In The News

Property group purchases West Chester shopping center

January 28, 2014  |  West Chester Billiards Centre

Journal News


A New York-based commercial property owner/management company recently started its Ohio portfolio with two multimillion dollar deals, one of them here in Ohio’s largest township.

West Chester Centre at 6062 West Chester Road in West Chester Twp., is half vacant and well worth the investment, according to Robert Shasha, president of The Cotswold Group, which owns properties in five states on the east coast — New York, New Jersey, Pennsylvania, South Carolina and Virginia.

The building, which sold for $6.2 million in 2007, was bought by The Cotswold Group for $2.1 million in December, according to the Butler County Auditor’s Office.

“We feel like it’s a growing area and under our acquisition criteria we buy high-quality lemons to turn into lemonade,” Shasha said. “This one seems to have met our criteria. Seems like it would have good upsides and it was at a down point in the down cycle.”

The retail center includes a 3,000-square-foot Skyline Chili, as well as approximately 15,000-square-feet occupied by Bella Vino Wine Merchant and Bar, J. Gumbo’s, Bajon Salon & Spa, Phelan Insurance, Nutrishop, Phelan Insurance and Minuteman Press. About 15,000 square feet is vacant, Shasha said.

“We’re focused on service tenants and we’re dealing with several of them right now who are interested in space there,” Shasha said. “We’re looking for good retailers who would like to join us. It’s a great location.”

Shasha said he likes the Cincinnati area market, in general, and is interested in pursuing other developments here.

“I feel like it’s a diversified market with several large companies and institutions,” he said. “It’s a prosperous area with a well-educated workforce.”

The Cotswold Group closed last Friday for an undisclosed sum on Tri-County Commons, a 244,000-square-foot shopping center on Kemper Commons Circle, just south of Interstate 275 in Springdale.

Formerly anchored by Walmart, the site is now anchored by a Home Emporium. Built in 1994, the center also includes HH Gregg, David’s Bridal, Guitar Center, Five Guys Burgers and Fries and Furnish 123.

Sam’s Club is the center’s shadow anchor, owning its own property and parking lot, Shasha said.

About 42,000 square feet of the shopping center is vacant, he said.

“We like to start slowly, so we bought a smaller property (in West Chester) at first and we bought a larger one now,” Shasha said.