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Oxford Residential Portfolio Heads for Auction Block

18 Oct 2014, 6:10 pm

By Adrian Maties, Associate Editor

A portfolio of single and multi-family properties near the Miami University campus in Oxford will be offered at auction Nov. 15 at the Marcum Conference Center. Online bidding will also be available.

The portfolio consists of 74 rental units, offered in 21 tracts. It includes single-family homes, duplexes and a two-building apartment complex. The latter features 32 two-bedroom units and a manager’s unit with one and a half bedrooms, as well as a large parking lot. Many of the properties are leased through the current school year.

According to Schrader Real Estate and Auction Co., the Columbia City, Ind.-based auctioneer, the tracts can be acquired individually or in combination. The auction format allows bidders to compete on an equal footing regardless of how many properties they are aiming to buy. Schrader also said it will conduct a property tour on Nov. 6.

“This portfolio of investment properties was accumulated over time but is now being sold under a court order,” Andy Walther, auction manager for Schrader, said in a statement. “This presents a number of interesting possibilities, because bidders can make offers on any combination. We may have some investors seeking the entire portfolio, others seeking just one or two properties, or someone looking for a home.”

Photo credits: Schrader Real Estate and Auction Company



Woolpert Picked to Design $200M Auto Glass Plant in Moraine

12 Oct 2014, 2:45 pm

By Adrian Maties, Associate Editor

Fuyao Glass Industry Group Co. Ltd.’’s $200 million project in Moraine has taken another step forward. An affiliate of the Chinese company, Fuyao Glass America Inc., has hired Dayton-based Woolpert to provide architectural, engineering, construction support and design consulting services for the project.

At the start of the year, Gov. John Kasich announced that the company will build its first North American automotive glass manufacturing facility on the 110-acre site of the former General Motors assembly plant. Fuyao Glass, which is China’s largest auto glass manufacturer,  purchased the 1.4 million-square-foot site in May from the Industrial Realty Group.

The site is located between Kettering Boulevard and State Route 741. According to Woolpert, preliminary plans call for it to be reconfigured and divided into separate facilities, with partial demolition of some buildings. New offices will also be added for the plant’s support functions. Woolpert officials said they will analyze the existing plant to determine the most cost-effective means to update its mechanical, electrical and plumbing systems.

“We initially considered several choices but ultimately selected Woolpert because of its reputation as a top national design firm and a good local company. We were impressed with their enthusiasm to establish a long-term relationship with Fuyao,” Junming Wang, Fuyao’s Ohio project manager, said in a statement. “We believe this collaboration with Woolpert will result in a mutually beneficial outcome for us, for Woolpert and for this region.”

“We are proud to play a role in a project of such significance to the Dayton region,” Mike Flannery, Woolpert’s CEO, added. “The economic impacts will reach deep into the community with new jobs, increased tax revenues, additional development of the surrounding area and enhanced supply chain opportunities.”

Fuyao Glass said it expects to start production at the new facility in the summer of 2015. The project will create 800 jobs.

Photo credit: www.woolpert.com



2 Kenwood Retail Centers Fetch $32M

3 Oct 2014, 8:52 pm

By Adrian Maties, Associate Editor

Two fully occupied retail centers located across the street from one another in Kenwood are under new ownership. A joint venture of Cincinnati-based Jeffrey R. Anderson Real Estate Inc. and Kentucky-based P&P RE L.L.C. sold Kenwood Pavilion and Kenwood City Place to Colorado-based GDA Real Estate Services L.L.C. for $32 million.

Kenwood City Place, the newer of the two properties, opened last November and is anchored by an 11,000 square foot Cooper’s Hawk Winery & Restaurant. The center includes a second building with 17,000 square feet of additional retail space.

Kenwood Pavilion opened in November 1998. The 58,000-square-foot property is home to such tenants as Urban Active, Panera Bread and Sia Spa.

Donald MacLellan, Richard Chichester, Chris DePierro, and Tom Chichester, of Faris Lee Investments, represented both the seller and the buyer.

“Our strategic outreach on this property, combined with a solid market location, created a bidding war resulting in multiple offers for the properties separately and as a portfolio. Ultimately, we procured a national investor in a 1031 exchange that had an interest in a long-term investment in the trade area,” Richard Chichester, Faris Lee’s president & CEO, said in a statement.

“Faris Lee marketed the two properties separately, but we stressed the benefits of the synergy and cross services the various retailers provided to the local community.” added Donald MacLellan, senior managing partner with Faris Lee Investments. “As part of our marketing outreach strategy we focused on the property’s location within one of Ohio’s top retail markets, as well as the prevalence of institutional commercial real estate ownership in the Kenwood submarket, which includes major owners such as Duke Realty, General Growth Properties, Phillips Edison and Blackstone.”

Photo credits: www.farislee.com



Wilmington College Breaks Ground on $8.4M Center for Sports Sciences

26 Sep 2014, 10:59 pm

By Adrian Maties, Associate Editor

Wilmington College broke ground last week on its $8.4 million Center for Sports Sciences, at the site of the former Charlie Gilhart Soccer Field, in Wilmington. The college promised a facility “like no other” on its campus in Wilmington. Scheduled for completion in the summer of 2015, the center will include academic, athletic, recreational and commercial components.

In addition to housing the school’s athletic training program, the facility will provide a home for 21 sports teams and offer students more options for recreation. In addition, the Center for Sports Sciences will host world-class orthopedic, physical therapy and hospital imaging. Beacon Orthopaedics and Sports Medicine, Drayer Physical Therapy and Clinton Memorial Hospital will each have satellite branches at the facility.

The project calls for the construction of a 17,400-square-foot sports training facility that will feature an indoor playing surface with artificial turf. An outdoor field on the west end of the complex will feature lighting and artificial turf. Meanwhile, a 3,000-square-foot athletic training facility will house state-of-the-art classrooms and labs.

Wilmington College President Jim Reynolds called the project ”a great example of a powerful public/private partnership.” And Terry Rupert, a vice president at the college, said that the facility “will directly impact well over half of our student body as they engage in their academic, athletic and recreational pursuits, and will be an especially appealing attraction for prospective students.”

The project is designed by Cincinnati-based MSA Architects. According to the Dayton Business Journal, it will create 37 new full-time jobs and 80 construction jobs.

Photo credits: Wilmington College



Teespring Picks Hebron for $22M Production Facility

19 Sep 2014, 9:46 pm

By Adrian Maties, Associate Editor

Teespring Inc., a San Francisco-based custom T-shirt manufacturer, plans to invest $22 million in a new production facility in Hebron. The project will create nearly 300 new jobs in the area.

Located on Aviation Boulevard, Teespring’s 105,000-square-foot plant scheduled to come on line next year, said Governor Steve Beshear in announcing the project. Teespring will also buy 60 presses and other equipment.

Since its launch in 2011, Teespring has used a network of suppliers to fulfill orders for custom T-shirts used in fundraising campaigns. The Hebron facility will allow the company to bring more of that production in-house.

“Teespring is very excited to launch our first production and fulfillment facility in northern Kentucky,” said Teespring CEO Walker Williams in a statement. “We believe the talent in this area in the fields of technology, maintenance, production and fulfillment, combined with the cultural alignment of Teespring and the community, lends itself to the perfect opportunity of creating a world-class facility.”

Noting that Kentucky edged Texas in the competition for the project, Governor Beshear credited the win to the Commonwealth’s tax structure, skilled labor and strong shipping hubs. Teespring’s project also received preliminary approval from the Kentucky Economic Development Finance Authority for up to $2.5 million in tax incentives through the Kentucky Business Investment program.







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