XENIA — There may be some “new life” coming to a shopping center here as West Park Square has been purchased by BC Wood Properties of Lexington, Ky.
The company bought the retail area, which is approximately 105,000 square foot and is the location for the Xenia Daily Gazette, Fairborn Daily Herald, Beavercreek News Current and Sugarcreek Bellbrook Times office, for $4.2 million from Equity Investment Group.
West Park Square was one of five properties sold by EIG to BC Wood Properties. Other properties were Maplecrest Plaza in Kokomo, Ind., Pershing Plaza in Decatur, Ill., Southwood Square in High Point, N. C., and Time Corners in Fort Wayne, Ind.
“We liked the upside (of West Park Square),” King Offutt, president and chief operating officer of BC Wood Properties, said. “We like the Dayton MSA (Metropolitan Statistical Area).”
Offutt said BC Wood has closed on the five properties listed above along with three others that will be closed on in January.
“It was kind of we were interested in buying one shopping center and that grew and grew and we’re buying eight,” Offutt said. He added that more than $1 million has been budgeted for improvements at the Xenia location.
“That’s what we have budgeted, but we’re in negotiation with some big, national chains and some of that budget will go to make some areas more usable for those potential clients,” he said. “Some possible tenants will also require some facade work, too.”
Offutt said that since negotiations were ongoing, he could not reveal the businesses involved.
He did say that the plan for a “right in, right out” ingress/egress from the shopping center to West Main Street (U. S. 35) is still in the works and that the Kroger fuel center is also still in consideration.
“That is part of the ‘right in, right out’ plan,” he said.
Work on the shopping center will begin in the spring with parking lots.
“We would start earlier but the asphalt companies are mostly closed down for the winter,” he said. “But we’ll be redoing the lots and new striping and so on.”
Offutt said BC Wood has been in business since 1994.
“We’re a ‘buy & hold’ company, not a ‘buy & flip’,” he said. “We don’t come in and buy a place just to resell it for a profit as quick as possible. We’re in it for the long term.”
Contact William Duffield at email@example.com or at 372-4444 ext. 133.