TOLEDO, OH-In a move to grab more market share in a blooming real estate market, iCap Realty Advisors – Michigan has opened a new office that will serve all of Ohio, including Columbus, Cleveland and Cincinnati. Jack Hahn, formerly a senior broker with a national mortgage company in Boca Raton, FL, will be the director of the new office.

Hahn tells that his main goal right now is to tap into the growing retail market in Ohio. “There’s some deals in the hopper, but nothing we can specifically mention right now. We’re talking with several companies about some retail deals. There are a few retail constructing projects in the market.”

Bob Leonard, senior director of the Farmington Hills, MI-based Michigan office, says Ohio was a natural extension of the Michigan office, which is a subsidiary of the main iCap firm based in Woodlands, Texas. The entire company originated more than $2.3 billion in commercial real estate loans in 2006, while the Michigan office handled about $400 million. About 60 percent of the firm’s deals have been outside of Michigan, Leonard says. “Ohio is such an important market for us, it’s right next door, and we felt it warranted us having an active presence to call on the major companies there,” he says. “Our Michigan office is doing well, even the state is holding up fairly well. You hear the horror stories, but the cap rates are higher, and you have out-of-state firms coming in to buy property.”

The company is on a growth tear, as it opened a new Grand Rapids, MI office in March. David Brockmyre is the director of that office. In December, the company closed almost $52 million in three transactions on behalf of two different borrowers in the Grand Rapids area, including the 360,000-sf Waters Building and the 150,000-sf International Paper industrial/office facility.

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