ZANESVILLE, OHIO — Grandbridge Real Estate Capital LLC has arranged an $8.5 million loan for the refinancing of Kensington Village Apartments Phase I, a 156-unit property in Zanesville, about 55 miles east of Columbus. Developed in 2007 and 2008, the community sits on 21.3 acres. Amenities include a clubhouse and pool. Ken Bowen and Ben Williams of Grandbridge’s Columbus office arranged the fixed-rate loan through Freddie Mac. The borrower was undisclosed.
EUCLID, OHIO — Trevian Capital has provided a $3.5 million bridge loan for the acquisition and renovation of a 94-unit apartment complex in Euclid, an inner-ring suburb of Cleveland. The seller, which acquired the garden-style property in 2018 as part of a 3,500-unit portfolio, elected to dispose of the property since it was one of only two assets outside the Columbus market, according to Trevian. Proceeds from the acquisition loan also funded $1.1 million for capital expenditures. The borrower was undisclosed.
TROY TOWNSHIP, OHIO — Peloton Interactive Inc. (Nasdaq: PTON), a manufacturer of popular home bikes and treadmills, has announced plans to build its first U.S. factory in Ohio. The New York City-based company ultimately selected Troy Township for the site of Peloton Output Park, a factory that will produce the company’s Peloton Bike, Bike+ and Peloton Tread products. The facility to be built in Wood County will be located about 16 miles south of Toledo. Peloton plans to commit approximately $400 million to construct the facility, which will join its network of owned and third-party-owned facilities in Asia. “The pandemic has demonstrated the need to on-shore manufacturing and rebuild supply chains, and Peloton’s decision to build its first North American manufacturing facility in Ohio is a great example of an American company stepping up and leading that effort,” says Ohio Gov. Mike DeWine (R). Peloton’s site selection in Troy Township is contingent upon final approvals from state and local officials. The company is working closely with JobsOhio, the Ohio Development Services Agency and the Regional Growth Partnership to bring the project to Wood County. Once approved, Peloton expects to break ground later this summer and be fully operational by 2023. …
COLUMBUS, OHIO — W. P. Carey Inc. has acquired a 567,000-square-foot light manufacturing facility in Columbus for $27 million. The Class A facility is net leased to a U.S. wholly owned subsidiary of Knowlton Development Corp. Inc., a global provider specializing in package design and manufacturing solutions for beauty, personal care and home care brands. The building features a clear height of 30 feet and offers convenient access to I-270 and the Rickenbacker International Airport. The seller was undisclosed.
TOLEDO, OHIO — Reichle Klein Group has arranged the sale of a 26,112-square-foot office building in Toledo for $1.5 million. The property sits on slightly less than a quarter acre at 6629 W. Central Ave., near I-475. Ryan Miller of Reichle Klein represented the buyer, 6629 W. Central Ave. LLC. The seller was undisclosed.
COLUMBUS, OHIO — The board of directors for L Brands Inc. (NYSE: LB) has unanimously approved a plan to separate the company into two independent, public companies consisting of Bath & Body Works and Victoria’s Secret. L Brands expects to create these companies through a tax-free spinoff of Victoria’s Secret to the shareholders of L Brands. “The spinoff will enable each company to maximize management focus and financial flexibility to thrive in an evolving retail environment and deliver profitable growth,” L Brands stated in a news release. As separate businesses, each will benefit from a sharpened focus on pursuing growth strategies best suited to each company’s customer base and strategic objectives, adds Sarah Nash, chair of the board for L Brands. The Columbus-based retailer had been evaluating the possibility of either a spinoff or a sale of Victoria’s Secret with input from its financial advisors, Goldman Sachs and JP Morgan. Ultimately, the board decided that the spinoff would provide shareholders with more value than a sale. The transaction is expected to close in August. L Brands reported net sales of $3 billion for the first quarter of the company’s 2021 fiscal year that ended May 1, compared with $1.6 billion …
CINCINNATI — Cushman & Wakefield’s healthcare capital markets team has brokered the sale of Anderson Ferry Plaza in Cincinnati for $4.2 million. The 43,599-square-foot medical office building is located on Anderson Ferry Road. It is more than 87 percent leased to TriHealth Physician Partners, ABC Pediatric Therapy, Clarkson Eye Care and Happy Hangout. Gino Lollio, Scott Niedergang and Travis Ives led the Cushman & Wakefield team that represented the seller, Rialto Capital. Publicly traded healthcare real estate investment trust Community Healthcare Trust Inc. (NYSE: CHCT) was the buyer. As of March 31, the REIT’s portfolio consisted of 147 properties totaling 3.2 million square feet across 33 states.
CLEVELAND — Evergreen Real Estate Group has acquired Carter Manor Apartments in downtown Cleveland. Evergreen plans to update the 270-unit historic community through an $18 million capital improvement program. Located at 1012 E. Prospect Ave., the 11-story property comprises a mix of studio, one- and two-bedroom units, all of which will be preserved as affordable housing for seniors and disabled individuals. Designed by architect Max Dunning, the building originally opened in 1917 as the 600-room Hotel Winton. The property was redeveloped into apartments in 1971. It also features three commercial tenants, Domino’s, Liberty Labor and Guardian Title & Guaranty Agency. Evergreen Construction Co., an affiliate of Evergreen Real Estate Group, will serve as general contractor on the renovation work. Construction is scheduled to begin in June. Both residential and commercial tenants will remain in place during the renovations. All apartments will receive upgraded kitchens, bathrooms and flooring. Additionally, 14 units will receive accessibility upgrades. Evergreen also plans to modernize three elevators, repair the building façade and parking garage, replace the roof and update major mechanical systems. The common areas will receive a community kitchen and new paint and flooring. Completion is slated for December 2022. The acquisition and renovation was …
CINCINNATI — Phillips Edison & Co. Inc. (PECO) has filed a registration statement on Form S-11 with the U.S. Securities and Exchange Commission for a proposed public offering in conjunction with the listing of its stock on a national stock exchange. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The Cincinnati-based retail REIT intends to list its stock under the ticker symbol “PECO.” Morgan Stanley & Co. LLC, BofA Securities and J.P. Morgan Securities LLC will be acting as joint book-running managers for the offering. PECO is an owner and operator of grocery-anchored shopping centers. As of March 31, the company owned equity interests in 300 properties, including 278 wholly owned assets and 22 owned through two unconsolidated joint ventures with institutional partners. PECO’s first-quarter results presentation will take place Wednesday, May 19.
HEATH, OHIO — VanTrust Real Estate LLC is underway on the development of a 750,000-square-foot build-to-suit warehouse for Owens Corning in Heath, about 30 miles east of Columbus. Completion is slated for the end of the year. The project team includes Pepper Construction Group, RED Architecture, The Kleingers Group and Hull & Associates. AJ Magner, Josh Heiple and Michael Mullady of CBRE represented Owens Corning, which expects to take occupancy in early 2022. Owens Corning, an insulation, roofing and fiberglass composites manufacturer, will consolidate several warehouses currently located throughout the area at the Heath site as part of the new project.