Ohio

SRS Arranges $9.6 Million Loan for Ground Lease Acquisition of Home Depot-Occupied Property in Ohio

by Alex Tostado February 26, 2020

Cleveland Heights, Ohio — SRS Real Estate Partners has arranged a $9.6 million loan for the ground lease acquisition of a property occupied by Home Depot in Cleveland Heights, just east of Cleveland. Located at 3460 Mayfield Road, the property includes a 132,000-square-foot building and an 18,000-square-foot garden center. The sales price was $13.7 million. Ben Townsend and Matt Marlin of SRS arranged the nonrecourse, 10-year loan at a fixed interest rate of 3.65 percent. A California-based private investor was the borrower. An institutional lender provided the loan, which features …

February 26, 2020

Entertainment Investment sales News Ohio

VICI Properties Completes Acquisition of JACK Cleveland Casino, Thistledown Racino for $843.3 Million

by Alex Tostado January 27, 2020

Cleveland and North Randall, Ohio — VICI Properties Inc. (NYSE: VICI) has completed the acquisition of JACK Cleveland Casino and JACK Thistledown Racino for approximately $843.3 million. The company financed the transaction with cash on hand. JACK Cleveland Casino opened in May 2012 in the historic Higbee Building in downtown Cleveland. The property features approximately 96,000 square feet of gaming space, 1,300 gaming machines, 120 table games and eight food and beverage outlets. The casino is connected to both the 205-room Ritz-Carlton hotel and the 440-room Renaissance hotel. JACK Thistledown …

January 27, 2020

Investment sales News Ohio Retailers

Cooper Group Negotiates $2.1 Million Sale of CVS-Occupied Property in Akron, Ohio

by Alex Tostado January 17, 2020

Akron, Ohio — The Cooper Commercial Investment Group has negotiated the sale of a 10,125-square-foot retail property occupied by CVS Pharmacy in Akron for $2.1 million. CVS has more than 18.5 years remaining on its lease term. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private investor. A private Texas-based investor purchased the asset at a cap rate of 6 percent.

January 17, 2020

Grocery-anchored Investment sales News Ohio Retailers

Broder & Sachse Acquires 70,366-Square-Foot Shopping Center in Hilliard, Ohio

by Alex Tostado December 26, 2019

Hilliard, Ohio — Broder & Sachse Real Estate has acquired The Shoppes at Haydens Crossing in Hilliard, a suburb of Columbus. 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, Pittsburgh-based ECHO Realty. The purchase price was undisclosed.

December 26, 2019

Investment sales News Ohio Retailers

Marcus & Millichap Brokers $2.5 Million Sale of Net Leased CVS Property in Ohio

by Alex Tostado December 16, 2019

Washington Court House, Ohio — Marcus & Millichap has brokered the $2.5 million sale of a 10,125-square-foot property net leased to CVS Pharmacy in Washington Court House, located between Columbus and Cincinnati. The building is located at 1795 Columbus Ave. CVS recently extended its lease for 15 years. Dan Yozwiak and Nathan Coe of Marcus & Millichap secured the buyer, a partnership completing a 1031 tax-deferred exchange. Doug Brooks of Marcus & Millichap Capital Corp. arranged long-term, fixed-rate acquisition financing.

December 16, 2019

Investment sales News Ohio Retailers

Anchor Cleveland Negotiates $3.5 Million Sale of Property Formerly Occupied by Kmart in Suburban Cleveland

by Alex Tostado October 23, 2019

Seven Hills, Ohio — Anchor Cleveland has negotiated the sale of a 120,000-square-foot property formerly occupied by Kmart in suburban Cleveland for $3.5 million. The 14-acre sale also included vacant land and existing adjacent buildings. Matt Wilson of Anchor Cleveland represented the buyer, Meijer Stores. Florida-based Kin Properties was the seller.

October 23, 2019

Investment sales News Ohio Retailers

Marcus & Millichap Brokers Sale of 156,630-Square-Foot Shopping Center in Springfield, Ohio

by Alex Tostado September 24, 2019

Springfield, Ohio — Marcus & Millichap has brokered the sale of Springfield Plaza for an undisclosed price. The 156,630-square-foot shopping center is located at 1510-1608 Upper Valley Pike in Springfield, about 25 miles northeast of Dayton. Dunham’s Sports and Ollie’s Bargain Outlet anchor the property. Other tenants include JoAnn Fabrics, Sherwin-Williams, CosmoProof and The Reserves Network. The center was 70 percent leased at the time of sale. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap marketed the property on behalf of the Illinois-based private seller. The team …

September 24, 2019

Investment sales News Ohio Retailers

Marcus & Millichap Brokers Sale of 105,313-Square-Foot Shopping Center Near Akron, Ohio

by Alex Tostado September 5, 2019

Barberton, Ohio — Marcus & Millichap has brokered the sale of Barberton Shopping Center within the Akron metro area for an undisclosed price. Giant Eagle anchors the 105,313-square-foot fully leased shopping center, which is located at the intersection of Robinson Avenue and 5th Street. Giant Eagle occupies 83 percent of the center’s gross leasable area and includes a drive-thru pharmacy, wine and beer selection, bank branch and gas station. Other tenants include Chipotle, Jimmy John’s, Little Caesars, Verizon, Ohio BMV, H&R Block and Best Cuts. Erin Patton, Scott Wiles, Craig …

September 5, 2019

Indiana Investment sales Michigan News Ohio Retailers West Virginia

Albanese Cormier Acquires Nine Shopping Centers Totaling 758,983-Square-Foot

by Alex Tostado August 28, 2019

Beaumont, Texas — Beaumont, Texas-based Albanese Cormier Holdings has acquired nine shopping centers totaling 758,983 square feet in Indiana, Michigan, Ohio and West Virginia. The purchase prices were undisclosed. ShopOne was the seller. Representatives from May Real Estate, Cooper Commercial Investment Group, Marcus & Millichap and HFF brokered the sales. The average occupancy of the properties is 92 percent. The properties include: Pine Lake Shopping Center (147,017 square feet) in LaPorte, Indiana; Forest Park Plaza (104,231 square feet) in Brazil, Indiana; Phoenix Square (47,415 square feet) in South Haven, Michigan; …

August 28, 2019

Finance Investment sales News Ohio Retailers

NorthMarq Arranges $7 Million Acquisition Loan for Shopping Center in Dayton, Ohio

by Alex Tostado August 28, 2019

Dayton, Ohio — NorthMarq has arranged a $7 million loan for the acquisition of Southland 75 Shopping Center in Dayton. The 117,410-square-foot retail center is located at 8265-8361 Springboro Pike. Major tenants include Dollar Tree, Hobby Lobby and Get Air Trampoline Park. Noah Juran of NorthMarq arranged the 10-year loan, which features a 25-year amortization schedule. A regional bank provided the loan for the undisclosed borrower.

August 28, 2019

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