PIQUA — The Miami Valley Centre Mall in Piqua appears to have found a new owner.
“The Miami Valley Centre Mall came under new ownership as of yesterday,” Piqua City Manager Gary Huff said during Tuesday’s Piqua City Commission meeting. “We’re hoping we’ll see some activity out there that may improve the mall.”
The new owner is reportedly Kohan Retail Investment Group (KRIG), based in Great Neck, N.Y. KRIG owns more than 20 malls across the United States. In Ohio, the company owns Chapel Hill Mall in Akron, Fort Steuben Mall in Steubenville, and Richmond Town Square in Richmond Heights, according to its website.
Representatives from Mid-America Management Corporation, the mall’s previous owner, or KRIG did not respond to requests for comment.
The founder and owner of KRIG is Mike Kohan. According to a report from the Chicago Tribune, Kohan “typically buys distressed malls or shopping centers out of bankruptcy or foreclosure.” According to Kohan Retail Investment Group’s website, “We see the future of aging malls as a community setting where entertainment, shopping, and food come together.”
KRIG also previously owned the Woodville Mall in Northwood outside of Toledo, which closed in December 2011 and was demolished in March 2014 due to code violations. According to the Toledo Blade, a Wood County Common Pleas judge closed the mall by a court order due to structural hazards in December 2011. The mall was permanently closed in 2012. Kohan, the reported owner of the Woodville Mall at that time, indicated he did not have the funds to pay for the repairs of the mall, according to reports from the Toledo Blade.
The Miami Valley Centre Mall, located at 987 E. Ash St., Piqua, opened in 1988. Mid-America purchased the mall property in 1993 for $17,500,000, according to the Miami County Auditor’s Office.
The mall has four anchor store spots, two of which are currently vacant. Its current anchor stores are JCPenney and Dunham’s Sports. Elder-Beerman closed in August 2018, and Sears closed in February 2019.
The mall property encompasses more than 47 acres with 504,691 square feet of space that is valued at $1,914,100, according to the auditor’s office.
The recent sale cost is currently unknown. According to the auditor’s office, the owner of the mall is still listed as MVM Center LLC, with a tax mailing address in Beachwood, the same address as Mid-America.
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