DAYTON, OH- Cohen Real Estate just announced that the owner of Alex Bell Plaza in suburban Moraine has put the 77,000 SF retail center up for sale. Michael Cleeman, the vice president of the New York-based firm expressed confidence that the $5.8 million price tag, and the Kroger's grocery store just next door, will attract potential buyers.
“Any time you have a Kroger's with an extremely high sales volume as a shadow anchor it's an attraction,” said Cleeman, who will lead the effort to sell the property. “No matter what happens with the economy, people need to eat.” Alex Bell actually shares a wall with the 60,000 SF Kroger's store, which also includes a pharmacy and liquor department. Current plaza tenants include national retailers Family Dollar, Rent-a-Center and Dollar General. A 194,000 SF Meijer's Supercenter sits across the street.
The plaza does have a significant amount of vacant space, but Cleeman said it presents any new owner with an opportunity. The previous tenant left just a couple of months ago after getting bought-out and undergoing a consolidation. And “the owner is willing to master lease the 30,000 SF of vacant space at half the current rental rate and will put the money into an escrow account.”
"I think all [potential investors] would be interested in this."
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
