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Apartment MarketView Endyear Report 2020

Despite COVID, the Toledo, Ohio, area apartment market continued to strengthen in the second half of 2020, according to the results of the Reichle Klein Group endyear 2020 market survey. Overall market vacancy continued to decline and stands at 4.3% at endyear. Between June and December 2020, the average asking rental rate increased to $800 per month, up 2% from June 2020 and 9% since the conclusion of 2019.

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Hot Topics

Despite COVID, market strengthened in second half of 2020
Average asking rental rate increased 9% since conclusion of 2019
Overall vacancy drops to 4.3%
Number of units under construction continues to fall from high at mid-2019
Lack of available quality offerings slows sales market, not pandemic nor lack of buyer interest
Buyer interest and pricing remain strong

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News & Information

Will pandemic changes remain post-virus? BY JON CHAVEZ BLADE BUSINESS WRITER

There’s little doubt that living under a year of a global pandemic has caused many of us to adopt new routines and trends.

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Erik Lassiter Received IREM

Reichle Klein Group is pleased to announce Erik Lassiter has earned the Institute of Real Estate Management (IREM) certification of Accredited Commercial Manager (ACoM).

Reichle Klein Group Organizes 10-Year Retail Lease for Five Below

Reichle Klein Group recently coordinated a 10-year lease in Crossroads Centre in Rossford, Ohio. The 464,713 SF regional shopping center is situated on 66 acres near I-75 and the Ohio Turnpike (I-80/90).

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Reichle Klein Group’s Investment Property Advisors Apartment Group Orchestrates $29.4 Million Apartment-Portfolio Sale

Reichle Klein Group recently coordinated the $29.4 million sale of an 888-unit apartment portfolio in Toledo and Oregon, Ohio.

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Reichle Klein Group Sells $1.35 Million Industrial Building

Reichle Klein Group recently arranged a $1.35 million industrial-building sale in Dearborn, Michigan.

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Reichle Klein Group Coordinates 66,603 SF Industrial Lease

Reichle Klein Group recently arranged a five-year, five-month industrial lease in Toledo, Ohio.

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Reichle Klein Group Sells $1.275 Million Industrial Flex/Office Building

Reichle Klein Group recently coordinated the $1.275 million sale of an industrial flex/office building in Maumee, Ohio.

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Reichle Klein Group Orchestrates $1 Million Industrial Purchase

Reichle Klein Group recently coordinated the purchase of an industrial building in Dayton, Ohio.

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Reichle Klein Group Arranges $1.905 Million Sale of Retail Plaza

Reichle Klein Group recently organized the $1.905 million sale of Library Plaza in Toledo, Ohio.

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Reichle Klein Group Coordinates $1.457 Million Retail-Building Sale

Reichle Klein Group recently arranged the sale of a Dollar General-occupied retail building in Oregon, Ohio.

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Case Studies

114 S. Byrne Road, Toledo, Ohio

Byrning Hill Plaza

Challenge: Our team was hired thru the Receiver to sell this property on behalf of a Receiver appointed at the request of Huntington Bank. We listed the property at $1.4M and put together a thorough offering memorandum …

380 Dussel Drive, Maumee, Ohio

Tolson Enterprises

Challenge: Tolson Enterprises was interested in selling an investment property that was approaching the end of the primary tenant’s term. The focus was to be on potential users or Investors. The challenge was to find an…

1800 Nathan Street, Toledo, Ohio

Magna Exteriors & Interiors of America Inc.

Challenge: We were engaged to sell a 177,500 SF single tenant, net leased, Class A industrial asset with a newly negotiated lease term of 8 and one half years. Our first challenge was to obtain the listing as listing d…

1331 McCord Road, Holland, Ohio

Shops at Spring Meadows Place

Challenge: The developer/owner decided to put a newly constructed, multi-tenant strip center on the market. The pricing and cap rate were aggressive for the Toledo market, and 1,320 square feet of the center remained va…

5415 Monroe Street, Toledo, Ohio

Huntington Bank / Nic Dumas, Duma Properties, LLC

Challenge: We were engaged as Receiver tasked with assuming the management and selling of a suburban multi-tenant office building. The major tenant in the building was the owner of the property who was not performing th…

3103 Executive Parkway, Toledo, Ohio

Medical Mutual of Ohio

Challenge: Leverage a hot investment property market in the disposition of a 100,000 square foot office tower in suburban Toledo. The Client, Medical Mutual of Ohio, no longer occupied the building and had leased the e…

1311 McCord Road, Holland, Ohio

Sky Bank

Challenge: The developer/owner decided to put a newly constructed, build to suit, single-tenant property on the market subsequent to lease execution. The pricing and cap rate were quite aggressive for the Toledo market…

1695, 1705 & 1715 Indian Wood Circle, Maumee, Ohio

John Barone

Challenge: The owners of Arrowhead Properties, two Class A multi-tenant office properties located in prestigious Arrowhead Business Park, decided the time was right to opportunistically attempt to take advantage of what…

1697, 1705 & 1715 Indian Wood Circle, Maumee, Ohio

Midfirst Bank

Challenge: We were asked to take this largely vacant REO office building portfolio to market for sale in the depths of the recession in 2010. Office properties in tertiary markets were perhaps the least favored asset c…

127 & 133 Mel Simon Drive, Toledo, Ohio

North Towne Villas

Challenge: We were engaged by the owner of North Towne Villas, a two member LLC that had originally developed the property, to sell the community in order to take advantage of the strong market for apartment investment …