“National Amusements looked at the market and decided they didn’t need two theaters so close together,” said Nathan Cahall, Centerville’s economic development administrator.
Since that time the theater, which had been open for 18 years, has been on the market.
“It was $8 million,” he said. “Now it’s $3 million.”
Amy Holter of Anchor Associates, the firm marketing the property, confirmed that asking price.
She said it is a 14.5-acre lot, and the building is 48,123 square feet.
“It probably is a redevelopment opportunity,” Holter said. “There is great visibility and it is in a great location.”
“A few years ago they had some interest from the dealerships (on Loop Road), but they are probably glad they didn’t buy then,” Cahall added, referring to the economic climate.
Cahall said the site might be good for some sort of medical use — such as ancillary care, a medical office complex or assisted living — or could be the site of a larger combined commercial development.
“We also have had some discussions with some destination retailers,” he said.
Cross Pointe also saw The Stitching Post, one of its anchor stores, close last weekend.
City Manager Greg Horn said the loss of was unfortunate.
“These are challenging times,” Horn said. “It is unfortunate to hear about small businesses that aren’t able to survive. I hate to see this happen.”
Of its impact on Cross Pointe, Cahall said: “It was one of their larger tenants. It is a substantive loss, but not a catastrophic loss.”
Cahall noted that the center was built in the mid- to late 1980s and may be due for some maintenance, but he added that it has not experienced prolonged, long-term vacancies that have befallen a lot of strip centers.
“There is such a diversity of commercial users — medical office, restaurants, retail chains, etc. — in that center,” he said.
Contact this reporter at (937) 225-7325 or jikelley@DaytonDailyNews.com.
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