DAYTON, OHIO — NorthMarq Capital has arranged a $4.4 million loan for the acquisition of Northwest Plaza in Dayton. The 220,000-square-foot retail property is located at 3295 W. Siebenthaler Ave. Citi Trends is one of the tenants. Noah Juran of NorthMarq arranged the 10-year, fixed-rate loan, which features a 25-year amortization schedule. A regional bank provided the loan.
COLUMBUS, OHIO — On behalf of its TSP Value and Income Fund II, Transwestern Investment Group has acquired a 1.5 million-square-foot industrial portfolio in Columbus for an undisclosed price. The portfolio includes three buildings: a 706,162-square-foot building at 3880 Groveport Road; a 403,122-square-foot facility at 3800 Lockbourne Industrial Parkway; and a 398,471-square-foot building at 4150 Lockbourne Industrial Parkway. The portfolio is approximately 50 percent leased to four tenants. The properties feature clear heights of 22 to 24 feet and more than 500 car and 400 trailer parking positions across the three assets. Kurt Sarbaugh and Robin Stolberg of HFF represented the seller, a joint venture between Singerman Real Estate and Green Door Capital. Ken Martin and Brian Carolton of HFF arranged acquisition financing with TBK Bank.
DAYTON, OHIO — Marcus & Millichap has brokered the sale of the Holiday Inn Express & Suites Dayton-Huber Heights for $5.9 million. The 65-room hotel is located at 5610 Merily Way in Dayton. Andrew Bankhurst and Alexandre Duong of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured and represented the buyer, a limited liability company.
OREGON, OHIO — Reichle Klein Group has negotiated the $1.4 million sale of a Dollar General-occupied property in Oregon, a suburb of Toledo. Completed in October 2018, the 9,100-square-foot building is located at 2450 Woodville Road. Christian Zaciewski of Reichle Klein represented the seller, Linden Avenue LLC. Net Realty Advisors represented the buyer, California-based Frank Living Trust.
COLUMBUS, OHIO — Reich Brothers has acquired a 142,223-square-foot industrial facility in Columbus for an undisclosed price. The property previously served as the main production and warehousing location in the Columbus market for printing company Quad Graphics. The building is located at 4051 Fondorf Drive and is directly adjacent to Walmart’s distribution and logistics hub. The property features clear heights ranging from 21 to 24 feet and can be subdivided to accommodate multiple tenants. Reich Brothers intends to repurpose the facility for light manufacturing and distribution. Site work has commenced and is expected to be completed in the coming months.
GALION, OHIO — Grandbridge Real Estate Capital has arranged a $1.5 million loan for the refinancing of Galion West Shopping Center in Galion, about 60 miles north of Columbus. The 59,135-square-foot property includes a Papa John’s. Craig Kegg of Grandbridge arranged the financing with an insurance company. The 10-year loan features an interest rate of 4.93 percent and a 15-year amortization schedule.
Fueled by continued population growth that has made Columbus the 14th-largest city in America and its strategic location in the U.S. Interstate system, the Columbus industrial market has been on a multi-year run in terms of new inventory and positive net absorption. Given the fact that drivers are able to reach approximately 50 percent of American households and 30 percent of Canadians within a one-day drive of the city, we see no end in sight for these market trends. That one-day drive statistic has made Columbus one of the country’s leading e-commerce distribution markets. Also, according to a recent ranking by Realtor.com, the metropolitan area is the only large northern city to grow its population by more than 10 percent from 2010 to 2017. The company also reported that Columbus was the fourth-hottest housing market based on the number of hits each listing receives and time on the market. Further, the central Ohio region’s business-friendly environment encourages developers to build in designated areas, and it is working. At the close of the fourth quarter last year, 5.7 million square feet of new industrial product was under construction. The overall vacancy rate for the Columbus industrial market was 4.8 percent, which …
CINCINNATI — VICI Properties Inc. (NYSE: VICI), together with a subsidiary of Hard Rock International, has entered into a definitive agreement to acquire the Jack Cincinnati Casino in downtown Cincinnati for approximately $745 million. VICI Properties will acquire 100 percent of the membership interests of a subsidiary of Jack Cincinnati that owns the land and real estate assets of the casino for $558 million. Hard Rock will acquire the operating assets of Jack Cincinnati for $187 million. Simultaneous with the transaction, VICI will enter into a triple-net-lease agreement with Hard Rock. Jack Cincinnati opened in 2013 and features 100,000 square feet of gaming space with approximately 1,800 gaming machines and 100 table games. The property also contains 33,000 square feet of meeting space, six restaurants and two bars. The transaction is expected to close late this year. Goldman Sachs & Co. LLC is serving as financial advisor and Kramer Levin Naftalis & Frankel LLP is serving as legal advisor to VICI.
COLUMBUS, OHIO — Nationwide Realty Investors has unveiled plans for additional development at Grandview Yard, a mixed-use project in Columbus. Construction has begun on a new two-story, 34,000-square-foot office building on the north side of Goodale Boulevard. Columbus-based law firm Carlile Patchen & Murphy LLC will occupy approximately 17,000 square feet on the second floor. Completion is slated for spring 2020. Nationwide also has plans for The Junction, a three-building townhome development comprising 20 two-story residences. Townhome residents will have access to The Yard Club, Grandview Yard’s residential amenity building and clubhouse featuring a pool, fitness center and community room, as well as a mix of retail and dining options. When fully complete, Grandview Yard will encompass 1.2 million square feet of office, restaurant, retail and hospitality space as well as parks and approximately 1,500 residential units.
CINCINNATI AND DAYTON, OHIO — KeyBank Community Development Lending & Investment has provided a total of $29.9 million in construction financing for three affordable housing properties in Ohio. KeyBank provided a $9.9 million loan for the construction of Omega Senior Lofts, an 81-unit seniors independent living facility in Dayton. MVAH Partners is the developer. KeyBank also provided a $10.9 million construction loan for Commons at South Cumminsville, an 80-unit property in Cincinnati. Upon completion, 60 of the units will be reserved for individuals who meet the HUD definition of chronically homeless with the remaining 20 units targeting low-income residents with sensory or mobility impairments. All units at the property will benefit from 20-year Section 8 vouchers, enabling tenants to pay no more than 30 percent of their incomes toward rent. Lastly, KeyBank provided a $7.9 million construction loan and a $1.2 million Federal Home Loan Bank community investment program loan to Episcopal Retirement Services for the rehabilitation of Madison Villa, a 93-unit, age-restricted Section 8 property in Cincinnati. The Model Group is the project partner.
