Properties Magazine February 2017 : Page 30

FINANCIAL STRATEGIES Smart use of fiscal planning & action Deal or No Deal requent readers of this column will know that I’m a child of the 1970s. Things seemed a lot simpler back then for kids; there was no internet, no video games and cable TV was still in its infancy. As a result, most of my weekday mornings during the summer were spent in front of the TV watching one of three channels – ABC, NBC or CBS. But it was great, as the 1970s was also the golden era of TV game shows. It didn’t matter to me if contestants were spinning the big wheel or trying to avoid the whammy or match-ing wits with Charles Nelson Reilly – I loved them all. F ALEC J. PACELLA Some recent real estate sales remind me of the treasured games shows of my youth. To see which ones, and how, read on. The deal: Severance Town Center This 620,000-square-foot retail power center originally opened in 1963 and held the distinction of being Ohio’s first fully enclosed regional mall. The prop-erty was also one of the first in Ohio to be “de-malled,” characterized as a par-tial demolition and repositioning as a traditional open-air center, in the late 1990s. Wal-Mart, Home Depot, Top’s supermarket, Marshalls and Regal Town Cinemas were introduced as new anchors as a part of this repositioning effort. Upon completion, the center was sold in April 2004 for $54 million. Facing growing competition from nearby Legacy Village, which opened in 2003, and Oakwood Commons, which opened in 2013, the center eventually lost Wal-Mart, Borders and Regal Cinema. It ultimately fell into receivership in 2013 and was sold again in May 2016, this time for $10.5 million. The game show: Press Your Luck Despite losing many of its anchor tenants and having a vacancy rate hovering around 40%, Severance has several things going for it. Home EDUCATIONAL EQUIPMENT Serving Cleveland and Northeast Ohio Since 1936 We are specialists in: • Operable Panel Partitions • Accordion Doors • Chalk/Marker Boards • Bulletin Boards • Trophy & Display Cases • Signage • Directories SALES INSTALLATION SERVICE 845 Overholt Rd., P.O. Box 154, Kent, Ohio 44240 — Phone (330) 673-4881 Fax ((330) 673-4915) 30 Properties | February 2017

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