Scott Fitzpatrick, president of Dressler Properties, Inc., has acquired a majority interest in the 250,000-square-foot retail center, Springbrook Plaza, at 4215 Whipple Ave.NW.
Over the years, Scott Fitzpatrick, Stark County born and raised, has invested heavily in the area’s growth.
Now the Jackson Township-based Fitzpatrick, president of Dressler Properties, has acquired a majority interest in Springbrook Plaza, the 250,000-square-foot retail center at 4215 Whipple Ave. NW, home to Pat Catan’s, OfficeMax and Planet Fitness, among others.
Interestingly, he is the first local owner of the plaza built in 1989 for just under $11 million, according to the county auditor’s website. In January 2003, it was sold for $11.5 million.
Fitzpatrick bought the plaza from a limited partnership in Delaware.
The deal was closed recently and he is keen on “bringing the center back to life. It is a great location with great exposure.”
Tom Jackson, president of Tom Jackson Commercial Real Estate, also based in Jackson Township, represented Dressler Properties in the sale. Negotiations, Jackson said, began in June 2012. Space in the plaza will be marketed by Jackson together with Elaine McCrimmon, Fitzpatrick’s retail agent.
“Scott’s going to be extremely competitive on rate and terms and we can accommodate almost any user,” Jackson said.
Available contiguous space could range from 2,000 to 60,000 square feet, Fitzpatrick said, who declined to reveal his majority investment figure. There also is one outlot available for a new build.
The plaza once housed a Circuit City store.
“I think it would make a wonderful spot for a big box store from high end to discount or a furniture store,” Jackson said. “Part of it could be redeveloped into medical space. The options are wide open.”
The now-closed Outback Steakhouse property on an outlot there is chain owned.
No major exterior changes are planned, Fitzpatrick said, but the plaza will be cosmetically upgraded with fresh paint, landscaping and parking lot improvements.
Dressler Properties also owns the buildings housing GE Capital, Brown Mackie College and Ohio Heart Care. The family-owned Fitzpatrick Enterprises owns Thursday’s Plaza, also in Jackson Township, and various warehousing facilities.
Fitzpatrick has been busy. He just sold the remaining retail center — the 111,000-square-foot Home Depot — in the first phase of his 100-acre Jackson Township development bounded by Applegrove and Frank roads NW.
A real-estate investment trust in Arizona was the purchaser.
“There are 65 acres left in what was the Frank farm,” said Fitzpatrick, who remains mum on rumors swirling about future use of the remaining acreage.
Learn more in Friday’s Boldface column on The Repository business page.