Ohio

Gorjian Acquisitions Sells 500,000-Square-Foot Midwest Retail Portfolio for $25 Million

by Alex Tostado July 29, 2020

Great Neck, N.Y. — Gorjian Acquisitions has sold eight retail and mixed-use properties totaling more than 500,000 square feet for $25 million. The portfolio includes the following Midwest properties: Saint Clairsville Plaza in Saint Clairsville, Ohio; Bradley Square in Milwaukee; Cabool Center in Cabool, Mo.; a single-tenant Dunkin’ property in Gary, Ind.; and Lafayette Center in Indianapolis. The portfolio also includes a mixed-use building in Brooklyn, N.Y.; a single-tenant Family Dollar property in Danville, Va.; and Oglethorpe Plaza in Albany, Ga. Gorjian Acquisitions, based in Great Neck, N.Y., is led …

July 29, 2020

Company news Grocery-anchored News Ohio Retailers

Kroger Reports 92 Percent Digital Sales Growth in First Quarter

by Alex Tostado June 22, 2020

Cincinnati — Digital sales at the Kroger Co. (NYSE: KR) increased 92 percent in the first quarter, according to the company’s latest financial results. Total company sales were $42 billion in the first quarter, compared with $37 billion for the same period last year. Kroger does not separately break out its e-commerce sales from total sales. Excluding fuel and dispositions, sales grew 19.1 percent. Cincinnati-based Kroger says its most urgent priority during the pandemic has been “to provide a safe environment for associates and customers with open stores, e-commerce solutions …

June 22, 2020

Grocery-anchored Investment sales Ohio Retailers

IPA Brokers $46 Million Sale of Giant Eagle-Anchored Shopping Center in Ohio

by Alex Tostado June 22, 2020

Cuyahoga Falls, Ohio — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $46 million sale of The Plaza at Chapel Hill in Cuyahoga Falls, about 35 miles south of Cleveland. The 458,935-square-foot shopping center is home to Giant Eagle, Burlington and Dick’s Sporting Goods. Scott Wiles, Erin Patton, Craig Fuller, Joseph French Jr. and CJ Jackson of IPA represented the seller, a New York City-based private real estate investment trust. A partnership between Baltimore-based America’s Realty LLC, New York-based Borough Equities and Miami-based Dragonfly Investments …

June 22, 2020

Company news News Ohio Retailers

Washington Prime Group to Temporarily Shutter Enclosed Retail Assets

by Alex Tostado March 25, 2020

Columbus, Ohio — Washington Prime Group Inc. (NYSE: WPG) has temporarily closed its enclosed retail assets that feature an indoor common area in order to help contain the spread of coronavirus. The measure took effect Monday and will end March 29 or at a date in compliance with applicable federal, local or state mandates. Exceptions for enclosed centers include exterior-facing restaurants with carryout and delivery services and other tenants that have exterior-facing entrances and may remain open for offering essential goods. In addition, Washington Prime anticipates that a portion of …

March 25, 2020

Finance News Ohio Retailers

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

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