Zoning, Leasing, Financing and Sale of Office Building
Dinsmore & Shohl represented Jeffrey R. Anderson Real Estate, Inc. with respect to the acquisition, development, zoning, leasing, financing and sale of Rookwood Tower in the City of Norwood, Ohio.
Commercial Foreclosure / Forbearance Agreement
We represented a national life insurance company with a defaulting mortgage loan in southwest Ohio. We filed a foreclosure action and obtained the appointment of a receiver shortly thereafter. When the borrower threatened bankruptcy, we negotiated and drafted a forbearance agreement. The borrower resumed making payments approximately three months after the filing of the foreclosure. Notably, the forbearance agreement ensures a quick foreclosure if the borrower should default again.
Represented the Design Builder of a Medical Office Clinic
Served as project counsel to a design-builder for the development of a medical office clinic location for The Mayfield Clinic in Green Township, Ohio. Representation included performing due diligence activities, evaluating and resolving title issues, obtaining title insurance through Mercantile Title Agency (Dinsmore’s wholly owned title agency), structuring and closing on the property acquisition, negotiating cross access and utility easement agreements, negotiating a build to suit lease agreement, negotiating construction financing and obtaining governmental approvals.
Development of Non-Profit Community Health Center
Served as project counsel to a non-profit health care provider for the development of its new $5.25 million community health center located in the West End of Cincinnati. Representation included securing federal grants and community development financing to facilitate the project, site selection services to ensure compliance with federal grant requirements, coordinating due diligence, title services to clear over $150,000 in liens from the property, negotiation with the City of Cincinnati to obtain a release of over $250,000 in additional liens burdening the property, structuring and closing on property acquisitions, negotiating construction contracts, obtaining governmental approvals, leasing out portions of the completed facility in accordance with Stark Law and HIPAA requirements and obtaining real estate tax exemption for the completed project.
Real Estate Tax Valuation Reduction
Represented the client in the filing of a Board of Revision complaint to contest the Hamilton County Auditor’s valuation of commercial real estate property and in a hearing held by the Board of Revision regarding such complaint; achieved a 92% reduction in the taxable value of the property.
Real Estate Tax Valuation Reduction
Represented the client in the filing of a Board of Revision complaint to contest the Preble County Auditor’s valuation of commercial real estate property originally valued at over $8 million and in a hearing held by the Board of Revision regarding such complaint; achieved a 73% reduction in the taxable value of the property.
Acquisition of 400,000 Square Foot Lifestyle Center in South Florida
A nationally recognized lifestyle developer turned to Dinsmore when it sought to purchase a 400,000-square foot lifestyle center in South Florida near the I-75 corridor just southwest of Fort Lauderdale. An affiliate of Duke Realty was seeking to divest itself of retail holdings as part of its asset allocation strategy. Serving as buyer’s counsel, we first structured a joint venture on behalf of our long-time client, Jeffrey R. Anderson Real Estate, which together with a Heitman real estate entity, served as the buyer of the center, known as the Shops at Pembroke Gardens. Next, on behalf of the joint venture purchaser, we handled the real estate components including managing the due diligence and the closing of the transaction, as well as negotiating and drafting the purchase contract, various ECR and escrow agreements. Years earlier, Dinsmore had been responsible for the initial lease-up of the center and successfully negotiated leases with a variety of desirable lifestyle tenants, such as Sur La Table, White House/Black Market, Ann Taylor, Talbots, bebe, Z Gallerie, Chicos, BCBG, Barnes & Noble, Sephora, DSW, Victoria’s Secret, and Brio and Brimstone restaurants. Our extensive experience in serving as project counsel for lifestyle and shopping center projects throughout the country ensured that the buyer was able to proceed in an efficient and timely manner, thereby ensuring the achievement of its transactional objectives.
Representation of A Prominent Real Estate Developer in Multiple Lifestyle and Mixed Use Projects
We have represented Jeffrey R. Anderson Real Estate, Inc. in a wide variety of projects, serving as project counsel with respect to more than $500 million worth of real estate projects, comprised of retail, restaurant, office, hotel and apartment uses. We have advised the client on land use and entitlements for projects throughout the country, worked to secure financing and create ownership structures, counseled on all facets of development and construction, handled leasing for all varieties of retail and office centers, and handled the sale of centers upon the client’s request. Along the way, we have worked with numerous governmental entities to resolve infrastructure issues vital to our client’s projects, such as zoning, access and utilities. Among the projects we have worked on include Rookwood Commons in Ohio, where Brownfield sites were redeveloped, and we facilitated the issuance of a Covenant Not to Sue from the Ohio EPA. Overall, we have worked with the client on projects in Illinois, Kentucky, Michigan, Minnesota, Ohio, Florida, South Carolina and Pennsylvania.