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.
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.
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.
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.
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.
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.
GARFIELD HEIGHTS, OHIO — Lancaster Pollard has provided a $17 million FHA refinance for The Village at Marymount, a nonprofit continuing care retirement community (CCRC) affiliated with the Sisters of St. Joseph of the Third Order of St. Francis. The community is located in Garfield Heights, a suburb of Cleveland. The CCRC consists of Villa St. Joseph (a 102-bed skilled nursing and 12-bed memory care facility), Marymount Place (a 104-unit assisted living facility) and Clare Hall (a long-term care facility that includes a newly renovated 10-bed inpatient hospital unit). The loan carries a 35-year term, is nonrecourse, has no financial covenants, and provides for approximately $171,000 in annual debt service savings as well as nearly $75,000 for repairs and improvements. Kass Matt led the transaction for Lancaster Pollard.
CINCINNATI, CLEVELAND AND COLUMBUS — CBRE Group Inc. has arranged the sale and financing of a five-building industrial portfolio for Cintas Corp. Diamond Properties bought the portfolio for $26.5 million. The five properties, which are located in Cleveland, Columbus and Cincinnati, total 569,225 square feet. The buildings are 100 percent leased. The properties were previously occupied by Cintas’ document storage and imaging business, which Cintas sold in November 2014. CBRE’s investment properties team and global workplace solutions team represented Cintas in the transaction. They also sourced the buyer. CBRE’s Midwest debt and structured finance team secured the financing on behalf of the buyer. Based in Cincinnati, Cintas is best known for designing and manufacturing corporate uniforms.
SPRINGDALE, OHIO — Susan Branscome of NorthMarq Capital has arranged acquisition financing of $1.4 million for POWER Engineers. The industrial property 20 miles north of Cincinnati is 32,270 square feet and is located at 11733 Chesterdale Road in Springdale. NorthMarq arranged financing for the borrower, Al. Neyer LLC. The seven-year loan includes 17-year amortization schedule.
CLEVELAND, OHIO — HREC Investment Advisors has arranged the sale of the 242-room Sheraton Cleveland Airport Hotel at 5300 Riverside Drive for an undisclosed price. Ted Anka, vice president in HREC Investment Advisors’ Chicago and Miami offices, advised the buyer, Lakshmi Narayan Hospitality Group LLC. Anka also advised the seller, Hopkins Partners. The property contains over 16,000 square feet of meeting and banquet space.
