“We do value-add projects...typically either half vacant or they are in need of renovations, and once we renovate them, we typically get them (to) full occupancy,” he said.
Russ was an unusual acquisition for Zenkevicius and his partner Rafik Moore, he said, as it had more office real estate than their typical projects.
“We’re not necessarily an office buyer, but it was also sort of leaning towards the flex space or industrial space, because in the past, it had a lot of lab space,” he said. “So in a sense it fit more or less in our box.”
The 60-acre industrial park has eight buildings, and when acquired from Ohio University, was at roughly 50% occupancy, Zenkevicius said. Acquired for about half a million dollars, and with an investment of $2 milllion, the center is now just shy of a roughly 90% occupancy rate, Zenkevicius said. However, the firm plans a total renovation investment of between $3 million and $4 million by the end of this year.
“It’s been great, actually, in the last year,” he said. “We’re pretty much halfway in our project. Within a year, we are expecting that to be full and vibrant center.”
Additionally, Zenkevicius and his colleagues have long-term plans for new construction at the site, based on demand.
“There are tenants who are looking for new, modern, tall-ceiling buildings on that site, including our existing tenants. So that would be our plans for the next three years,” he said.
Russ was opened up to a swath of additional potential uses, including office and co-working space, veterinarians, wholesalers, and even gyms and art galleries, after a rezoning last month. Traditional retail, however, is still mostly off the table.
Current tenants include science, technology and engineering firm KBR, higher education group SOCHE and engineering-manufacturing firm QQE, per documents from the township. But the center is also home to a gym and dance studio, as well as the Greene County Youth Robotics Club.
The Brait Fund is also one of two companies behind the Piqua Center, formerly the Miami Valley Center Mall in Miami County. The Brait Fund and RCS construction acquired the 60-acre former mall, which formerly boasted a Sears, Elder-Beerman, and JCPenney.
In the years since Brait acquired the Piqua Center, also in late 2023, the company has shifted its focus from traditional retail, to equal parts retail, warehouse or “business incubator” space, and the third as food and entertainment.
The Piqua Center has one remaining anchor tenant in Dunham’s Sports. Two of the other anchor tenant spaces have been subdivided into smaller units, which now serve as “flex space” or warehouse space for local e-commerce businesses.
The Piqua Center also opened a trampoline park in its entertainment area, and plans to welcome pickleball courts later this year.
“Our thesis is that those malls — typically in this country — are in probably the best locations in town,” Zenkevicius said. “In the 2000s, that retail got to be disrupted by Amazon, and that traffic is no longer there for retail. But at the same time, that space has to be repurposed, because typically in communities, if you see, there’s not enough entertainment space or maybe it’s far too expensive... So right now, since those properties are dropping value, it becomes economically feasible.”
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