The Paulding Place shopping plaza on U.S. 127 in Paulding has been purchased by a Toledo developer for $1 million. Judy Wells/Paulding County Progress
The Paulding Place shopping plaza on U.S. 127 in Paulding has been purchased by a Toledo developer for $1 million. Judy Wells/Paulding County Progress
By MELINDA KRICK

Progress Editor

PAULDING – The Paulding Place shopping plaza has been purchased by a Toledo developer who hopes residents will begin seeing changes soon.

According to records, Paulding JHS LLC purchased the 9.8-acre shopping center from HD Properties on March 8 for $1 million.

The incorporator is Joseph H. Swolsky, founding principal of Prime Retail Advisors in Toledo.

The plaza’s main tenant at this time is Chief Supermarket. More than half of the available space stands empty. Rite Aid moved to its own building in 2008 and the ALCO department store closed in early 2014.

“I’m trying to fill it,” Swolsky said in a telephone interview Monday. “I have a couple of proposals out. I have some ideas for the big space (former ALCO store).”

He said Chief is staying, as well as the other current tenants.

“I hope to add three or four (businesses) this year, and have all of them filled by next year,” Swolsky said.

A 2012 marketing brochure for the plaza stated the property had 67,806 square feet of leasable space with over 600 feet of frontage on U.S. 127.

Swolsky helped build the property in 1986-87. “I built it originally, then sold it a couple of years back. Now I’ve bought it back,” he said. The site developer was Lanecor, which Swolsky and his partner founded.

“The building is in good shape. It needs some investment in the roofing and parking lot,” Swolsky continued. He expects work could begin this spring.

“It could use some cosmetic improvements, possibly a new facade, once we get some rental revenue.”

Possible tenants could include retail and restaurants.

“It would be good for everybody to bring sales dollars to the community,” he said.

The $1 million sale price is far below the total appraised value of $1.95 million listed for 2016 on the Paulding County Auditor’s website. The total appraised value was as high as $2.88 million in 2004.

“The valuation probably was partly based on occupancy,” Swolsky said. “The property hasn’t generated lots of income in the last couple of years.”

He welcomes inquiries and can be reached by email at joeswalsky@gmail.com or by phone at 419-351-6000.

Swolsky began his real estate career in 1973 as a salesman specializing in the development of restaurant locations. In 1979, he established Essex Investment Company and became associated with several investment companies and development partners involved with real estate. With one of his partners, Swolsky founded Lanecor, initially to develop Lane Drug Store sites, and eventually became a developer for the Rite Aid stores.

Swolsky has dedicated much of his career working with the Kroger Company. He also has a close relationship with TJMaxx, Hobby Lobby, Gabe’s and Homegoods.