Fifth Third Center building auctioned off, winner bidder not named

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

Questions were left with a local business that may have participated in the auction.

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

Chris Riegel, founder of Dayton marketing technology firm 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.

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 said he did not know who the highest bidder was.

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. He spent 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.

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