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Retail Report

Toledo retail marketview report Midyear 2018

Candidly, the results of the Reichle Klein Group midyear 2018 survey of the Toledo, Ohio, area retail space market were not as bad as we expected. Overall market vacancy actually dropped to 13.4%, though most of this drop is attributable to technical adjustments to the inventory explained later in this report. A total of 176,454 SF of negative net absorption was recorded in the first half of 2018, which is an improvement over the 405,689 SF of negative net absorption in the second half of 2017. Finally, and surprisingly, the average asking rental rate for the overall market increased $0.50 per square foot from endyear 2017 to $8.57 net.

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Hot Topics

Midyear survey provides somewhat unexpected positive results as vacancy rate drops
Average asking rental rate increases $0.50 per square foot
Little to no demand for big-box stores as many existing big-boxes get broken into smaller spaces or repurposed
"Retail" continues to evolve toward service and entertainment uses
No major retail projects in the works with new Kroger project currently on hold

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News & Information

Reichle Klein Group’s Investment Property Advisors Apartment Group Orchestrates $6.3 Million Apartment Sale

Reichle Klein Group recently coordinated the $6.3 million sale of North Towne Villas, a 145-unit apartment complex in Toledo, Ohio.

Reichle Klein Group Sells $2.2 Million Office Building

Reichle Klein Group recently coordinated the $2.2 million sale of an office building in Maumee, Ohio.

Reichle Klein Group Completes $1.025 Million Industrial/Flex Sale

Reichle Klein Group recently orchestrated the $1.025 million sale of an industrial/flex building in Toledo, Ohio.

Reichle Klein Group Arranges $5.2 Million Sale of Industrial Building

Reichle Klein Group recently orchestrated the $5.2 million sale of a single-tenant, net-leased industrial building in Toledo, Ohio.

Reichle Klein Group Orchestrates 26,586 SF Office Lease

Reichle Klein Group recently arranged a multi-year office lease for 26,586 SF in Maumee, Ohio’s Arrowhead Business Park.

Reichle Klein Group Orchestrates $1.65 Million Office Building Sale

Reichle Klein Group recently coordinated the $1.65 million sale of an office building in Maumee, Ohio.

Reichle Klein Group Arranges $2 Million Industrial-Building Sale

Reichle Klein Group recently orchestrated the $2 million sale of the former Champion Windows building in Maumee, Ohio.

Reichle Klein Group Arranges 98,000 SF Lease for Big R

Reichle Klein Group recently orchestrated the lease of a former Sears store in Findlay, Ohio.

Reichle Klein Group Brokers $3.968 Million Sale of Medical-Office Building

Reichle Klein Group recently arranged the $3.968 million sale of a medical-office building in Perrysburg, Ohio.

Reichle Klein Group Arranges $2.625 Million Sale of Former Auto Dealership

Reichle Klein Group recently orchestrated the $2.625 million sale of a former auto dealership in Toledo, Ohio.

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 f…

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 di…

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 vac…

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 the…

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 en…

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 cl…

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 p…