STREETSBORO, OHIO — NAI Pleasant Valley has arranged the $8.4 million sale of a 130,257-square-foot industrial building in Streetsboro, a southern suburb of Cleveland. The property sits on 8.5 acres at 675 Mondial Parkway. David Hexter and Jeffrey Calig of NAI Pleasant Valley represented the undisclosed seller. Exeter 675 Mondial LLC was the buyer. The transaction marks the first acquisition in the Northeast Ohio market for the buyer.
CLEVELAND — Legion Capital has sold an 11,185-square-foot retail property leased to Family Dollar in Cleveland. The buyer and sales price were undisclosed. The building is located at 650 Northfield Road. Cale Powers of Trinity Real Estate Investment Services represented Legion, which purchased a different Family Dollar property in New Orleans. Family Dollar operates more than 8,000 stores across the U.S.
HIGHLAND HILLS, OHIO — Matthews Real Estate Investment Services has brokered the sale of a 145,000-square-foot industrial and office building in Highland Hills near Cleveland for $34.2 million. The property, occupied by ABB Inc., is located at 23000 Harvard Road. Chad Kurz of Matthews represented the buyer, a private investor completing a 1031 exchange. Seller information was not provided.
COLUMBUS, OHIO — Arden Logistics Parks has purchased the Parkway Columbus portfolio, a three-property industrial portfolio totaling 172,800 square feet in the West Columbus submarket. The purchase price was undisclosed. The buildings, which range in size from 28,000 to 116,000 square feet, are fully occupied by 23 tenants. The seller, Parkway Business Partners LLC, is comprised of a group of local investors. Ross Bratcher and Joe Davis of JLL brokered the transaction.
A recent order from the Ohio Board of Tax Appeals highlights a troubling aspect of real property tax valuation in the Buckeye State, where school districts wield extraordinary authority to influence assessments. In this instance, courts allowed a district to demand a taxpayer’s confidential business data, which it can now use to support its own case for an assessment increase. Ohio is one of the few states that permit school districts to participate in the tax valuation process, allowing a district to file its own complaint to increase the value of a parcel of real estate, and permitting a school district to argue against a property owner that seeks to lower the taxable valuation of a parcel of real estate. Generally, school districts looking to increase tax revenue will review recent property sales for opportunities to seek assessment increases. Likely candidates for an increase complaint include real estate that changed hands at a purchase price or transfer value that exceeds the county assessor’s valuation. That is not always the case, however. In the case that gave rise to this article, there was no recent sale of the subject property, which is a multi-story apartment building. The apartment building owner had …
SPRINGDALE, OHIO — Trez Capital has provided a $37.3 million construction loan for the conversion of two office buildings into multifamily space in Springdale, a northern suburb of Cincinnati. The borrower, Trinity Square Holdings LLC, plans to build 129 apartment units and 97 rental townhomes. The vacant office buildings were constructed in the early 1980s. Brett Forman and Scott Mehlman of Trez Capital originated the loan. The Warren County Port Authority is investing approximately $8 million in the project.
CLEVELAND — Aurora Industrial LLC has acquired a 15-property industrial portfolio spanning approximately 2.9 million square feet in metro Cleveland for an undisclosed price. CBRE represented the seller, Premier Development Partners, which acquired or developed the portfolio over the past 15 years. A key property is 51 East Hines Hills Road in Boston Heights. The building serves as the global headquarters and largest distribution and warehousing hub for home furnishings retailer Arhaus Inc. BTG Pactual Strategic Capital, Morning Calm Management LLC and Grupo Patio launched Aurora Industrial, which targets acquisitions of Midwest industrial real estate. The company owns 25 properties totaling more than 4.5 million square feet.
BLUE ASH, OHIO — Lee & Associates | Cincinnati has signed a 13,904-square-foot office lease to occupy the entire second floor of 10260 Alliance Road in Blue Ash, a southern suburb of Cincinnati. Ohio National owns the property. Todd Pease and Michelle Klingenberg of JLL represented ownership in the lease transaction. Bill Schneller and Dan McDonald of Lee & Associates represented the tenant, which is relocating from 10123 Alliance Road and is expected to take occupancy of the new space in January.
CLEVELAND — City Club Apartments has broken ground on a new 23-story development in downtown Cleveland. Located at 776 Euclid Ave. and dubbed an “apartment hotel,” the project will feature 304 luxury apartment units and penthouses along with street-level retail space, including a restaurant and speakeasy, café and doggie daycare. Guests can rent a furnished or unfurnished unit for a day, week, month or multiple years. The units will come in 22 different floorplans. Amenities will include an entertainment sky club, heated rooftop pool, sky park, fitness center, yoga room, business center and theaters. Construction will begin later this month with pre-leasing scheduled to begin in the fourth quarter of 2022. First move-ins are slated for spring 2023.
BOARDMAN, OHIO — First National Realty Partners has acquired Southland Crossings in Boardman, about 50 miles east of Akron. The purchase price and seller were undisclosed. Giant Eagle Supermarket anchors the 245,678-square-foot shopping center, which is located on Doral Drive. The property is 91 percent leased by tenants such as Ross Dress for Less, PetSmart, DSW and Michaels.