The Fifth Third Center sits at the southwest corner of Main and Third Streets in downtown Dayton. The building was constructed in 1989. LISA POWELL / STAFF

JUST IN: Riegel, Cross Street jointly bid on Fifth Third Center

An auction concluded for the Fifth Third Center building in downtown Dayton last week, but there has been no information offered yet on the winning bid.

Christian Rahe, an associate with real estate firm CBRE, declined to comment when asked about the auction recently, but he said he may have more to report at a later time.

A web site detailing the auction lists the property as “sold subject to.” A 30-day closing period follows the auction. The auction took place from 11 a.m. Nov. 4 to 12:20 p.m. Nov. 6.

Chris Riegel, founder of Dayton marketing technology powerhouse Stratacache — and an increasingly busy downtown property investor — told the Dayton Daily News that he partnered with Dayton Arcade developer Cross Street Partners in jointly bidding for the 343,236-square-foot class A office building at 1 S. Main St.

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But Riegel said he and Cross Street stepped away from bidding when prices reached a certain point. He declined to say what that point was, and he said he did not know who the highest bidder was.

Recall the Riegel has done far more than run Stratacache in recent years. In January, he also bought the former Kettering Tower — downtown Dayton’s tallest building, now called “Stratacache Tower” — as well as the Courthouse Plaza building last December, spending close to $15 million total for both buildings, not counting planned investments into those buildings.

The Fifth Third Center is about 38 percent occupied with about 212,000 square feet of available space ready for lease, states a Real Insight Marketplace web site detailing the auction.

We’ll continue to watch developments.

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