Ohio

PMZ Realty Capital Secures $35M Refinancing for Ohio Hospitality Portfolio

by Kristin Harlow March 5, 2019

BEAVERCREEK, DAYTON AND WESTCHESTER, OHIO — PMZ Realty Capital LLC has secured $35 million for the refinancing of a three-property hotel portfolio in Ohio. The assets include the 118-room Springhill Suites by Marriott in Beavercreek, the 130-room Holiday Inn North Cincinnati in West Chester and the 111-room Holiday Inn Express & Suites in Dayton. Middletown Management was the borrower. PMZ arranged 10-year, nonrecourse CMBS loans for the Beavercreek and West Chester properties, and a fixed-rate loan for the Dayton asset.

March 5, 2019

Development Midwest Multifamily Ohio Seniors Housing

CA Senior Living Starts Construction of 192-Unit Seniors Housing Community Near Cleveland

by Taylor Williams February 28, 2019

MAYFIELD HEIGHTS, OHIO — CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, has started construction of a seniors housing community in Mayfield Heights, approximately 12 miles east of downtown Cleveland. The two-story building will offer 100 independent living, 60 assisted living and 32 memory care units. Apartment sizes range in size from 403-square-foot studios to 836-square-foot two-bedroom units. The property will offer five single-story cottages, each offering two 1,680-square-foot residences. Common areas will add 61,000 square feet to the property, which is slated to open in summer 2020. Southfield, Mich.-based Harley Ellis Devereaux designed the project, which is located near restaurants, retail and healthcare, including Hillcrest Hospital. Chattanooga, Tenn.-based EMJ Corp. is serving as general contractor. CA Senior Living currently has 23 communities operating or under construction throughout the U.S. CA entered the Ohio senior housing market in 2017 with the completion of The Sheridan at Mason, located in Deerfield Township near Cincinnati.

February 28, 2019

Loans Midwest Multifamily Ohio

NorthMarq Secures $2.4M Acquisition Loan for Apartment Property in Springboro, Ohio

by Kristin Harlow February 22, 2019

SPRINGBORO, OHIO — NorthMarq Capital has secured a $2.4 million loan for the acquisition of Spring Creek Apartments in Springboro, a suburb of Cincinnati and Dayton. The 66-unit apartment property is located at 475 Gilpin Road. Amenities include a pool, sundeck, pet area and laundry facilities. Noah Juran of NorthMarq arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule. The borrower completed a 1031 tax-deferred exchange.

February 22, 2019

Acquisitions Indiana Industrial Midwest Ohio

Industrial Logistics Properties Trust Acquires Industrial Portfolio in Metro Indianapolis, Cincinnati for $280M

by Kristin Harlow February 18, 2019

INDIANAPOLIS AND CINCINNATI — Industrial Logistics Properties Trust (Nasdaq: ILPT) has acquired an eight-property industrial portfolio in metro Indianapolis and Cincinnati for $280 million. The buildings total 4.2 million square feet and are fully leased to 10 tenants. On average, the properties are 13 years old and feature clear heights of 34 feet. The seller was not disclosed. ILPT also acquired a portfolio of 18 properties located in 12 states from affiliates of Cole Office & Industrial REIT Inc. for $625.3 million.

February 18, 2019

Industrial Loans Midwest Ohio Self-Storage

KeyBank Provides $221.5M Refinancing for SmartStop Self-Storage Portfolio Across 12 States

by Kristin Harlow February 15, 2019

CLEVELAND — KeyBank Real Estate Capital has provided three loans for the refinancing of a SmartStop self-storage portfolio. Located in 12 states, the 39 facilities total 24,181 units. Randy Martin of Cleveland-based KeyBank originated a $90 million loan for 29 facilities in California, Colorado, Florida, Illinois, Indiana, Maryland, Nevada, North Carolina, Ohio and Texas. Concurrently, the sponsor received a $27.5 million mezzanine loan. Martin also originated a $104 million loan for 10 properties located in California, Florida, Massachusetts, Nevada and South Carolina.

February 15, 2019

Development Industrial Midwest Ohio

Pizzuti, Centerpoint Unveil Development Plans for 848,160 SF Industrial Facility in Central Ohio

by Kristin Harlow February 14, 2019

WEST JEFFERSON, OHIO — The Pizzuti Companies and Centerpoint Development LLC have unveiled plans to develop an 848,160-square-foot speculative industrial facility in West Jefferson. The warehouse will be constructed on a 55-acre site near I-70. Construction is expected to begin this spring, with completion slated for the end of the year. The facility will feature a clear height of 36 feet, 300 trailer spaces and LED lighting. Pizzuti will provide property management and leasing services for the new building.

February 14, 2019

Development Midwest Multifamily Ohio Seniors Housing

110-Unit Seniors Housing Property Opens in Suburban Dayton, Ohio

by Kristin Harlow February 14, 2019

BEAVERCREEK, OHIO — Project partners Confluent Senior Living and Harbor Retirement Associates (HRA) have opened HarborChase of Beavercreek, a 110-unit seniors housing property in Beavercreek, a suburb of Dayton. Located at 4175 Indian Ripple Road, the property includes 64 assisted living units and 46 memory care apartments. Community amenities include a bar and lounge, beauty salon, library, fitness center, game room, putting green and concierge services. The project team included Eppstein Uhen Architects and The Douglas Company as general contractor.

February 14, 2019

Acquisitions Midwest Office Ohio

TEI Purchases Office Building Near Cleveland for $7.5M

by Kristin Harlow February 12, 2019

HIGHLAND HILLS, OHIO — Time Equities Inc. (TEI) has purchased a 163,000-square-foot, four-story office building in Highland Hills for $7.5 million. The Class A property is located at 23000 Millcreek Blvd., about 16 miles southeast of Cleveland. PNC Bank, which formerly occupied the building, sold the property. The building, constructed in 1997, is now vacant. Jonathan Dulberg of TEI led the acquisition. Robert Leibold, Steve Ross and Douglas Leary of CBRE represented TEI in the sale. CRESCO Real Estate represented PNC Bank. TEI plans to make upgrades to the property in order to attract new tenants. PNC Bank is consolidating employees to its downtown space.

February 12, 2019

Acquisitions Hospitality Midwest Ohio

Mumford Co. Negotiates Sale of Holiday Inn Express Hotel in Cambridge, Ohio

by Kristin Harlow February 4, 2019

CAMBRIDGE, OHIO — Mumford Co. has negotiated the sale of the Holiday Inn Express hotel in Cambridge, located in eastern Ohio, for an undisclosed price. Built in 2014, the 77-room property features a business center, fitness facility and indoor pool. David Mumford, Justin Pinkard and George Arvanitis of Mumford represented the seller, Cambridge Lodging LLC. Arvanitis procured the buyer, Jannat Investments Inc.

February 4, 2019

Industrial Leasing Activity Midwest Ohio

ICP Completes Lease-Up of Office, Warehouse Property in Suburban Cleveland

by Kristin Harlow January 24, 2019

SOLON, OHIO — Industrial Commercial Properties (ICP) has completed the lease-up of 6680 Parkland Blvd. after acquiring the 82,000-square-foot office and warehouse property in December. Two tenants, King Nut and Loan Protector, will begin occupying the building in the first half of this year. Matthew Beesley of Cushman & Wakefield/Cresco Real Estate represented King Nut, a nut and snacks company, in the lease transaction. Steve Voinovich of CBRE represented Loan Protector, an insurance broker. ICP worked with David Stover of Hanna Commercial Real Estate on the acquisition.

January 24, 2019

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