STRONGSVILLE, OHIO — Marcus & Millichap has brokered the sale of Strongsville Shopping Center, a 30,750-square-foot retail property in Strongsville, a suburb of Cleveland. The asset, which is anchored by Tutor Time, sold for $3.9 million. Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap represented the seller, a Florida- and Ohio-based joint venture, in the transaction.
CLEVELAND, OHIO — Newmark Grubb Knight Frank (NGKF) has brokered the sale of the Huntington Building, located at 925 Euclid Ave. in Cleveland. Hudson Holdings LLC purchased the 1.4 million-square-foot office building for $22.5 million from Optima925 LLC. The buyer plans to redevelop the 22-story property. Terry Coybe and Richard Sheehan of NGKF represented the seller in the transaction. Additionally, NGKF will market the property, which is currently 8 percent occupied, for lease.
FAIRBORN, OHIO — Newmark Grubb Knight Frank (NGKF) has brokered the sale of two office buildings located at 2900 and 3000 Presidential Drive within Wright Executive Center in Fairborn, near Dayton. Presidential LP acquired the properties, which total 120,000 square feet, for $5.2 million. The buyer plans to renovate the buildings’ common areas and offer tenant improvement allowances. Benton Benalcazar of NGKF and David Elson of Neyer Management represented the sellers, 2900 Presidential Drive LLC and 3000 Presidential Drive LLC, in the transaction.
SANDUSKY, OHIO — Marcus & Millichap has arranged the sale of Add More Storage, a self-storage facility located at 2908 Venice Road in Sandusky. Situated on nearly six acres, the property features 401 storage units, ranging from 64 to 336 square feet. A limited liability company acquired the asset for $1.2 million. Joseph Holloway and Brett Hatcher of Marcus & Millichap represented the seller, also a limited liability company, and secured the buyer in the transaction.
COLUMBUS, OHIO — Alterra Real Estate Advisors, with a group of investors, has acquired an industrial building located at 711 Distribution Drive in Columbus. Situated on nine acres, the 208,000-square-foot property sold for $2 million, or $9.76 per square foot. Alterra will lease and manage the property, which is currently 50 percent occupied by Quad Graphics. The property was acquired at auction.
NEWARK, OHIO — Marcus & Millichap has arranged the sale of Spring Valley, an apartment complex located at 269 Quail Creek Drive in Newark. The asset sold for $2.5 million. Built in 1992, the property features 76 two-bedroom townhome units. Michael Barron, Daniel Burkons, Joshua Wintermute, Richard Lattro and Jordan Marshal of Marcus & Millichap represented the seller, a private investor, and the buyer, a local investment group that specializes in properties located within tertiary markets throughout Central Ohio, in the transaction.
CINCINNATI — CBL & Associates has completed the disposition of Eastgate Crossing, a retail center located on Eastgate Boulevard in Cincinnati. A joint venture of Inland Real Estate Corp. purchased the 174,700-square-foot property for $22.8 million, including $1.7 million of future earn-out payments and the assumption of a $14.6 million loan secured by the property. The property is 97 percent leased to a mix of national and regional tenants, including Kroger, Marshalls, Ashley Furniture, Jo-Ann Fabrics and Dollar Tree. Margaret Caldwell of Jones Lang LaSalle represented CBL in the transaction.
AKRON, OHIO — Cooper Commercial Investment Group has brokered the sale of Chapel Center, a retail plaza located in the Chapel Hill shopping district of Akron. A New York-based private investment group bought the 14,545-square-foot property for $2.4 million, which was 97 percent of the original list price. The center is tenanted by Men’s Wearhouse, Sprint, H&R Block, Mattress Warehouse and Check n’ Go. Bob Havasi and Dan Cooper of Cooper Commercial represented the seller, a private Ohio-based investment group, and the buyer in the transaction.
POWELL, OHIO — Fortress Real Estate Cos. has inked a deal for WesBanco to join the retail roster at Shoppes at Wedgewood in Powell, a city in central Ohio. Construction is underway for a 5,000-square-foot building, including three drive-thru lanes with drive-up ATM and night depository service, for the new tenant. WesBanco is scheduled to take occupancy in October. Located at the corner of Sawmill Parkway and Branford Court, Shoppes at Wedgewood is anchored by a 130,000-square-foot Target. Jack Tzagournis, principal of Fortress Real Estate Cos., announced the new tenant.
MONROE, LA. AND GARFIELD HEIGHTS, OHIO — Lancaster Pollard has arranged the refinancing of two seniors housing communities: one for Paramount Healthcare Consultants (PHC) in Monroe for $20.2 million and another for The Jennings Center for Older Adults in Garfield Heights for $12.6 million. The PHC refinancing is a HUD loan for three facilities — Avalon Place, a 115-bed skilled nursing facility (SNF); Leslie Lakes, a 150-bed SNF and 19-unit independent living facility; and Princeton Place, a 112-bed SNF. Scott Blount, healthcare banker out of Austin, Texas, led the transaction for Lancaster Pollard. Lancaster Pollard also assisted PHC with a corporate restructuring to ensure compliance with HUD’s single asset entity and master lease requirements. The existing indebtedness and swap termination fee were completely funded through the FHA Sec. 232/223(f) loans and no equity was required from PHC. The Jennings Center is a nonprofit community featuring 174 private suites of skilled nursing, 54 units of assisted living, 10 independent living units, adult day services, child day care, a wellness center, transportation services and community programs. The main campus was founded in 1942 and is sponsored by the Sisters of the Holy Spirit. Lancaster Pollard arranged the refinance Jennings’ 2009 bonds using …
