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Oberer Gets Top Dollar for Grocery-Anchored Center

25 Apr 2015, 5:18 pm

By Adrian Maties, Associate Editor

Greater Cincinnati isn’t the only region in Southwest Ohio able to attract retail investors. This month, a large shopping center in Dayton came under new ownership.

According to the Dayton Business Journal, Rice Waynetowne L.L.C. acquired Waynetowne Plaza from the Oberer Cos. for $17.2 million in one of the region’s largest retail deals this year.

The 192,000-square-foot center is located at 7801 Waynetowne Blvd. in Huber Heights. Anchored by a Kroger store, the center also includes Rural King, Sherwin Williams and Ci-Ci’s Pizza. Waynetowne Plaza was the first Kroger-anchored retail center built by Oberer in the region. Oberer has completed nine other Kroger-anchored centers and is working on two more in Liberty Township.

The Dayton Business Journal reported that Oberer recently broke ground on two 10,000-square-foot retail projects at Cornerstone of Centerville, a $165 million, Costco-anchored development. They will be home to a Bagger Dave’s restaurant, a Wright-Patt Credit Union branch, a Great Clips salon and other tenants. This fall, Oberer will break ground on the second phase of retail at the site, a 40,000-square-foot area called the Village.

Photo credit: Oberer Companies

Miami U. Gets $10M Gift for Sports Medicine Center

25 Apr 2015, 4:46 pm

By Adrian Maties, Associate Editor

Miami University is in line to receive a $10 million gift from Mercy Health—Cincinnati toward construction of its new student-athlete sports medicine and rehabilitation center.

The donation will be part of an affiliation agreement announced April 22 between the university and the healthcare system. Miami University and Mercy Health will collaborate on academic initiatives, which may include sponsored research, student scholarships, internships and more. In addition, the healthcare system will become the university’s exclusive provider of sports medicine and rehabilitation services for varsity, club and recreational-intramural sports, starting July 1.

Mercy Health will donate $10 million over 13 years for construction of the Gunlock Family Performance Center.

To be located between Yager Stadium and the newly constructed David and Anita Dauch Indoor Sports Center, the Gunlock complex will serve as a home for the school’s football team and as a treatment center for 500-plus student-athletes. It will feature a weight room, football locker room, offices, players’ lounge, team meeting rooms, hydrotherapy area, rehabilitation center, recruiting and equipment room and reception area.

Scheduled to open on January 1, 2017, the facility is named to honor the family of Randy Gunlock, a 1977 alumnus and real estate developer. Gunlock and his wife, Vicki, donated $6 million for the project last December.

In another sports-related milestone, the university held a formal grand opening on Saturday for the $14 million David and Anita Dauch Indoor Sports Center. Ben Roethlisberger, quarterback for the Pittsburgh Steelers, and John Harbaugh, head coach of the Baltimore Ravens, were among those scheduled to attend the ribbon-cutting for the 91,000-square-foot facility.

Photo credit: Miami University Athletics

Public-Private Team Plans Tower for Cincinnati CBD

25 Apr 2015, 2:27 pm

By Adrian Maties, Associate Editor

More apartments are coming to downtown Cincinnati. According to documents filed with the Cincinnati Planning Commission this month, the city plans to join forces with the Cincinnati Center City Development Corp. and North American Properties to develop a $45 million apartment tower at Eighth and Sycamore streets in the Central Business District.

Plans call for a 130-unit apartment tower, 10,000 square feet of first-floor retail and a 500-space parking garage. There will also be approximately 20 residential units adjacent to the garage facing Sycamore Street. The project will be developed on 1-acre city-owned site.

Before construction can start, the city must approve the transfer of the site to the 3CDC. According to the documents filed with the planning commission, the city would sell the site to the 3CDC for a nominal price of $1. The non-profit will then create a garage air lot, a commercial air lot and an apartment air lot. It will sell the garage air lot to the city for $1, and the city will lease it back to the 3CDC for a base rent of $10 per year, for 35 years, with two 10-year renewal options. The garage will be built and operated by the 3CDC and owned by the city.

3CDC will own, build and operate the commercial space. It will sell the title to the air lot to North American Properties for $1. The developer will construct, own and operate both the apartment tower and the 20 units adjacent to the garage.


Over-the-Rhine Mixed-Use Plan Moves Forward

18 Apr 2015, 6:46 pm

By Adrian Maties, Associate Editor

Race Street Condos

The Cincinnati Center City Development Corporation plans to start work this year on one of its largest projects yet in Over-the-Rhine. Called 15th & Race, the mixed-use development will bring both housing and retail along Race Stree between 15th and Liberty streets. On April 6, the OTR Historic Conservation Board approved the plan, which could allow construction to start as early as this spring.

3CDC announced the project in late 2013. However, construction was delayed because neighborhood residents protested against the original plans, which included the construction of a 300-space parking garage. A new version incorporating community feedback was unveiled at the end of March.

The revised plan calls for renovation of historic buildings and the construction of new structures on vacant sites. Once finished, 15th & Race will feature 27 affordable apartments, 23 condos, and 11 townhomes, as well as 37,500 square feet of commercial space.

Development will unfold in phases, starting with a three-story mixed-use building with 17 condos and ground-floor commercial space on Race north of 15th.

Rendering and diagram: Cincinnati Center City Development Corporation

Shopoff Realty Buys Office Campus Near Dayton

18 Apr 2015, 6:25 pm

By Adrian Maties, Associate Editor

A California-based real estate investment firm has recently purchased an office campus in the Dayton suburb of Beavercreek. The purchase price was not disclosed.

Shopoff Realty Investments is the new owner of the Apple Valley Office Center in the Dayton suburb of Beavercreek.

The campus was constructed in 1985 on a six-acre site. It features a three-story, 55,024-square-foot building, a two-story, 29,916-square-foot building, and a single-story, 45,500-square-foot building. Amenities include more than 500 parking spaces.

The purchase price was not disclosed, but the Irvine, Calif.-based owner said in a statement that the acquisition was partially capitalized by Shopoff Strategic Income Fund, which closed to new investors last Dec. 31.

According to PropertyShark, Shopoff purchased the office campus from subsidiaries of Newcastle Investment Corp. The real estate website estimates the buildings’ market value at $9.5 million.

In a statement, William Shopoff, the company’s CEO, said that the 130,440-square-foot office campus was 95 percent occupied at the time of the sale. Anchor tenants include Northrop Grumman Systems Corporation and MacAulay-Brown.

Shopoff plans to upgrade the campus and transform the vacant office suites into speculative, ready-to-move- in space for future tenants.

Photo credit: Google Maps

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