WILMINGTON, OHIO — Time Equities Inc. (TEI) has acquired three industrial buildings totaling 526,019 square feet in Wilmington, which is located midway between Cincinnati and Columbus. Located along Progress Way, the buildings are fully occupied by PC Connection, DealerTrack and New Sabina Industries. Max Pastor and Brian Soto of TEI led the acquisition. Michael Sullivan of Cushman & Wakefield represented the undisclosed seller.
COLUMBUS, OHIO — Artificial intelligence lending platform Upstart has signed a sublease for 240,000 square feet of Class A office space at 3075 Loyalty Circle in the Easton neighborhood of Columbus. The lease is in addition to a recent 54,000-square-foot expansion by Upstart at 711 N. High St. in the Short North neighborhood of Columbus. Through its expansion, Upstart plans to create an additional 500 jobs. The new spaces feature a combination of open offices, breakout rooms and collaboration areas. Upstart’s Short North office opened in early September and its Easton office is slated for completion in January. Clayton Davis and Jeff Carey of JLL represented Upstart.
CINCINNATI — The Kroger Co. (NYSE: KR), the largest grocery store chain in the country, has announced five new customer fulfillment centers (CFCs) that the company will operate along with UK-based delivery logistics partner Ocado Group. The new Kroger Delivery facilities include a distribution center in the Northeast, as well as two centers in Southern California and a pair of facilities in South Florida. The vertically integrated CFCs will utilize machine learning and robotics and serve both Kroger customers and regional stores. The locations, size and construction timelines for these fulfillment centers were not disclosed because Kroger’s team members are still in the site selection process, but the Northeast CFC will be the Cincinnati-based grocer’s first in the region. “We feel great about the momentum we’re experiencing with Kroger Delivery and our partnership with Ocado and are strategically leveraging our assets to expand our operations in existing regions, as well as enter new geographies on the East Coast that leverage facilities across a growing range of sizes,” says Rodney McMullen, chairman and CEO of Kroger. “Kroger Delivery is a thriving part of our dynamic ecosystem and is transforming grocery e-commerce and meeting a range of customer needs.” The Southern California …
GROVEPORT, OHIO — Chicago-based Stotan Industrial and its joint venture partners LaSalle Investment Management and CA Industrial have acquired a 47-acre site in Groveport with plans to build a 640,640-square-foot speculative facility. The partnership acquired the land on Hayes Road from Sunshine and Smooch LLC. Development plans call for 60 dock doors, 154 trailer spots, 310 car parking spots and a clear height of 36 feet. CBRE’s Rick Trott represented Stotan in the land purchase and has been retained as the project’s leasing agent. Stotan, a private investment firm specializing in the acquisition and development of industrial properties, was launched earlier this year.
NEW ALBANY, OHIO — Scannell Properties has broken ground on a 354,000-square-foot speculative warehouse in New Albany, about 15 miles northeast of Columbus. The developer purchased a 33-acre site on Innovation Campus Way. Completion of the project is slated for June 2022. Tom Miles and Scott Pickett of Avison Young represented Scannell in the land purchase. The duo will also handle leasing efforts for the property. MBJ Holdings was the seller.
MIDDLETOWN, OHIO — Main Street Community Capital has unveiled plans for Hollywoodland, a 50-acre mixed-use development along the Great Miami River in Middletown. The city, which boasted a population of about 50,000 residents as of the 2020 census, is located 25 miles southwest of Dayton and 30 miles northeast of Cincinnati. Development costs for the project are estimated at $1.3 billion. The Middletown City Council met for over six hours this week to discuss the project with the public. The official vote on approving or denying the development is scheduled for Oct. 21. If approved, Hollywoodland would be a public-private partnership between the city and Main Street Community Capital. If approved, the development would include: A luxury hotel with an attached, publicly owned convention center, rooftop bar and themed restaurants; a family-oriented hotel with a water park; the adaptive redevelopment of an existing First National Bank building into a boutique hotel; an indoor entertainment and concert venue; an indoor amusement park; 3,000 deck-based parking spaces; luxury, mid-rise multifamily units and condominiums; a pre- and post-production motion picture studio with sound stages and support offices; restaurants, bars, brew-pubs and cafes; a comedy club; and lifestyle, convenience and recreational retail space. The project …
Greystone Funds $50.1M Bridge Loan for Acquisition of Six-Property Skilled Nursing Portfolio in Ohio
OHIO — Greystone has provided a $50.1 million bridge loan for the acquisition of a six-property skilled nursing portfolio in Ohio. The communities total 719 beds and are located in Berea, Cleveland, Clyde, Kent and Waterville. Fred Levine of Greystone originated the floating-rate, interest-only loan through Greystone’s nonrecourse bridge loan program. Greystone says it will work with the borrower to secure a permanent HUD-insured loan for the skilled nursing portfolio as soon as possible. The borrower was undisclosed.
SPRINGFIELD, OHIO — Gabriel Brothers Inc. (Gabe’s) has unveiled plans to open an 850,000-square-foot distribution center in Springfield, about 45 miles west of Columbus. Located at 1801 Prime Parkway within the PrimeOhioII Industrial Park, the $77.5 million project will be the company’s largest distribution center. Construction at the 114-acre site is set to begin in mid-October. The facility is expected to open in February 2023. The project will create more than 800 full-time and part-time jobs over five years. Positions will include material handlers, packers, sorters, equipment operation, truck drivers, counters, maintenance, administration, supervisors and managers. JLL coordinated site selection, business consulting and project management services on behalf of Gabe’s, which is a discount retailer that offers apparel, footwear and home goods. NorthPoint Development will serve as developer.
CHICAGO, CINCINNATI AND MEMPHIS, TENN. — Colliers International has brokered the sale of a four-building industrial portfolio spanning 2.4 million square feet for approximately $200 million. The Class A assets are located in the Chicago, Cincinnati and Memphis markets. Jeff Devine, Steve Disse, Tyler Ziebel and Alex Cantu of Colliers represented the seller, IDI Logistics. Canadian-based Granite REIT was the buyer. The Chicago-area property is located in Antioch, Ill. Constructed in 2015, the building spans 454,276 square feet with a clear height of 36 feet, parking for 139 cars and 136 trailers. The property is fully leased to two tenants. The two Memphis-area assets are located just over the state border in Olive Branch, Miss. The first facility is located at 12577 Stateline Road and spans 408,197 square feet. Built in 2016, the property features a clear height of 32 feet and is fully leased. The second building is located at 8740 S. Crossroads Drive and spans 861,252 square feet. Built in 2014, the facility features a clear height of 32 feet and is fully leased to three tenants. The Cincinnati-area facility spans 678,363 square feet. The fully leased building was constructed in 2007 and offers a clear height of …
PARMA HEIGHTS, OHIO — DealPoint Merrill has purchased The Shops at Pearl & 130th in Parma Heights, a western suburb of Cleveland. The purchase price was undisclosed. DealPoint Merrill plans to embark on a $10 million renovation project for the 155,805-square-foot shopping center. Construction is scheduled to begin in the first quarter of 2022. This will be the fourth major construction project launched by DealPoint Merrill in the Cleveland area. DealPoint Merrill’s David Frank and Sterling McGregor handled the due diligence and financing, while Jason Limbert and Tyler Bendicksen completed the acquisition and underwriting.