CINCINNATI — Neyer Properties has hired Cushman & Wakefield to manage a portfolio of office properties totaling 1.9 million square feet throughout greater Cincinnati. The portfolio includes buildings such as 36 E. 7th Street, Centennial Plaza III, Baldwin 200, Keystone Parke I and Fountain Pointe I and II. Marnie Castleberry of Cushman & Wakefield will serve as account manager for the portfolio. Cincinnati-based Neyer is one of the largest property owners in greater Cincinnati.
COLUMBUS, OHIO — CT Realty has purchased 382 acres in Columbus for the development of a 5.7 million-square-foot logistics park. The eight-building project will be situated in immediate proximity to a Norfolk Southern intermodal yard as well as the Rickenbacker International Airport. The first phase of development comprises two buildings totaling 1.4 million square feet. The two buildings are slated for completion in early 2021. CT acquired the 382-acre property in a joint venture with Walton Street Capital. Brian Marsh and Dan Wendorf of JLL brokered the land sale and will market the project for lease. Bank of America is providing construction financing. Premier Design + Build Group will serve as general contractor for the infrastructure and Phase I of the development.
CHICAGO, COLUMBUS, INDIANAPOLIS AND CINCINNATI — JLL Capital Markets has arranged $130 million in post-acquisition financing for a 22-building logistics portfolio totaling 3.8 million square feet. Built between 1966 and 2016, the properties are located in the Chicago, Columbus, Indianapolis, Louisville and Cincinnati markets. The portfolio is approximately 90 percent leased to 52 tenants. Kristian Lichtenfels, Eric Tupler, Matt Schoenfeldt and Ken Martin of JLL arranged the loan on behalf of the borrower, a U.S. subsidiary of a publicly traded Canadian real estate company. A national balance sheet lender provided the 10-year loan, which features a fixed rate of 3.1 percent. Loan proceeds will be used to place debt on the portfolio as it was purchased in an all-cash transaction.
SYLVANIA, OHIO — Reichle Klein Group has brokered the $7.6 million sale of a 48,928-square-foot medical office building in Sylvania, a northeastern suburb of Toledo. The property is located at 5520 Monroe St. ProMedica is one of the tenants. Marty Gallagher of Reichle Klein represented both the buyer and seller. PMA Investors LLC sold the asset to CD Property of Sylvania LLC.
COLUMBUS, OHIO — Brad Kitchen of Alterra Real Estate Advisors has acquired a five-story, 86,524-square-foot office building known as 3 Easton Oval in Columbus for $6.5 million. M/I Homes sold the property and had owned and operated it since 1995. M/I plans to vacate the building this spring. Alterra plans to undertake a renovation of the property that will include an update of the lobby and tenant spaces. Kevin Serna of Liberty National Bank originated acquisition financing.
LISBON AND MINERAL RIDGE, OHIO — Cambridge Realty Capital Cos. has provided two loans through the U.S. Department of Housing and Urban Development’s Lean mortgage insurance program totaling $24 million for the refinancing of The Vista Care Center and The Ridge Care Center. An Ohio-based limited liability company was the borrower. The Vista Care Center, located in Lisbon, is a 76-bed skilled nursing and assisted living facility. The Ridge Care Center, located in Mineral Ridge, is a 181-bed skilled nursing and assisted living facility. Both properties feature dining, housekeeping and laundry services. Residents have access to onsite healthcare services such as dentistry, podiatry, optometry, audiology, psychology and medical imaging. Cambridge provided a fully amortized 30-year loan for the Lisbon property and a 35-year loan for the Minera Ridge asset. The FHA/HUD Lean Section 232 program — which helps finance nursing homes, assisted living facilities as well as board and care facilities — provides lenders with protections against losses as the result of borrowers defaulting on their loans. HUD adopted the Lean model to simplify the loan application process and to reduce the amount of time it takes for qualified borrowers to obtain funding.
COLUMBUS, OHIO — Lingerfelt CommonWealth Partners LLC has acquired 100 East Broad Street, a 308,337-square-foot office tower in downtown Columbus. The purchase price was undisclosed. The property, also referred to as Chase Tower after its anchor tenant JP Morgan Chase, is situated in the heart of downtown Columbus across from Capitol Square. It is 60 percent occupied. Lingerfelt CommonWealth plans to immediately implement a multi-million-dollar renovation, consisting of a full elevator modernization, lobby improvements, new HVAC equipment and a new amenity package. Atlantic Real Estate Capital provided acquisition financing.
PIONEER, OHIO — Industrial Property Brokers (IPB) has negotiated the $4.6 million sale of a 157,000-square-foot steel processing plant in Pioneer in northwest Ohio. Tim Echemann of IPB and Ronald Jurgenson of Reichle Klein Group represented the seller, the Kidtson Family. Toledo Tool and Die purchased the property, which was formerly occupied by ArcelorMittal. Toledo Tool and Die is a supplier to the automotive industry that specializes in stamped parts.
HILLIARD, OHIO — Broder & Sachse Real Estate has acquired The Shoppes at Haydens Crossing in Hilliard, a suburb of Columbus. The purchase price was undisclosed. Located at 6700 Hayden Run Blvd., the 70,366-square-foot shopping center is anchored by Giant Eagle. Other tenants include Get Go Café + Market, Marco’s Pizza, Great Clips, Hayden Run Dentistry and Free to Be Me Salon. There is one retail space currently available for lease. Ben Wineman and Amy Holter of Mid-America Real Estate Corp. represented the seller, Echo Realty.
COLUMBUS, OHIO — M+A Architects has completed the interior design work of the new 80,000-square-foot home office for White Castle in Columbus. The office design incorporates shared workspaces and tributes to the hamburger chain’s history. Located at 555 W. Goodale St., it features a library, café, indoor fitness area, mother’s nursing suite and a spiral slide connecting the second floor to the first floor. The project team also included Architectural Alliance, POD Design and Elford.
