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Published: Tuesday, March 13, 2018 @ 11:29 AM
Washington Prime, the owner and operator of two local malls, has acquired four Sears properties.
Washington Prime, which owns the Mall at Fairfield Commons and the Dayton Mall, has signed an agreement to acquire four Sears department stores and four adjacent Sears Auto Centers for $28.5 million. The acquisition is expected to be completed in the second quarter of 2018.
The Sears properties are located at the following centers: Longview Mall, located in Longview, Texas; Polaris Fashion Place, located in Columbus; Southern Hills Mall, located in Sioux City, Iowa; and Town Center at Aurora, located in Aurora, Colorado. No Dayton area properties have been affected.
» TRENDING NEWS: Toys ‘R’ Us reportedly preparing to close all stores
Washington Prime will now have control of these properties for future redevelopment. Sears will continue to operate under new leases with the company. Aggregate base rent under these leases is approximately $1.25 million, the company said in a statement.
“Sears will continue to operate these locations for a period of time that provides us with a suitable timeframe to evaluate the best adaptive reuse,” said Lou Conforti, CEO and director of Washington Prime.
In the event Sears decides to no longer operate these locations, the company will have the right to terminate the applicable lease upon thirty days’ prior written notice, Washington Prime officials explained.
» TRENDING RETAIL NEWS: Macy’s outlet store to open at shopping center in Dayton area
Washington Prime reported its financial and operating results for the fourth quarter and fiscal year 2017 last month. Lou Conforti, CEO of Washington Prime, said it is “overall melodramatic to describe our sector as frenetic and volatile. Most importantly, it’s evolving,” he said.
The Columbus, Ohio-based real estate investment trust said it had funds from operations of $96.6 million, or 44 cents per share, in the period. The company said it had net income of $50.2 million, or 27 cents per share.
FIVE FAST BUSINESS READS
Published: Thursday, June 14, 2018 @ 1:42 PM
Updated: Thursday, June 21, 2018 @ 8:20 PM
DAYTON — UPDATE @ 8:20 p.m. (June 21):
An autograph session is canceled with members of the U.S. Navy’s Blue Angels team Friday morning at the National Museum of the U.S. Air Force. The cancellation was necessary so the team can practice after recent heavy rains grounded their jets, according to a museum spokeswoman.
For the first time since 2014, the Navy’s Blue Angels are set to perform at the Vectren Dayton Air Show on June 23-24 at Dayton International Airport.
Here are five things to know about the team:
PLANES: The team flies six blue and yellow F/A-18 Hornet jets as close as 18 inches apart in aerial formations. The team has flown the Hornet jets for three decades, the longest of any aircraft in its 72-year history.
HOME BASE: The Blue Angels team is based in Pensacola, Florida, but flies winter training missions at Naval Air Facility El Centro, California between January through March every year to prepare for the show season.
TEAM LINE-UP: The team has more than 130 active-duty sailors and Marines, including six naval aviators and a narrator who is also a pilot.
SHOWS: The Blue Angels will fly at more than 30 air shows in the 2018 season.
AUTOGRAPHS: The team is set to sign autographs from 8:30 a.m. to 9:30 a.m. Friday, June 22 at the National Museum of the U.S. Air Force.
MORE QUICK READS
Published: Thursday, June 21, 2018 @ 10:34 AM
Dayton — A new study on potentially dangerous substances found in water is coinciding with the city of Dayton’s own recent findings in a startling coincidence.
Paul Buszka, a supervisory hydrologist with the U.S. Geological Survey in Indianapolis, pointed to the release Wednesday of a draft study about the risks posed by PFAS substances (polyfluoralkyl) from the federal Agency for Toxic Substances and Disease Registry.
The study lowers the level at which no harm would be expected into the single digit parts-per-trillion (ppt) range.
According to the study, the proposed “minimum risk levels” of PFAS equate to about 7-ppt and 11-ppt for two compounds.
Those levels are close to levels of similar compounds found in local water this year.
Dayton and Montgomery County have been sending customers notices with the results of recent testing of treated water leaving the city’s Ottawa Water Treatment Plant. The results of March testing show PFAS detected at a level of 7 to 13 parts per trillion.
Experts are reacting to the new study carefully.
“If you’re getting close to those levels — and again this (draft study) was just released — just the idea that those compounds are present is a reason for people to sample and to understand the extent of the issue better,” Buszka said in an interview. “That’s probably as far as I would go with it.”
He referred further questions to the Ohio Environmental Protection Agency.
“Ohio believes strongly WPAFB needs to be more proactive to address PFAS at its source before this contamination can impact additional drinking water wells (either Dayton’s or WPAFB’s). Ohio EPA continues to focus on ensuring Dayton’s and WPAFB’s drinking water wells remain below the current U.S. EPA health advisory level in both water systems,” according to a statement to this news organization.
A new study lowers the acceptable level of chemicals found in water uncomfortably close to Dayton's own levels. https://t.co/AEQGzak2H5— DaytonB2B.com (@daytonb2b) June 21, 2018
“Looks like the lower exposure levels may be of concern, although I have not had time to read carefully, only skim,” said Rita Loch-Caruso, a professor of toxicology and water expert at the University of Michigan.
“So what advice to give? It is hard to say without a more careful review,” Loch-Caruso added.
U.S. Rep. Mike Turner, R-Dayton, applauded the release of the draft findings Thursday.
Published: Thursday, June 21, 2018 @ 11:29 AM
SPRINGBORO — The final touches are about to be put on intersection improvements at Springboro’s central crossroads, and the city council is scheduled to consider voting to set up a special taxing district diverting revenues from the redevelopment of the northwest corner.
More than $20 million is being spent on the two projects expected to totally make over the area around the intersection of Ohio 73 and Ohio 741, Central Avenue and Main Street in Springboro.
“Weather permitting, work will begin on the crosswalks on Monday, June 18, and should last 4-5 days, as long as Mother Nature cooperates. Traffic will be maintained and the intersection will remain open; however, with worker safety being of utmost importance, some lanes may be shut down as work is being done,” the city said in a message emailed this morning.
The delivery is actually expected next Monday, June 25, and the work done by the end of next week.
Tonight, Springboro City Council is scheduled to consider approving legislation establishing a 10-year, 100 percent tax incremental financing (TIF) district for the northwest corner. That is where Mills-Barnett Development has agreed to spend $10 million on a commercial development anchored by a $3.5 million Springboro Center for the Performing Arts and $3.7 million in roads and other infrastructure.
“However, this TIF will make the Springboro Community City Schools and Warren County Career Center (WCCC) ‘whole’ from a property tax perspective. Meaning, the schools will receive every property tax dollar earmarked for the schools and WCCC from future development that they would have received before the TIF was created,” City Managger Chris Pozzuto said in a memo to council.
A map attached to the legislation indicates the area included in the TIF redevelopment area includes a small piece of land on the southwest corner where a Speedway station-convenience store previously was located and a larger L-shaped parcel on the northeast corner where a service station, carpet store and pizza parlor were located before the land was purchased by the city during the intersection improvement project.
The city has already spent $10 million on the intersection redesign and acquisition of the former Springboro IGA Plaza on the northwest corner. Pozzuto said it plans to use a rebate from money committed to the intersection to fund infrastructure for the redevelopment of the corner.
Published: Thursday, June 21, 2018 @ 3:46 PM
Dayton — For one of the Miami Valley’s newest manufacturers, the building is over and the work begins.
Actually, much of the building still remains for new Englewood auto supplier Hematite, which had an open house at its new Lau Parkway facility Thursday. And in a sense, the work really began with a groundbreaking last June.
Hematite has invested $14 million into its 106,000-square-foot production site and expects to invest another $5 million by 2020.
The Canadian-owned company uses recycled materials to treat vehicle under-bodies and craft acoustic components that affect how much noise penetrates a vehicle. The business also makes air- and water-management parts.
Eighteen Englewood employees today work to supply Toyota with parts. By 2021, the Hematite facility should have about 100 employees serving North American customers.
“Supplying the auto industry is not an easy task,” said Jacques Nadeau, Hematite chief operating officer.
The company considers itself an environmental champion, using materials that might otherwise have ended up in a landfill.
“The environmental aspects of our industry are not something we can forget,” said Jonathan Bridges, director of automotive for JobsOhio, the state’s private development corporation.
A new local auto parts supplier is a big deal. Though the Dayton area is no longer home to a full vehicle assembly plant and a cohort of Delphi plants — in the late 1990s, the area at one point had some 15,000 Delphi workers — the Dayton Development Coalition and Montgomery County officials have pursued deals with foreign transplants and domestic companies that make parts, such as Fuyao Glass America, which has 2,300 employees in Moraine.
“The Dayton region likes to make things,” Julie Sullivan, vice president of development for the coalition, said at Hematite’s groundbreaking last June. “We always have. And we’re good at it. “
In 2017, Montgomery County commissioners approved $400,000 to Englewood to assist in the plant’s building.