WARRENSVILLE, OHIO — A Costa Rica-based private investor has purchased a facility occupied by car sales company Carvana in Warrensville, about 15 miles southeast of Cleveland. The sales price was $6.7 million. Located at 4070 Interchange Corporate Center Road, the 8,408-square-foot property was constructed in 2017. Michael Shover and Matthew Gorman of CBRE represented the buyer. There were 17 years remaining on Carvana’s lease at the time of sale. The seller was undisclosed.
COMMERCIAL POINT, OHIO — Colliers has arranged the sale of a 1 million-square-foot e-commerce fulfillment center occupied by Bath & Body Works Inc. in Commercial Point, a southern suburb of Columbus. The sales price was undisclosed. The retailer plans to add 500 employees to its central Ohio workforce to fill online orders at the facility. Located at 514 Exchange Way, the property is the first building within the 875-acre Rickenbacker Exchange at Commercial Point industrial park. Alex Cantu, Jeff Devine, Steve Disse and Michael Linder of Colliers represented the seller, VanTrust Real Estate. The Mid-America Management Corp., an Ohio-based investment firm, was the buyer.
COLUMBUS, OHIO — The NRP Group has broken ground on Sinclair Apartments, a 180-unit affordable housing community in Columbus. In partnership with the City of Columbus Housing Division, the transit-oriented development will be developed with tax-credit funding support from the Ohio Housing Finance Agency and Huntington National Bank. Located at 5055 Sinclair Ave., the property will be reserved for Columbus-area residents who earn between 30 and 70 percent of the area median income. The three-building complex will replace Alrosa Villa, a live music venue that closed in 2020. Completion of the project is slated for 2023.
CLEVELAND — Ready Capital has closed a $6 million loan for the acquisition, renovation and stabilization of a 108-unit, four-property multifamily portfolio in the Shaker Heights submarket of Cleveland. The undisclosed borrower plans to implement a capital improvement program to renovate the units, common areas and exteriors of the Class B properties. The nonrecourse loan features a floating rate and a three-year term.
MEDINA, OHIO — Nassimi Realty has acquired Medina Grande Shops in the Cleveland-area community of Medina for an undisclosed price. The 150,288-square-foot shopping center is located at 4895 Grande Blvd. Tenants at the property include Ashley HomeStore, PetSmart, Jo-Ann Stores, FedEx Kinko and Dental One. CBRE represented the undisclosed seller.
Columbus has been the shining star of the industrial real estate market over the last five years, and for the eighth straight quarter, it has more than 5 million square feet under construction. This year is on track for more than 10 million square feet, with half of that already absorbed in the first part of the year. A question I always get is, “Why Columbus?” The answer (and the sell) is quite simple — location and population. Columbus is a 10-hour drive within 46 percent of the country’s population and manufacturing base. Incentives play a large role in the process as well, which enables developers to be competitive and drives tenants to the markets. Labor is always a factor in site selection, but now more than ever it tops the list as one of the most vital components of the decision-making process of choosing a site. With the Columbus region ranking No. 1 in the Midwest for population, jobs and GDP growth, it’s natural for developers to be highly attracted to the area. Columbus has three major industrial submarkets: West Jefferson, Rickenbacker and Etna Township. The West Jefferson submarket is home to Amazon, Target, Restoration Hardware and JoAnn Fabric. …
COLUMBUS, OHIO — KKR has acquired two industrial buildings within Rickenbacker Logistics Park in Columbus for an undisclosed price. Completed this year, the warehouses total 1.1 million square feet and feature a clear height of 36 feet. Both single-tenant buildings are fully leased. CBRE represented the seller, a joint venture between CT Realty and Walton Street Capital.
CINCINNATI — Ready Capital has closed an $8.9 million loan for the acquisition, renovation and lease-up of a 197-unit, two-property manufactured housing portfolio within Cincinnati’s Butler County. The buyer plans to remove abandoned homes, purchase new homes and address deferred maintenance. The three-year, floating-rate loan includes a facility to provide future funding for capital expenditures.
CINCINNATI AND UNION, N.J. — Cincinnati-based The Kroger Co. (NYSE: KR) and Union, N.J.-based Bed Bath & Beyond Inc. (NASDAQ: BBBY) have unveiled plans for a collaboration to directly offer Kroger customers the home and baby products carried by Bed Bath & Beyond. The products will be available on Kroger’s website as well as a small-scale, physical store pilot program at select Kroger stores beginning in 2022. The products will include bedding, storage, baby furniture and baby gear from both Bed Bath & Beyond and buybuy Baby.
CLEVELAND — Cleveland-based KeyBank Real Estate Capital, the commercial real estate business unit of KeyCorp (NYSE: KEY), has established a new unitranche loan program with Toledo-based Welltower Inc. The healthcare real estate fund will total $750 million in lending capacity and will provide first mortgage financing on seniors housing and skilled nursing facilities. A unitranche loan blends senior and junior debt pricing and terms into a single first lien debt facility rather than creating two classes of debt and coordinating among multiple lenders. This approach increases certainty of execution, and borrowers typically benefit from a single lending entity and blended interest rate, according to KeyBank.
