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Build-to-RentDevelopmentMidwestOhio

Coastal Ridge Real Estate to Develop Build-to-Rent Community With 230 Homes in Central Ohio

by Kristin Harlow

PLAIN CITY, OHIO — Coastal Ridge Real Estate has unveiled plans to build 230 build-to-rent homes at Jerome Village, a master-planned community developed by Nationwide Realty Investors in Plain City, a northwest suburb of Columbus. The project will be developed under Coastal Ridge’s Stillwell brand, which launched earlier this year with build-to-rent communities in Florida and Texas. A joint venture partnership between Coastal Ridge and Halstatt Real Estate Partners is developing Stillwell Jerome, completion of which is slated for 2023. Columbus-based Hallmark Construction is the general contractor. Stillwell Jerome will feature one-, two- and three-bedroom homes with first-floor private entries and individual backyards. Residents will have access to a pool, clubhouse, walking trails, outdoor seating areas and a fitness center.

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AcquisitionsIndustrialMidwestOhio

Marcus & Millichap Arranges $2.7M Sale of Industrial Building in Middletown, Ohio

by Kristin Harlow

MIDDLETOWN, OHIO — Marcus & Millichap has arranged the $2.7 million sale of a 78,100-square-foot industrial building in Middletown, about 35 miles north of Cincinnati. The property is home to multiple tenants. Joshua Baker, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, an Ohio-based local investor. The team also procured the buyer, a New York City-based investment group.

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AcquisitionsMidwestOhioRetail

Palomar Group Brokers $3.3M Sale of Retail Center in Oakwood Village, Ohio

by Kristin Harlow

OAKWOOD VILLAGE, OHIO — The Palomar Group has brokered the $3.3 million sale of Hawthorne Shops in Oakwood Village, a southern suburb of Cleveland. The 50,957-square-foot retail center, built in 1991, is shadow anchored by Sam’s Club. Palomar Group represented the seller, Dallas-based Tabani Group. New York-based Z.E.A. Capital Realty Holdings was the buyer.

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LoansMidwestMultifamilyNorthmarqOhio

Northmarq Arranges $6.3M Loan for Refinancing of Apartment Complex in Miamisburg, Ohio

by Kristin Harlow

MIAMISBURG, OHIO — Northmarq has arranged a $6.3 million loan for the refinancing of Miamisburg Estates in suburban Dayton. The apartment complex consists of 142 units across 13 buildings. Amenities include a media center, laundry facilities and trash pickup. Noah Juran of Northmarq arranged the seven-year loan, which features a 30-year amortization schedule. An agency lender provided the loan. The undisclosed borrower purchased the property in two phases in 2019 and 2021.

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DevelopmentIndustrialMidwestOhio

Stonemont Financial Group to Build 859,240 SF Spec Industrial Development in Columbus

by Kristin Harlow

COLUMBUS, OHIO — Stonemont Financial Group is set to break ground next month on Castings Commerce Park, a three-building industrial development totaling 859,240 square feet in the South Side district of Columbus. The speculative project is slated for completion in the third quarter of 2023. The 71-acre site was formerly home to Buckeye Steel, a longtime steel manufacturer dating back to the 1800s. Located at 2211 Parsons Ave., the property features convenient access to I-71 and I-270.

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IndustrialLeasing ActivityMidwestOhio

DSV Signs 368,537 SF Industrial Lease in Suburban Cleveland

by Kristin Harlow

STREETSBORO, OHIO — Third-party logistics company DSV has signed a 368,537-square-foot industrial lease at a former Best Buy distribution center in the Cleveland suburb of Streetsboro. Located at 9780 Mopar Drive near I-480, the property features 68 docks, two drive-in doors, 14,500 square feet of office space and a clear height of 32 feet. DSV will move into the facility in September. David Stecker of JLL represented ownership, Industrial Logistics Properties Trust, which is managed by The RMR Group. Joe Messina and Dominic Carbonari of JLL represented DSV.

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Market ReportsMidwestMidwest Market ReportsOfficeOhio

Four Factors Driving the Cleveland Office Market Transformation

by Kristin Harlow

By Rob Roe and Jessica Urbin, JLL What does the future of the office in Cleveland look like? While there isn’t one straightforward answer, there’s no doubt that the office of today looks much different than it did five years ago.  Though some companies still maintain a traditional office space, the onset of hybrid work has indisputably changed the way many companies use — and choose — their real estate. This adoption of hybrid work has driven the market’s evident transformation.  Smaller office spaces As companies adopt hybrid work models, the need for larger office spaces decreases. This doesn’t mean companies are eliminating their office real estate, though. In fact, 60 percent of office workers want to work in a hybrid style today, and 55 percent are doing so already. These downsized spaces support this work model by creating shared spaces, such as cubicles or lockers, as well as incorporating more conference rooms and small team rooms to hold private video calls. They also encourage something employees can’t get at home: in-person collaboration. New spaces are being outfitted with intentional spaces to meet, such as lounge areas, desks in open areas, cafés and more. In addition, having small spaces doesn’t …

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IndustrialMarket ReportsMidwestMidwest Market ReportsOhio

Low Vacancy, Increasing Rents Boost Cleveland Industrial Market

by Kristin Harlow

By Alec Pacella, NAI Pleasant Valley The Cleveland industrial market enjoyed a strong first half of 2022, characterized by record-low vacancy rates, brisk new construction and increased rental rates and sales prices. Although the market has made several headlines over the first six months, many of these trends began several years ago and the pandemic only accelerated the activity level amongst several key sectors. Market wide, the average vacancy rate was just over 4 percent at the mid-year mark, which is a slight decrease from the 4.5 percent rate at the end of last year. By most accounts, this is a record-low level and represents a decrease of two full percentage points over the last five years. The most popular submarket, the Southeast, which encompasses favored industrial locations such as Solon, Twinsburg, Streetsboro and Aurora, finished the first half with a slightly higher rate of 4.4 percent. However, this market has also seen significant new construction, including a predominance of speculative projects.  The submarket with the lowest vacancy rate is the Southwest, which stretches from Middleburg Heights through Medina, checking in at 3.7 percent. At the other end was the downtown submarket. Characterized by a significant amount of older properties, …

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AcquisitionsMidwestOfficeOhio

Quantum Arranges $13.1M Sale of Office Building in Warrensville Heights, Ohio

by Kristin Harlow

WARRENSVILLE HEIGHTS, OHIO — Quantum Real Estate Advisors Inc. has arranged the $13.1 million sale of a 45,422-square-foot office building in Warrensville Heights, an eastern suburb of Cleveland. Constructed as a build-to-suit for advertising agency Marcus Thomas in 2011, the property was renovated in 2021. Daniel Waszak of Quantum represented the buyer, a Miami-based private investor. A metro Cleveland-based developer was the seller.

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AcquisitionsHealthcareMidwestOhio

Cooper Group Brokers $1.8M Sale of Medical Office Building in Cleveland

by Kristin Harlow

CLEVELAND — The Cooper Commercial Investment Group has brokered the sale of a single-tenant medical office building in Cleveland for nearly $1.8 million. Cleveland Clinic occupies the property. Dan Cooper of Cooper Group represented the seller, a Florida-based private investor. The California-based buyer purchased the property at the full asking price, which represents a cap rate of 6.5 percent.

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