Queen City Lease also bought a vacant Kroger and the shopping center it is a part of for $9.2 million in a sale recorded July 24. The land and shopping center is along the 1000 block of South Main Street, also Ohio 48, near the intersection with Spring Valley Pike.
The sale of the land was recorded Oct. 25. The seller is Huber Management Corp., a locally based real estate management firm that still owns the retail strip in front of the land anchored by Restoration Hardware.
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The city of Centerville had a steering committee earlier this year that came up with a guiding vision for what the city would like to see for that shopping area corridor and land. The steering committee included representatives from Synergy & Mills Development, Huber Management and Kroger.
Rodney said the long range plan they came up with was for the area’s future development to have a mixed-use urbanized feel with more destination entertainment and more residential development.
An analysis performed by Market Metric$ as part of the effort indicated the market could support a limited amount of new retail, dining and entertainment. It said chronically high office vacancy rates throughout the southern suburbs indicate there wouldn’t be much demand for new office space at that location. The market study also found there is demand for more residential development
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