Workplace Week of 8/26/19

Lloyd Co. sells apartment units

Reichle Klein Group recently coordinated the $29.4 million sale of an 888-unit apartment portfolio in Toledo and Oregon.
Tony Plath and Harlan Reichle represented R.J. Lloyd Co., Ltd., of Toledo, with its sale of the four-complex, 888-unit portfolio.
Urban Land Company, Ltd., of Columbus, made the purchase.
Properties included in the portfolio were: Tamarack Creek (160 units, located at 4137 Secor Rd., Toledo), Piccadilly West (240 units, 540 W. Alexis Road, Toledo), Alexor (120 units, 5635 Secor Rd.) and Piccadilly East (368 units, Pickle Rd, Oregon).
“We received interest from approximately 50 investor groups from around the country,” Plath said. “Ultimately, we received offers from 11 qualified buyers through the bid process, and a very strong investor from Columbus was selected. Most of the bidders did not own assets in Toledo and had never
made offers on any of our previous offerings. This occurrence suggests the buyer pool is still expanding and strengthening. We are seeing similar interest and depth of the buyer pool on all of the offerings that we take to market.”

Yark expanding
Yark Automotive Group has begun construction on a new Chevrolet dealership at 26997 N. Dixie Highway, Perrysburg.
This new facility will be opening for business in the summer of 2020.
Yark Automotive Group has partnered with Coger / Shambarger Architects to design the dealership and with Rudolph Libbe Group to construct the approximately 57,000-square-foot facility.