Ohio

Foresite Realty Arranges Sale of Chesapeake Mill Apartments in Columbus

by Danielle Everson December 1, 2014

COLUMBUS — Foresite Realty Partners, through its affiliate Foresite Realty OH LLC, has arranged the sale of Chesapeake Mill Apartments in Columbus for an undisclosed sales price. The apartment property is situated on nearly 15 acres and includes 260 units. The community has a mix of one-, two- and three-bedroom units across 31 buildings and was 92 percent occupied at the time of sale. Jamie Hadac, Bryan Nickow and Jo Lease of Foresite Realty OH represented the undisclosed seller. An Ohio-based investor purchased the property.

December 1, 2014

Midwest Ohio Retail

M&M Brokers $3.9M Sale of Rite Aid Property in Toledo

by Danielle Everson November 26, 2014

TOLEDO, OHIO — Marcus & Millichap has brokered the $3.9 million sale of Rite Aid, a 11,180-square-foot, net-leased property in Toledo. The property is located at 1605 Broadway St. The property was sold above its list price. Mark Lovering and Dan Yozwiak of Marcus & Millichap’s Columbus office represented the seller, a partnership, and the buyer, a REIT.

November 26, 2014

Midwest Ohio

Reichle Klein Group Arranges $3.4M Sale of Self-Storage Facility

by Danielle Everson November 26, 2014

TOLEDO, OHIO — Reichle Klein Group has arranged the $3.4 million sale of a 695-unit, self-storage facility in Toledo. Around Town Storage is situated on nearly eight acres. The property is located at 1011 and 1028 S. Holland Sylvania Road. Joe Belinske of Reichel Klein Group represented the seller, Around Town Storage. Farmington Hills, Mich.-based Pogoda Cos. represented the buyer, BF Self Storage.

November 26, 2014

Midwest Ohio Retail

Cooper Commercial Arranges $5.4M Sale of Walgreens in Cleveland

by Danielle Everson November 25, 2014

CLEVELAND — Cooper Commercial Investment Group has arranged the $5.3 million sale of a Walgreens located at 4071 Lee Road in Cleveland. Bob Havasi and Dan Cooper of Cooper Commercial Investment Group in Cleveland represented the seller, a privately owned investment group out of New York. A Florida-based private investor purchased the property. The building was sold at 94 percent of its original list price, representing a 6.9 percent capitalization rate. Walgreens is on a 20-year, corporately guaranteed, triple-net-lease with approximately seven years of original term remaining. The freestanding building was built in 2002.

November 25, 2014

Midwest Ohio

M&M Brokers Sale of Ground Lease in Westlake, Ohio

by Danielle Everson November 25, 2014

WESTLAKE, OHIO — Marcus & Millichap has arranged the $450,000 sale of a ground lease of a 21,819-square-foot parcel in Westlake. Lehigh Gas Corp. is located at 25466 Detroit Road. The 21,819-square-foot parcel was under a ground lease with the gas station operator. The tenant exercised its right to match an offer from an outside investor so they could have complete ownership and control of the corner location. Dustin Javitch, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap’s Cleveland and Columbus offices represented the seller, a private investor.

November 25, 2014

Midwest Ohio

M&M Brokers $1.7M Sale of 36-Unit Apartment Building in Marysville, Ohio

by Danielle Everson November 24, 2014

MARYSVILLE, OHIO — Marcus & Millichap has brokered the $1.7 million sale of Coventry Place, a 36-unit apartment property in Marysville, approximately 32 miles northwest of Columbus. The property is located at 1024 Coventry Place and includes two-bedroom garden units. Michael Barron, Joshua Wintermute, Dan Burkons, Richard Lattro and Jordan Marshall of Marcus & Millichap’s Columbus office, along with the firm’s tax credit group out of Seattle, represented the seller, a partnership, and the buyer, also a partnership.

November 24, 2014

Loans Midwest Multifamily Ohio

RED Originates $2.3M FHA Loan for Harrisburg Station in Grove City, Ohio

by Danielle Everson November 20, 2014

GROVE CITY, OHIO — RED Mortgage Capital LLC has provided a $2.3 million, FHA insured 221(d)(4) mortgage loan for the rehabilitation of Harrisburg Station Apartments in Grove City. RED Mortgage Capital provided the loan for Colonial American Development Corp. as part of a complex financing package. The package included 9 percent Low Income Housing Tax Credits (LIHTCs) along with Flex and Housing Development Assistance Program (HDAP) loans provided by the Ohio Housing Financing Agency (OHFA). Harrisburg Station is a 60-unit, fully occupied Section-8 apartment complex that was originally built in 1972. More than $44,000 per unit will be spent on repairs and improvements. These improvements will include replacement of windows, doors, flooring, kitchen cabinets, countertops, vanities and appliances, as well as the installation of new Energy Star split-system heat pumps.

November 20, 2014

Hospitality Ohio

Homewood Suites by Hilton Hotel Opens in Akron

by John Nelson November 14, 2014

AKRON, OHIO — Homewood Suites by Hilton has opened its newest property, Homewood Suites by Hilton Akron Fairlawn. The four-story hotel is the 15th Homewood Suites property in Ohio and the first in the Akron area. TMI Hospitality owns the hotel, which is located at 210 Springside Drive just off I-77 near downtown Akron. Nearby attractions include the Akron Zoo, Stan Hywet Hall & Gardens and the Akron Art Museum.

November 14, 2014

Loans Midwest Multifamily Ohio

Pillar Originates $11.7M Fannie Mae Loan for Multifamily Property in Columbus

by Danielle Everson November 11, 2014

COLUMBUS, OHIO — Pillar has originated an $11.7 million Fannie Mae DUS loan for the acquisition of Citation Club Apartments, a 240-unit multifamily property located at 600 Trinity March in Columbus. The property features two- and three-story garden-style buildings built in 2004. The 15-year, fixed-rate loan includes a 30-year amortization schedule. Adam Klingher, managing director, and Brooke Jackson, associate, of Pillar’s Chicago origination team arranged the loan. Citation Club Apartments is part of a portfolio of three multifamily properties located in Columbus. The property is the only one in the portfolio that required new financing. The sponsor is Brookview Realty Group, an owner/operator of multifamily properties across the country. The key principals at Brookview responsible for the Citation Club Apartments transaction are Barry Pessin and David Ostreicher. Brookview and its affiliates currently own and manage more than 1,300 rental units across the country.

November 11, 2014

Midwest Ohio Retail

Goodman Real Estate Services Group Brokers $10.5M Sale of Shoppes at Chapel Hill

by Danielle Everson November 11, 2014

CUYAHOGA FALLS, OHIO — Goodman Real Estate Services Group LLC has brokered the $10.5 million sale of the Shoppes at Chapel Hill, an 84,758-square-foot shopping center in Cuyahoga Falls. The property, built in 1992, is 98.5 percent leased to tenants such as Michaels, Staples, Panera Bread, Jimmy John’s, Aaron’s and Brick House Tavern + Tap. Target shadow-anchors the shopping center. Kyle Hartung of Goodman represented the undisclosed seller of the property and also procured the buyer, a Florida-based real estate investment and development company.

November 11, 2014

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