & Millichap has arranged the sale of a 12,539-square-foot medical office building for $4.4 million in Pickerington, a Columbus suburb. Scott Niedergang and Gino Lollio of Marcus & Millichap represented the seller, Stage Equity Partners LLC. Charlie Hampton III of Marcus and Millichap represented the undisclosed buyer in the transaction. Pediatric Associates is the tenant.

October 9, 2015

Industrial Midwest Ohio

Lancaster Port Authority Begins Development on 50,400 SF Industrial Building in Ohio

by Christina Cannon October 7, 2015

LANCASTER, OHIO — The Lancaster Port Authority and Lancaster Area Community Improvement Corp. (LCIC) have broken ground on a 50,400-square-foot, $2.4 million industrial building in Rock Mill Industrial Park in Lancaster, about 31 miles southeast of Columbus. The new building will be able to expand 25,000 square feet and will have 28-foot ceiling heights. The property is situated on a 6.6-acre lot and is slated for completion in early 2016. The City of Lancaster awarded Rock Mill Industrial Park a community reinvestment area designation providing 100 percent / 15-year real property tax abatement on improvements. Rock Mill Industrial Park is zoned heavy industrial and has full utilities.

October 7, 2015

Hospitality Midwest Ohio

Waramaug LS Hotels Acquires 120-Room Courtyard by Marriott in Springfield, Ohio

by Christina Cannon October 6, 2015

SPRINGFIELD, OHIO — Waramaug LS Hotels LLC has acquired the Courtyard Springfield Downtown in Springfield for an undisclosed price. Springfield is located approximately 26 miles northeast of Dayton. The six-story, 120-room hotel property was recently renovated and features 6,500 square feet of meeting space. It also includes a 5,000-square-foot ballroom, an indoor heated pool, a business center, a fitness center and an on-site restaurant, Mela Urban Bistro. A new outdoor bar and patio seating area is under construction.

October 6, 2015

Midwest Multifamily Ohio Seniors Housing

CareTrust Buys 15 Communities in Ohio for $173M

by Christina Cannon October 5, 2015

CINCINNATI AND DAYTON, OHIO — CBRE Group Inc. has arranged the sale of 15 skilled nursing, assisted living and independent living facilities in Cincinnati and Dayton for $173 million. California-based investor CareTrust REIT Inc., which spun off from The Ensign Group last year, purchased the properties from Liberty Healthcare. The properties are mostly skilled nursing facilities, comprising more than 1,200 licensed beds. According to CBRE, this transaction marks the initial entry into Ohio for both CareTrust and Pristine Senior Living, which will operate the portfolio. Seniors housing specialist Dan Baker, in cooperation with Ohio-based healthcare specialist Bill Wiebe, both of CBRE, represented the seller in the deal.

October 5, 2015

Midwest Ohio Retail

Opus Breaks Ground on 61,000 SF Redevelopment of Retail Space in Youngstown, Ohio

by Christina Cannon October 2, 2015

YOUNGSTOWN, OHIO — The Opus Group has broken ground on a Gander Mountain retail store in Youngstown, approximately 70 miles southeast of Cleveland. Completion of the property is slated for February 2016. The 61,000-square-foot store is being built at the site of Gander Mountain’s former retail store that has been demolished. Opus Design Build LLC is the general contractor for both projects.

October 2, 2015

Midwest Mixed-Use Ohio

Ohio Begins 1.4 MSF Development of Mixed-Use Bridge Park

by Christina Cannon September 25, 2015

DUBLIN, OHIO — Crawford Hoying has started Phase I for the mixed-use Bridge Park development in Dublin, a suburb of Columbus. Hoying is the Ohio-based developer spearheading the $350 million project. The first of the three-phase development spans 30 acres and will include 269,000 square feet of restaurant, office, retail and personal services space, two 850-space parking garages, as well as 382 luxury apartment units and 42 condominiums. Phase I will also include more than $155 million in public improvements, of which the City of Dublin will contribute $43.1 million. Slated for a fall 2016 completion, Crawford Hoying is expected to release its first tenants for Phase I in the coming weeks. This fall, Phase II of the project is slated to break ground, with tenants and development anticipated to be coming online in early 2017. Plans for Phase II include a 150-key hotel, a 500-person event center, as well as significant additions of office, retail, and for-sale and rental residential units. Upon completion, the entire Bridge Park project will include more than 1.1 million square feet of residential space, 220,000 square feet of Class A Office, 120,000 square feet of service retail and 92,000 square feet of restaurants.

September 25, 2015

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