A Fairborn shopping center largely vacant since losing a Kmart several years ago has been sold for $3 million, Greene County records show.
The 9.5-acre Fairborn Five Points Shopping Center, the site of a planned 600-unit indoor self-storage facility, has been bought by Cobblestone Capital of Bowling Green, Ky., according to the county auditor’s office.
Cobblestone Capital purchased the site at 224 E. Dayton Yellow Springs Road last month from Gator Five Points Partners, which bought it for $2.1 million in 2007, according to county records. The site is at the Beaver Valley Road intersection, about three-fourths of a mile west of I-675′s Exit 20.
Five Points Plaza was built in the mid-1970s, records show.
Phone messages left with Cobblestone Capital on Monday were not immediately returned.
The former Kmart that closed in 2014 had been the site of a proposed U-Haul facility for much of that location, according to city records. That plan was scrapped after the “initial buyer fell through,” Fairborn Assistant City Manager Mike Gebhart has said.
It is now the focus of a planned 84,180 square-foot Storage Sense facility. The city in May approved a plan for the 607-unit indoor facility.
Cobblestone CEO Zach Williams earlier said in a letter to the city that the storage facility would include a drive through and “will be well managed and secure. We have recently completed a similar project in the neighboring Dayton area.”
No more Fairborn legislative approvals are necessary for the Storage Sense plan, according to city planner Kathleen Riggs.
It would require zoning and approval of other plans, she said in an email. Riggs said it is her understanding that work will start on parking lot improvements after the city signs off on building plans, likely this fall.
Storage Sense caters to clients interested in business, residential and vehicle storage, according to its website. It has more than 100 locations in more than 20 states.
The Fairborn business will have 530 units on the first floor and 77 on a mezzanine, Gebhart has said. There will be “no outdoor storage or truck or trailer leasing” in the parking lot, he added.