Kettering shopping center sold in auction

Credit: DaytonDailyNews

Caption
Kettering Towne Center on East Dorothy Lane to be auctioned off

Credit: DaytonDailyNews

Mark Fornes, a Dayton-area commercial real estate agent, is the apparent high bidder for a Kettering shopping center, Fornes said Thursday.

Fornes said he was the high bidder for the Kettering Towne Center, but he cautioned that a purchase of the property is not yet final.

“We’re buying it as an investment property,” Fornes said. “One of our company’s functions is, we have an investment arm and we develop property and we make acquisitions. So it will be an acquisition for our investment group.”

He declined to discuss the bid offered until the purchase is official. But he said his group has ideas on how value can be added to the property.

“We see an upside potential,” he said.

The Kettering Towne Center shopping center at East Dorothy Lane and Woodman Drive was the subject of the auction.

RELATEDKettering shopping center up for auction

Realinsight Marketplace and NAI Farbman made the retail-and-restaurant property available via auction. With 213,324 square feet, the site’s current occupancy is just over 80 percent, the firms said.

“Anchored by Elder-Beerman, a diversified rent roll including Chase Bank, Penn Station, Dairy Queen, Dollar Tree, Great Clips, Subway and Sprint/Radio Shack, provides a great tenant base to build upon,” the two firms said in a property description.

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