Ohio

KeyBank Structures $9.9M in LIHTC Equity for Affordable Seniors Housing Project in Cleveland Heights

by Kristin Harlow July 20, 2023

CLEVELAND HEIGHTS, OHIO — KeyBank Community Development Lending and Investment has structured $9.9 million in Low Income Housing Tax Credit (LIHTC) equity to finance the conversion of the Margaret Wagner Senior Apartments in Cleveland Heights into 80 low-income seniors housing units. The project will create 20 new units through the adaptive reuse of the first floor of Margaret Wagner House and preserve 60 units on the upper floors. Built in 1960 as a nursing home by the Benjamin Rose Institute on Aging, the facility features a HUD 202 Project Rental Assistance Contract subsidy for all of its units. In addition to creating 20 new units, the project will also renovate existing units with updated kitchens and bathrooms, improved accessibility, central air conditioning, elevator modernization, new roofing and site improvements. The project’s total cost is $18.7 million. Additional funding comes from a HUD 202 Capital Advance, Cuyahoga County HOME and Affordable Housing Gap funding, Affordable Housing Program Grant funding through the Federal Home Loan Bank of Boston and seller financing. CHN Housing Partners and Benjamin Rose, both of which are Cleveland-based organizations, are co-developing the project. Derek Reed of KeyBank structured the LIHTC tax credit equity investment and Tara Miller served …

July 20, 2023

Market Reports Midwest Midwest Market Reports Office Ohio

Cincinnati Office-to-Multifamily Conversions Are on the Rise

by Kristin Harlow July 13, 2023

By Anthony Armbruster, Colliers Although converting former office buildings to multifamily properties is by no means a new practice, conversions have been on the rise in recent years due to the changing work environment and office landscape. While the COVID-19 pandemic has started to fade away in many peoples’ minds, several of the changes in the work environment during that time have not. Many formerly in-office employees continue to work from home or have hybrid schedules post-pandemic. Additionally, tenants who are moving into new office spaces have shown a preference for smaller, more efficiently laid out, amenity-rich and suburban Class A office spaces. These changing consumer preferences have resulted in higher vacancies and fewer new tenants for older downtown office buildings than before the pandemic. Consequently, many of these older buildings are being converted into residential spaces, exemplifying the trend. An office building may be considered for a residential conversion when it is no longer economically feasible to continue running the building as such. However, not every office building at the end of its economically useful life is a suitable candidate for a residential conversion. Factors such as a building’s layout, location, age and cost of conversion play the most …

July 13, 2023

Acquisitions Industrial Michigan Midwest Ohio

Marcus & Millichap Brokers $10M Sale-Leaseback of Industrial Portfolio in Ohio, Michigan

by Kristin Harlow June 29, 2023

OHIO AND MICHIGAN — Marcus & Millichap has brokered the $10 million sale-leaseback of a three-property industrial portfolio in Ohio and Michigan. The tenant is WW Williams, a truck and diesel engine maintenance and repair company. The properties are located in Cleveland and Brunswick, Ohio, as well as Dearborn, Mich. Alex Frankel, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller and procured the buyer, a limited liability company.

June 29, 2023

Industrial Loans Midwest Ohio Self-Storage

Red Oak Capital Provides $5.5M Bridge Loan for Acquisition, Conversion of Former Kmart Store in Ohio

by Kristin Harlow June 29, 2023

ENGLEWOOD, OHIO — Red Oak Capital Holdings LLC has provided a $5.5 million bridge loan for the acquisition and conversion of a former Kmart store in Englewood, a northwest suburb of Dayton. The borrower, United Storage 360 LLC, plans to convert the property into an Extra Space Storage-branded facility. The site includes an 85,000-square-foot building that was constructed in 1975. Redevelopment plans call for a 60,000-square-foot self-storage facility with 546 units. The borrower plans to exit Red Oak’s bridge loan with permanent financing or a sale following completion of renovations, which are scheduled for later this year.

June 29, 2023

Company News Data Centers Development Midwest Ohio Top Stories

Amazon Web Services to Invest $7.8B for Data Center Expansion in Central Ohio

by John Nelson June 27, 2023

SEATTLE — Amazon Web Services (AWS), a division of Amazon (NASDAQ: AMZN) that offers on-demand cloud computing platforms to individuals, companies and governments, plans to make a big investment in Central Ohio. The company, along with Ohio Gov. Mike DeWine and Lt. Gov. Jon Husted, announced the firm will invest approximately $7.8 billion to expand its data center operations in the region by the end of 2029. AWS is currently undertaking a site selection process across numerous localities in Central Ohio for the new data center campuses, the total number of facilities of which was not disclosed. Final site selections will be decided and announced at a later date. The move is expected to create 230 new jobs and an estimated 1,000 support jobs, according to J.P. Nauseef, president and CEO of JobsOhio, an economic development corporation based in Columbus. The AWS data center project represents the second-largest single private sector company investment in Ohio’s history, according to the governor’s office. The new data centers will contain computer servers, data storage drives, networking equipment and other forms of technology infrastructure used to power cloud computing. “Amazon is already one of the largest private-sector employers in Ohio, and the company’s continued growth …

June 27, 2023

Development Midwest Multifamily Ohio

City Club Apartments Tops Off 23-Story Luxury Tower in Cleveland

by Kristin Harlow June 26, 2023

CLEVELAND — City Club Apartments has topped off construction of City Club Apartments-Cleveland, a 23-story luxury apartment tower located at 776 Euclid Ave. in Cleveland. The development will include 304 apartment units and penthouses as well as street-level retail space, including a restaurant, basement speakeasy, lobby café, Sky Club café and doggie daycare and spa. Dubbed an “apartment hotel,” the property will offer residents the option to rent a furnished suite or an unfurnished apartment or penthouse. Amenities will include indoor and outdoor theaters, a heated rooftop pool and hot tub, outdoor kitchen, coworking spaces, a bark park, Zen garden, fitness center, yoga studio, wellness room, business center and conference room. Occupancy is slated to begin in October.

June 26, 2023

Acquisitions Midwest Ohio Retail

Cooper Group Arranges $2M Sale of Retail Center in Salem, Ohio

by Kristin Harlow June 26, 2023

SALEM, OHIO — The Cooper Commercial Investment Group has arranged the $2 million sale of Salem Market Place in Salem, a city in Northeast Ohio. Tenants at the 16,252-square-foot property include Super Cuts, Sally Beauty Supply, GameStop, Little Caesar’s, Gadget Lab, Alternative Smokes, Hibachi Express and Drayer Physical Therapy. The center is 83 percent occupied. Dan Cooper and Bob Havasi of Cooper Group represented the seller, a West Coast-based investor. The sales price represented a cap rate of 7.73 percent and approximately 98 percent of the list price.

June 26, 2023

Acquisitions Industrial Midwest Ohio

Colliers Brokers Sale of 14-Building Industrial Portfolio in Metro Cincinnati

by Kristin Harlow June 16, 2023

CINCINNATI — Colliers has brokered the sale of a 14-building industrial portfolio in metro Cincinnati for an undisclosed price. The portfolio is comprised of nine light industrial buildings and five distribution buildings in Cincinnati and Erlanger, Ky. The value-add portfolio was 94 percent leased at the time of sale to 56 tenants across industries that include third-party logistics, air cargo, e-commerce, manufacturing and wholesale trade. John Gartner, Erin Casey and Andrew Jacob of Colliers represented the buyer, TradeLane Properties. Tappan Properties was the seller.

June 16, 2023

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers $2.2M Sale of Two-Tenant Retail Building in Toledo, Ohio

by Kristin Harlow June 14, 2023

TOLEDO, OHIO — Marcus & Millichap has brokered the sale of a 3,720-square-foot retail building in Toledo for $2.2 million. The property is home to Starbucks and Verizon. Both tenants have occupied the building since it was constructed in 2007. Suzanne Sharbek, Christopher Jackson, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company. The all-cash buyer was a 1031 exchange investor based in California.

June 14, 2023

Acquisitions Healthcare Midwest Ohio

SRS Negotiates $10.6M Sale of Optima Dermatology-Occupied Property in Macedonia, Ohio

by Kristin Harlow June 13, 2023

MACEDONIA, OHIO — SRS Real Estate Partners has negotiated the $10.6 million sale of a newly developed medical property occupied by Optima Dermatology in Macedonia, a southern suburb of Cleveland. The 15,500-square-foot building is located at 8183 Golden Link Blvd. within The Crossings at Golden Link, a 400,000-square-foot shopping center anchored by Lowe’s. Michael Carter and Frank Rogers of SRS, along with Greg Guyuron of Anchor Cleveland, represented the seller, a private developer. The buyer was a New Jersey-based private investor completing a 1031 exchange. The sales price represented a cap rate of 6.5 percent.

June 13, 2023

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