Fifth Third Center sells for $10 million

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
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

The Fifth Third Center downtown has sold for $10 million, one of the investment sales brokers involved in the deal said Monday.

RLR Investments LLC, the property investment company associated with Wilmington-based trucking company R&L Carriers, bought the building from One South Main Street Holdings LLC.

Adam Sklaver, a sales broker with real estate firm CBRE, confirmed the transaction. He believes capital improvements to the building at 1 S. Main St. are a possibility.

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“It’s looks like a well funded buyer that probably has a good idea of what they want to do with the building,” Sklaver said.

Set on the block between Main and South Ludlow streets, the Fifth Third Center building was on the auction block in November. The starting bid was set at $2.25 million.

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The 343,236-square-foot class A office building is about 38 percent occupied with about 212,000 square feet of available space ready for lease.

Chris Riegel, founder of Dayton marketing technology powerhouse Stratacache — and an increasingly busy downtown property investor himself — told the Dayton Daily News after the auction that he partnered with Dayton Arcade developer Cross Street Partners in jointly bidding for the property. They stepped away from bidding after bids reached a certain amount, he said at the time.

One South Main Street Holdings LLC — linked to to CW Capital Asset Management in Bethesda, Md. — bought the building in January 2018 for $12.5 million from Ducru Spe LLC, along with associated parcels. The building had been mired in a foreclosure process the previous year.

Early last year, a trust for Ralph L. “Larry” Roberts II, of the family that founded R&L Carriers, purchased 13.9 acres of land off Springboro Pike for $1.1 million. The parcel was east of Ohio 741 near where interstates 675 and 75 meet in Miami Twp..