Toledo area real estate investor Matt DeWood early last year was on the lookout for possible new acquisitions when an unusual purchase opportunity came his way — Cricket West, a 56-year-old shopping center in West Toledo.
Since 1960, the 45,000-square-foot strip center at 3151 W. Central Ave. has known just one owner: Glenn Fitkin, the man who built it. But having turned 89 last year, Mr. Fitkin had decided to part ways with Cricket West, a property that had seen better days and was in need of some tender loving care.
An inspection told Mr. DeWood, a Perrysburg resident, what he needed to know: “It’s very solid. The bones are great. It’s different in that you’ve got an upstairs and a downstairs, which is unusual,” he said.
So, last April the Toledo area native, who knew the center from its heyday, bought Cricket West for $2.2 million. Since then, he has set out to rejuvenate it by adding a new roof, a new wood and glazed facade, insulated windows, and soon, a resurfaced parking lot.
“You could say it’s the crown jewel of my investments,” Mr. DeWood said, adding that he believes strongly in the property, the local trade area, and his leasing formula that focuses on locally based tenants.
“We like that it’s a local tenant base. We’ve got a connection with them and they love the energy there,” he said.
The property has space for 18 tenants, but it had more than a few prominent empty spaces, especially along its backside facing Markway Road.
However, Mr. DeWood has moved quickly to fill the empty space and is adding four new tenants over the next few months.
Local noted bakers Lori Jacobs and Dana Iliev have signed on to put a new Cake in a Cup bakery location in Cricket West.
Mr. DeWood added that his sister, restaurateur Erika DeWood, will open a second Zingo’s Mediterranean restaurant this summer in Cricket West. Ms. DeWood’s original Zingo’s is on Louisiana Avenue in Perrysburg.
Razelle, a company that offers technology solutions and repairs and is now in Franklin Park Mall, plans to move to Cricket West this spring.
Meanwhile, the decision in December by Biggby Coffee to leave the center in a leasing dispute with Mr. DeWood opened the door for another local entrepreneur to start a coffee house business in Cricket West.
SIP Coffee House is owned by Courtnay Cousino, daughter of area restaurateur Tom Cousino. She plans to open her new venture by mid-March.
Ms. Cousino, who along with her mother and grandmother had shopped at Cricket West for years, said she was offered a spot there. “Coffee — it’s a no-brainer, and it’s a great location.”
Contact Jon Chavez at: jchavez@theblade.com or 419-724-6128.
First Published February 15, 2017, 5:00 a.m.
