Steven Bullock - Richland Mall - EDITED 10-7-2018-05859 (2) Jodi Scott (1)

Steven Bullock - Richland Mall - EDITED 10-7-2018--57 Jodi Scott

The Ontario Center

Ontario, OH

Active

Kumo Capital, in partnership with Brait Capital, has acquired and is redeveloping the former Richland Mall into the Ontario Center. This initiative aims to convert the traditional shopping mall into a dynamic, multi-purpose business incubator with a focus on e-commerce and self-storage. The Ontario Center is intended to serve as a vibrant hub for both business innovation and community engagement.

Property Highlights

The Ontario Center is 427,461SF on 19.6 Acres

Overview

Outside of the big box units, the property is two stories. The first floor is primarily retail while the second floor will be turned into self-storage
The location of the Ontario Center benefits immensely from rapid population growth and tenant migration caused by spillover from the more expensive Cincinnati and Columbus markets

Tenant Mix

The property is anchored by Avita Health Systems, JC Penny, and several other national tenants
There are currently 45 retail/service tenants from a wide variety of industries including beauty, health, clothing, food & drink, and many more
All except 18 of the small shop spaces are currently occupied

Overview

The asset was acquired for significantly below replacement cost, presenting a unique opportunity for value creation. Through a targeted redevelopment strategy, the team plans to transform the property into a high-performing asset by implementing strategic capital expenditures (CAPEX), optimizing tenant placement, and repurposing underutilized spaces.

Retail spaces will be consolidated to the front of the mall to enhance visibility and tenant appeal
The undesirable second floor spaces will be transformed into modern self-storage units
The former Macy’s box will be split into several smaller units, catering to multiple recreational users
The entire redevelopment is projected to be completed within 24-Months

Upon project completion, the property valuation is expected to increase significantly, exceeding $17.5M. The growth in value here underscores the transformative potential of the redevelopment and the strength of the investment strategy