A University of Dayton limited liability corporation has purchased the land that a popular strip mall sits on near campus for more than $2.6 million, Montgomery County property records show.
UD’s East Aqua Development II LLC purchased two parcels of land, one from Fred Gagel and another from Catherine Anderson on Wednesday, according to property records. UD paid $1.3 million for each property which combined cost the school $2.6 million.
UD already owned University Place, which has several street-level shops and second floor apartments, but did not own the land the building sits on, UD spokeswoman Cilla Shindell said.
Until Wednesday, the university had been leasing the land the strip mall sat on, Shindell said. UD partnered with Miller-Valentine Group to develop University Place in 2007.
The shopping center houses Arby’s and several other restaurants including Zombie Dogs and BIBIBOP Asian Grill. The university also has a UD-themed store in the strip mall called Flyer Spirit.
The building also has 21 studio apartments, 25 single bedroom apartments and two two-bedroom apartments all for students, according to the university’s website. UD runs the building’s apartments, according to the school’s website.
The purchase comes less than a year after UD announced it planned to purchase the Montgomery County Fairgrounds with Premier Health.
"The mixed use of University Place for retail and graduate student housing has been an excellent investment for the University as well as a positive impact on the Brown Street business district. This acquisition ensures our joint venture with Miller Valentine can continue to manage it effectively," UD officials said in a prepared statement.
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