CINCINNATI — Northsiders Engaged in Sustainable Transformation (NEST) and Pennrose have opened John Arthur Flats, Cincinnati’s first LGBTQ-friendly affordable seniors housing community. Located in the Northside neighborhood, the development adds 57 affordable units for residents age 55 or older. The three-story, elevator-serviced building includes studio, one-, and two-bedroom apartments available for residents earning 30 to 60 percent of the area median income, with rents ranging from $444 to $1,212 per month. The new community helps meet the demand for inclusive, affordable housing in the region, where the National Low-Income Housing Coalition reports only 43 available rental homes per every 100 low-income renters in Ohio. Studies also show that LGBTQ seniors experience higher rates of housing discrimination and poverty, making them especially at risk of housing vulnerability. The community is named in recognition of the late John Montgomery Arthur, a Cincinnati native and husband of the plaintiff in the Supreme Court case that legalized same-sex marriage in the United States. This $13 million redevelopment was financed through Low-Income Housing Tax Credits from the Ohio Housing Finance Agency, equity syndicated by CREA, HOME funding from the City of Cincinnati, an award from the Affordable Housing Program of the Federal Home Loan Bank …
Ohio
TOLEDO, OHIO — Gym concept F45 Training has signed a lease to open a 2,100-square-foot location at Talmadge Town Center South in Toledo. Tolson Enterprises owns the shopping center, which is situated near Franklin Park Mall. Michael Murphy, Tjader Gerdom and Haley Kelly of Gerdom Realty & Investment represented F45 Training, which maintains locations in nearly all 50 states. The “F” stands for functional, and the classes are 45 minutes each.
CINCINNATI — Northmarq has arranged two loans totaling $6.7 million for the refinancing of three multifamily properties in Cincinnati. Madison & Riddle Apartments is a two-property portfolio totaling 72 units. The loan is fully amortized over 25 years. Sutton Place Apartments consists of 59 units and is fully occupied. The seven-year loan features two years of interest-only payments and a 30-year amortization schedule. Noah Juran of Northmarq arranged the loans through a life insurance company.
CANTON, OHIO — Marcus & Millichap Capital Corp. (MMCC) has arranged a $1.9 million loan for the refinancing of a 13,225-square-foot retail property occupied by CVS in Canton. The standalone building is located at 2210 W. Tuscarawas St. Christopher Marks of MMCC arranged the 10-year loan, which features a 4.5 percent interest rate, 30-year amortization schedule and 35 percent loan-to-value ratio. The lender and borrower were not provided.
COLUMBUS, OHIO — Colliers Mortgage has arranged a $102.3 million bridge loan for the acquisition of a three-property multifamily portfolio in Columbus. The portfolio totals 744 units, but the names and addresses of the properties were not disclosed. A debt fund provided the three-year loan, which features interest-only payments. Troon Dowds, Zach Shope and Murray Kornberg of Colliers Mortgage arranged the loan on behalf of the undisclosed borrower.
NEWPORT BEACH, CALIF. — Newport Beach-based Provender Partners has purchased a four-property food production and distribution portfolio totaling 483,000 square feet from SpartanNash for $29.9 million. The portfolio is made up of four temperature-controlled buildings. These include a 171,371-square-foot food processing and distribution facility in Indianapolis; a 160,986-square-foot food distribution facility in Minot, N.D.; a 103,838-square-foot grocery distribution property in Newcomerstown, Ohio; and a 42,124-square-foot frozen and refrigerated distribution building in Lakeland, Fla. All of the buildings were constructed between 1990 and 2005 and feature clear heights of 30 feet or higher. Provender plans a multi-million-dollar capital improvements program across the portfolio, including a full refrigeration refit, roof repairs, and interior and exterior upgrades to meet the demands of today’s food companies. Chuck Rosien of JLL represented the seller. With this acquisition, Provender has purchased 1.8 million square feet of cold storage and temperature-controlled facilities in 2022.
GAHANNA, OHIO — PEBB Enterprises has sold Hunter’s Ridge Shopping Center in Gahanna near Columbus for $10 million. WB Ventures LLC purchased the 84,724-square-foot retail center, which is 93 percent leased. Planet Fitness and Goodwill are the anchor tenants. PEBB acquired the asset in 2018. The property was originally built in 1975. Evan Halkias and Hank Davis of Cushman & Wakefield represented PEBB in the sale.
MANSFIELD, OHIO — Adena Corp. has completed a 160,000-square-foot speculative industrial facility in Mansfield, a city about midway between Columbus and Cleveland. Located at the intersection of Bowman Street and Cairns Road, the project features a clear height of 32 feet, 17 docks, eight drive-in doors, a 36-space concrete parking lot and 1,400 square feet of office space. The property is situated adjacent to Mansfield Lahm Regional Airport. Weston Devore of CBRE is handling the marketing and leasing.
STRONGSVILLE, OHIO — Marcus & Millichap has negotiated the $15.9 million sale of the Cleveland Clinic Southpark Center in Strongsville, a southern suburb of Cleveland. The medical office building, located at 16761 Southpark Center, spans 166,524 square feet. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a limited liability company. An Ohio-based real estate investment trust purchased the medical office building. The property sold above list price at a cap rate of 4.95 percent.
DUBLIN, OHIO — Hanley Investment Group Real Estate Advisors has arranged the sale of Perimeter Center in Dublin for $35 million. Giant Eagle Market District anchors the 139,486-square-foot shopping center, which is fully leased. Additional tenants include Chipotle, Edward Jones, Enterprise Rent-A-Car, Sport Clips, UPS Store and Jersey Mike’s Subs. The property was built in 1995. Kevin Fryman and Ed Hanley of Hanley Investment Group, in association with ParaSell Inc., represented the 1031 exchange buyer, an affiliate of California-based Orton Development Inc. Clinton Mitchell, Amy Sands and Michael Nieder of JLL represented the seller, an institutional owner. Chris Knight of JLL arranged a 10-year, fixed-rate acquisition loan through Mutual of Omaha Insurance Co. on behalf of the buyer.