Ohio

Bedrock, City of Cleveland Unveil Plans for $3.5B Cuyahoga Riverfront Project

by Taylor Williams December 5, 2022

CLEVELAND — A partnership between Detroit-based developer Bedrock and the City of Cleveland has unveiled plans for the Cuyahoga Riverfront, an initiative that will feature 3.5 million square feet of new development and adaptive reuse projects across 35 acres of publicly and privately owned waterfront land. According to multiple news outlets including The Plain Dealer and Spectrum News, the project is valued at $3.5 billion. Preliminary plans for the site call for the addition of approximately 2,000 residential units, 850,000 square feet of office space and 12 acres of open public space, as well as hospitality, retail and restaurant uses. The development team is targeting a 15- to 20-year timeline for full buildout and transformation of the site. In addition, Bedrock partnered with Sherwin-Williams Co. to acquire Landmark Office Towers and the Breen Technology Center. Specific plans regarding the future use of these buildings were not immediately disclosed. The development team — which includes master architect David Adjaye, local firm Osborn Engineering and urban planning firm MKSK — views the site as a natural connective bridge between the Cuyahoga River and downtown Cleveland. Adjaye spent the last several months in Cleveland cultivating a plan to make that vision a reality. …

December 5, 2022

Acquisitions Midwest Office Ohio

Tempus Realty Partners Acquires Lane Bryant Headquarters Campus for $42M

by Kristin Harlow November 21, 2022

NEW ALBANY, OHIO — Tempus Realty Partners has acquired Lane Bryant’s headquarters campus in New Albany, a northeast suburb of Columbus. The purchase price was $42 million. The two-building office property spans 236,070 square feet. Amenities include an onsite café, fitness center, water feature, walking trail and green space. Lane Bryant, a plus-size women’s apparel retailer with 450 stores nationwide, will remain a tenant at the property for at least the next 20 years. The transaction marks the sixth acquisition in the Columbus-area market for Tempus, which focuses on the South and Midwest markets.

November 21, 2022

Acquisitions Industrial Midwest Ohio

Matthews Arranges $9M Sale of Industrial Building in Elyria, Ohio

by Kristin Harlow November 17, 2022

ELYRIA, OHIO — Matthews Real Estate Investment Services has arranged the $9 million sale of a 256,595-square-foot industrial building in Elyria, a southwest suburb of Cleveland. The property sits on 15.5 acres at 860 Garden St. Matt Kovesdy and Jonah Yullish of Matthews represented the seller, a local partnership that purchased the property in the early 2000s as a value-add opportunity. The buyer, Dura-Line, is also a tenant at the facility. Dura-Line elected to purchase due to the building’s importance to its operations, according to Matthews. The transaction closed at $500,000 above the listing price.

November 17, 2022

Affordable Housing Development Midwest Multifamily Ohio

NRP Group Opens 88-Unit Affordable Housing Community in Cleveland

by Kristin Harlow November 16, 2022

CLEVELAND — The NRP Group has opened 5115 at The Rising, an affordable housing community in Cleveland’s Broadway-Slavic Village. The project consists of 78 apartment units and 10 townhome units, all of which are affordable residences that will be reserved for low- to moderate-income renters. Supported by the Ohio Housing Finance Agency’s Housing Tax Credit program, the community currently has a waitlist of potential residents and has received more than 2,200 inquiries. Additional funding came from KeyBank, Ohio Capital Corp. for Housing, City of Cleveland and Third Federal Foundation. University Settlement, which provides community, family, youth and senior programs, is relocating its offices to the building, occupying 20,000 square feet on the first floor. Another 5,000 square feet of commercial space will serve as a food pantry and a Cuyahoga Community College Access Center.

November 16, 2022

Loans Midwest Office Ohio

JLL Arranges $155M in Acquisition Financing for Columbus Office Campus

by Kristin Harlow November 15, 2022

COLUMBUS, OHIO — JLL Capital Markets has arranged $155 million in acquisition financing for a 400,000-square-foot office campus in Columbus. Paul Spellman and Phil Galligan of JLL arranged the fixed-rate financing on behalf of the borrower, Golden Eagle Group Inc. Further details of the transaction were not provided.

November 15, 2022

Acquisitions Midwest Ohio Restaurant Retail

Cooper Group Arranges $1.7M Sale of Taco Bell-Occupied Property in Gahanna, Ohio

by Kristin Harlow November 14, 2022

GAHANNA, OHIO — The Cooper Commercial Investment Group has arranged the $1.7 million sale of a restaurant building occupied by Taco Bell in Gahanna, a northwest suburb of Columbus. The property serves as an outparcel to the Hunter’s Ridge shopping center. Dan Cooper of Cooper Group represented the seller, a private investment group based in Florida. Cooper also procured the undisclosed buyer. The sales price represents a cap rate of 4.5 percent and $694 per square foot. Taco Bell signed a 20-year lease extension at the property in 2020.

November 14, 2022

Acquisitions Midwest Ohio Restaurant Retail

Cooper Group Negotiates $2.5M Sale of McDonald’s-Occupied Property in Gahanna, Ohio

by Kristin Harlow November 9, 2022

GAHANNA, OHIO — The Cooper Commercial Investment Group has negotiated the $2.5 million sale of a restaurant property occupied by McDonald’s in Gahanna, a northeast suburb of Columbus. Constructed in 2011, the building serves as an outparcel to the Hunter’s Ridge shopping center. Dan Cooper of Cooper Group represented the seller, a private investment group based in Florida. Cooper also procured the undisclosed buyer. The asset sold at full list price, representing a cap rate of 3.5 percent and $540 per square foot.

November 9, 2022

Acquisitions Healthcare Midwest Ohio

Remedy Medical Properties, Kayne Anderson Real Estate Acquire Medical Office Building Near Cleveland for $10.7M

by Kristin Harlow November 3, 2022

BRUNSWICK, OHIO — A joint venture between Remedy Medical Properties and Kayne Anderson Real Estate has acquired a 34,519-square-foot medical office building in the Cleveland suburb of Brunswick for $10.7 million. Named Atrium of Brunswick, the two-story property is located at 1299 Industrial Parkway North. The facility is fully occupied by two tenants. One GI is a gastroenterology group that recently acquired the building’s original tenant and seller, Digestive Disease Consultants (DDC). Shortly after One GI acquired DDC, it signed a new 12-year lease. The other tenant is MetroHealth, which operates four hospitals and other healthcare facilities throughout the Cleveland area. MetroHealth operates a primary care and pediatrics practice at the building with a lease that expires in 2025. Capital One provided acquisition financing.

November 3, 2022

Development Healthcare Midwest Ohio

Monument Healthcare Development Breaks Ground on University Hospitals Health Campus in Amherst, Ohio

by Kristin Harlow November 2, 2022

AMHERST, OHIO — Kansas City-based healthcare real estate group Monument Healthcare Development, in partnership with University Hospitals (UH), has broken ground on a new health campus in Amherst, about 28 miles west of Cleveland. The project will include two buildings, including an ambulatory surgery center (ASC) that will house five operating rooms and one procedure room. There will also be six recovery-focused Stay Suites in the same building as the ASC, which will focus on orthopedic surgical procedures. The Stay Suites are part of the Muve program, a value-based surgical care program offered by ValueHealth. The facility will also provide general orthopedic, spine, ear, nose and throat and pain management services. In addition to the ASC, there will be a medical office building to house physicians and other providers across a variety of medical and surgical specialties. Completion is slated for the fourth quarter of 2023. The project team includes CTL Engineering, architect ESa and J.E. Dunn Construction Co. In 2020, UH unveiled that it had formed a joint venture to expand its ambulatory surgical network.

November 2, 2022

Affordable Housing Development Midwest Multifamily Ohio

Fairfield Homes Opens 34-Unit Supportive Housing Community in Zanesville, Ohio

by Kristin Harlow October 31, 2022

ZANESVILLE, OHIO — Fairfield Homes Inc., in partnership with Muskingum Behavioral Health, has opened Pearl House Zanesville in Zanesville, about 50 miles east of Columbus. The property features 34 units for individuals and families recovering from drug or alcohol addiction. Residents receive support services, treatment and a full-time case worker provided through Muskingum Behavioral Health. Amenities include outdoor recreational spaces and a community room. Rent is based on income. Gorsuch Construction was the general contractor.

October 31, 2022

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