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KETTERING, OH-A Woodland Hills, CA-based investor has purchased Kettering Towne Center for $13.97 million, or about $67 per sf. The seller, a Dayton-based partnership, had owned the 207,000-sf retail center at 2000 E. Dorothy Lane for 21 years.

Bart Weprin of Sperry Van Ness in Cincinnati says the property drew three offers from buyers across the country. Kettering Towne Center, which is 97% occupied, sold for 99% of its list price and at a cap rate of 8%. Weprin, who represented the seller in the transaction, says the property was under contract two months after it hit the market. Polly Johnson, of Sperry Van Ness in Los Angeles, represented the buyer.

Originally built in 1963, Kettering Towne Center was reinvented and upgraded after a new mall opened nearby about 10 years ago, according to Weprin. At that time, the existing center morphed from a mall with upscale tenants to a service-oriented center. The current tenant mix includes an 82,000-sf Bon-Ton/Elder Beerman, a 23,000-sf Sears Hardware, and a 17,000-sf tech school, as well as Chase Bank, Hallmark, Subway, Dairy Queen, and Radio Shack.

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