Kumo Capital, in partnership with Brait Capital, is proud to announce the acquisition and redevelopment of the former Richland Mall into the Ontario Center. This transformative project reimagines the traditional shopping mall as a dynamic, multi-purpose business incubator, designed to serve as a hub for e-commerce innovation, self-storage, and community engagement.
The Ontario Center (Ontario, OH) spans 427,461SF across two stories, with the first floor being primarily retail and the second floor undergoing conversion into modern self-storage units. Situated in a rapidly growing area, the property benefits from population increases and tenant migration driven by affordability pressures in nearby Cincinnati and Columbus.
The Ontario Center will be anchored by Avita Health Systems, JCPenney, and several other national tenants. It also boasts a number of additional diverse retail and service tenants spanning industries such as beauty, health, clothing, and food & beverage.
Redevelopment Strategy
The redevelopment plan is a comprehensive effort to modernize the property while maximizing its utility and appeal. Key initiatives include:
- Consolidating retail spaces to the mall’s front, enhancing visibility and foot traffic for tenants.
- Repurposing the second floor into state-of-the-art self-storage units, addressing strong demand in the market.
- Transforming the former Macy’s box into smaller units designed for recreational users, diversifying tenant offerings.
The project will be executed over a 24-month timeline, with strategic capital expenditures (CAPEX) aimed at optimizing tenant placement and unlocking value.
Upon completion, the Ontario Center is expected to exceed a valuation of $17.5 million, reflecting the significant impact of the redevelopment. This initiative underscores the effectiveness of Kumo Capital and Brait Capital’s investment strategy and commitment to transforming underutilized assets into high-performing properties.
