CANAL WINCHESTER, OHIO — Marcus & Millichap has negotiated the $5.4 million sale of a 14,560-square-foot retail property occupied by Walgreens in Canal Winchester, a southeast suburb of Columbus. The building is located at 6266 Gender Road near other retailers such as Walmart, Dollar Tree and AutoZone. Jesse Limon of Marcus & Millichap represented the seller, a limited liability company, and the buyer, an all-cash REIT.
STREETSBORO, OHIO — Marcus & Millichap has brokered the sale of the Holiday Inn Express & Suites Cleveland-Streetsboro hotel for an undisclosed price. The 68-room hotel is located in Streetsboro, a southeast suburb of Cleveland. The property, constructed in 1999, will continue operating as a Holiday Inn Express following a renovation. Alexandre Duong of Marcus & Millichap represented the seller, a limited liability company. Duong also procured the undisclosed buyer.
AUSTINTOWN, OHIO — The Cooper Commercial Investment Group has brokered the $2.2 million sale of a newly constructed retail property occupied by Chipotle Mexican Grill in Austintown near Youngstown. Dan Cooper of Cooper Group represented the seller, a private developer. Cooper Group also procured the all-cash buyer. The sales price represented a cap rate of 5.7 percent and $929 per square foot. Chipotle’s 10-year lease features 10 percent rental increases every five years.
By Aaron Duncan, CBRE Describing Central Ohio’s current office market conditions is like a kid making the “little bit of everything” drink at the self-serve soda fountain: a lot of ingredients go in and the result is, surprisingly, okay. The office market is filled with polarizing headlines — from the growth and success of suburban Class A+ product versus newly vacated assets, to sublease space swarming the stat line, and everything in between. Moreover, the sector continues to provide pools of negative and positive market conditions. One’s perspective on the market largely depends on which way they’re standing in that month but overall, much like that childhood concoction, it’s okay. The good and the bad For nearly three years, tenants leaned on ownership groups to let them put temporary solutions in place while they fully vetted their return-to-work strategies. Today, the good news is that tenants have finally figured it out and are confident about what their current and future footprints will look like. A strong indicator of this is the volume of headquarters transactions in the market, five of which were completed by our team: • Vertiv: 75,000-square-foot, suburban headquarters lease at 505 N. Cleveland Ave. • Surge Staffing: …
AKRON, OHIO — Marcus & Millichap has negotiated the sale of Premier Storage of Akron, a self-storage facility in Akron, for an undisclosed price. Built in 1995, the property features 148 non-climate-controlled units and totals 21,200 net rentable square feet. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.
COLUMBUS, OHIO — Iconic Equities has acquired a 322,840-square-foot warehouse in Southeast Columbus for an undisclosed price. The Class B property is situated on 23 acres at 3275 Alum Creek Drive near I-70 and two intermodal facilities, the CSX Intermodal and Norfolk Southern Rickenbacker Intermodal. The transaction marks Miami-based Iconic’s second acquisition in Columbus in the past year.
CINCINNATI — Marcus & Millichap has brokered the sale of a 15,000-square-foot medical office building occupied by Mercy Health in Cincinnati for $4.9 million. The net-leased property is located at 8599 Ridge Road. Mercy Health has 10 years remaining on its lease. Mark Ruble, Christopher Mitchel, Chris Lind and William Skoch of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.
MEDINA, OHIO — Pickard Commercial Group (PCG) and NAI Pleasant Valley (NAI PVC) have merged under the NAI Pleasant Valley name effective April 1. As a result of the merger, the newly combined company will offer a wide range of services and expertise to an expanded client base, including leasing, sales and property management. Construction and facility management services will be offered through parent company Pleasant Valley Corp. The combined company will retain the NAI PVC name and continue to operate out of its Akron office at 540 White Pond Drive and Cleveland office on Rockside Road, while maintaining a headquarters in Medina. President Alec Pacella leads NAI PVC.
By Beau Taggart, Cushman & Wakefield Historically, Columbus was a steady-performing, secondary industrial market that saw minimal rent increases. Often, it was overshadowed by “big brother” cities such as Indianapolis and Chicago that were perceived as more appealing to institutional investors. After the great recession of 2008, though, Columbus began to mature economically, and the region began its meteoric rise as a leading big-box industrial market in the U.S. Located at the intersection of Interstates 70 and 71, within a day’s drive of 46 percent of the U.S. population and containing one of the only freight-only airports in the country, Rickenbacker Airport, Columbus began to attract more and more major retailers such as Zulily, Lululemon, Macy’s and Sam’s Club as well as e-commerce giant Amazon, which has opened several bulk facilities throughout the region. Additionally, three major intermodal terminals and major UPS and FedEx hubs strategically located throughout the area boosted Columbus from its secondary status to a primary inland hub on every major distributor’s radar. Like many markets, 2021 was Columbus’s most prolific year. Interest rates were at an all-time low, and users were compensating for COVID-fueled consumer demand. Asking rates grew by 14 percent and vacancy shot down …
HOUSTON — An affiliate of Houston-based Fidelis Realty Partners has acquired an 11-property, 1.5 million-square-foot portfolio consisting of former Sears retail properties located in eight states across the central U.S. The portfolio is 90 percent leased by tenants such as Nordstrom Rack, Ulta Beauty, Total Wine, Dick’s Sporting Goods, Five Below, HomeGoods, The Dump, At Home, Ross Dress for Less, Dollar Tree and Best Buy. The properties are located in Tennessee, Wisconsin, Ohio, Illinois, Indiana, Nebraska, Texas and Arizona. Colby Mueck, Michael King, Christopher Knight and Jack Britton of JLL arranged acquisition financing on behalf of Fidelis through Symetra Life Insurance Co.
