LORAIN, OHIO — FM Capital has arranged a $4.5 million loan for the refinancing of Pinebrook Tower Apartments in Lorain, about 30 miles west of Cleveland. Located at 1235 Shaffer Drive, the apartment community includes 168 units along with a swimming pool and tennis courts. Noam Temchin and Jonathan Kramer of FM Capital arranged the 10-year loan on behalf of the borrower, Rokhel Investment Group Holding LLC. Sabal provided the loan.
PERRYSBURG, OHIO — Stage Equity Partners LLC has acquired a 15,100-square-foot medical office building in Perrysburg, about 10 miles southwest of Toledo. McLaren St. Luke’s fully occupies the building under a long-term lease. McLaren St. Luke’s is a local hospital and a subsidiary of McLaren Health Care Corp., one of the largest healthcare systems in the Midwest. Built in 2018, the Perrysburg property was designed for McLaren St. Luke’s primary care practice, including its sole residency and pharmacy training programs. The one-story building includes a waiting and reception area, 24 exam rooms, two procedure rooms, 12 administrative offices, a resident’s work area and classroom. Marcus & Millichap brokered the sale for an undisclosed price. Chicago-based Byline Bank provided acquisition financing.
GROVEPORT, OHIO — The Pizzuti Cos. and development partner Olympus Ventures LLC are underway on the construction of Hamilton Road One Distribution Center, a 324,000-square-foot industrial building in central Ohio’s Groveport. The development team is undertaking the project on a speculative basis. Located on Hamilton Road, the site provides convenient access to I-270 and I-70. The building will feature a clear height of 32 feet, 57 dock doors, four grade doors, 212 auto parking spaces and 64 trailer parking spaces. Completion is slated for December. Jeff Lyons of CBRE is marketing the project for lease.
CINCINNATI — Vision & Beyond Capital Investments has acquired Clifton Colony, a 297-unit multifamily property in Cincinnati’s Clifton neighborhood. The purchase price was undisclosed. The buyer plans to invest $5 million to install new HFAC, windows and landscaping. The development will continue to serve the workforce housing population. No tenants will be displaced while renovations are underway. Monthly rents start at $610. Vision & Beyond says it plans to implement nominal rent increases for units as they are renovated.
AKRON AND CANTON, OHIO — Matthews Real Estate Investment Services has brokered the sale of a three-property Veteran Affairs Center portfolio in Ohio for $15.9 million. Two of the centers are in Akron while the third is in Canton. Kyle Mackulak, Rahul Chhajed and Michael Moreno of Matthews represented the undisclosed seller. The buyer is one of the top buyers in the U.S. for properties leased to Veteran Affairs, according to Matthews.
DUBLIN, OHIO AND MIAMI — The Wendy’s Co. and REEF have unveiled plans to open and operate 700 delivery kitchens over the next five years across the U.S., Canada and the United Kingdom. Miami-based REEF is a mobility, logistics hubs and kitchen operator. The development commitment builds upon the successful test of eight delivery kitchens in Canada beginning in late 2020, according to a news release. Through this commitment, REEF will become the first Wendy’s franchisee in the United Kingdom. Dublin-based Wendy’s and REEF expect to open roughly 50 delivery kitchens this year, with the remainder to be launched by 2025. “The demand for convenient delivery solutions means we must look for opportunities beyond our traditional restaurant formats, especially in dense urban areas,” says Abigail Pringle, president, international and chief development officer with Wendy’s. With 5,000 locations across 30 cities, REEF is the largest operator of parking real estate and delivery kitchens in North America. Wendy’s and its franchisees employ hundreds of thousands of people across more than 6,800 restaurants worldwide.
By Jeff Bender, Cushman & Wakefield Cincinnati and Northern Kentucky have the same logistical advantages they’ve always had, with their location within a day’s drive of two-thirds of the U.S. population, allowing reach and penetration to major metro areas. With those advantages, the region has enjoyed a robust industrial market, similar to most key markets in the country. Lessons learned from the pandemic, the pending opening of a nearly 1 million-square-foot e-commerce national air hub and growth of the Cincinnati/Northern Kentucky Airport (CVG) will truly differentiate the market from an occupier’s perspective. What’s more, that increased demand and Cincinnati’s topographical constraints, creating new supply limitations, will continue to make it a darling of institutional investors. Quick delivery model Amazon’s presence and $1.5 billion investment near the airport and Cincinnati’s central location place it in a prime spot for fulfillment, a big demand driver over the next decade. For example, let’s say you need to buy or repair a laptop, smart phone, tablet or any other electronic device. The order for a new computer could be fulfilled the next day most anywhere in the world even if the order is placed late in the evening. With a repair, you box it …
CINCINNATI — Fairfield Homes Inc., in partnership with Kingsley + Co. and the Avondale Development Corp., has begun development of Blair Lofts, a $15.5 million affordable housing project in Cincinnati’s Avondale neighborhood. The four-story, 64-unit development will serve residents who earn 30 to 60 percent of the area median income. Located on the corner of Blair Avenue and Reading Road, the project will include a community room, community kitchen, fitness center, onsite storage and onsite parking. Completion is slated for summer 2022. The project received financing through the allocation of federal low-income housing tax credits by the Ohio Housing Finance Agency, with Ohio Capital Corp. for Housing serving as the equity syndicator. Fifth Third Bank is the construction lender. The development also received financial support from the City of Cincinnati, the Port of Greater Cincinnati Development Authority and Cincinnati Children’s Hospital Medical Center. Berardi + Partners is the project architect and Gorsuch Construction is the general contractor. Fairfield Homes will serve as property manager.
HUBER HEIGHTS, OHIO — Marcus & Millichap has arranged the $8.5 million sale of North Heights Plaza in Huber Heights, just north of Dayton. The 113,732-square-foot shopping center was fully occupied at the time of sale. Anchor tenants include Hobby Lobby and Bed Bath & Beyond. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller marketed the property on behalf of the seller, a private out-of-state investor. The team procured the buyer, ExchangeRight, in collaboration with JRW Realty.
COLUMBUS, OHIO — Industrial Logistics Properties Trust (ILPT) has acquired a 357,504-square-foot industrial building in Columbus for $31.5 million. The property is located at 7303 Rickenbacker Parkway West near the Rickenbacker intermodal terminal and airport. Synnex Corp. fully occupies the facility on a seven-year, net-lease basis. Steve Disse, Alex Cantu, Jeff Devine and Michael Linder of Colliers International brokered the sale, which includes excess land that can accommodate future expansion of more than 100,000 square feet. Seller information was undisclosed. ILPT, based in Newton, Mass., is managed by The RMR Group LLC.