Texas company Fidelis realty partner buys Belden Village retail buildings for $21M

Steven M. Grazier, The Repository
·2 min read
The large commercial building that houses Dick's Sporting Goods, Golf Galaxy and Boot Barn, as well as Dave & Buster's restaurant, at Belden Village Mall has sold to a Texas-based real estate company for $21.3 million.
The large commercial building that houses Dick's Sporting Goods, Golf Galaxy and Boot Barn, as well as Dave & Buster's restaurant, at Belden Village Mall has sold to a Texas-based real estate company for $21.3 million.

JACKSON TWP. – A large Belden Village Mall property has changed hands in a transaction that's listed at more than $21 million.

Fidelis realty partners, which is based in Bellaire, Texas, has purchased the buildings and property that houses Dick's Sporting Goods and Golf Galaxy, Boot Barn and Dave & Buster's restaurant for $21.3 million.

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According to the Stark County Auditor's website, Canton BV Associates LLC, or Fidelis, purchased the building and nearly 19-acre property at 4100 Belden Village Ave. NW from Seritage SRC Finance LLC on Feb. 14.

A message left with Fidelis for comment on the Belden Village property purchase was not immediately returned. A map on Fidelis' website breaks down the properties and shows the company is looking for tenants for four buildings, including a 30,148-square-foot site.

Tim Putman, president and broker of Putman Properties, said it's not uncommon for large real estate companies to buy, sell or trade properties all over the country, as was the case with Fidelis' purchase at Belden Village.

Fidelis realty partners, of Bellaire, Texas, has bought the large commercial structure that's home to Dick's Sporting Goods, Golf Galaxy and Boot Barn. Dave & Buster's restaurant is also attached to the building. The sale was finalized on Feb. 14.
Fidelis realty partners, of Bellaire, Texas, has bought the large commercial structure that's home to Dick's Sporting Goods, Golf Galaxy and Boot Barn. Dave & Buster's restaurant is also attached to the building. The sale was finalized on Feb. 14.

Oftentimes, companies study out-of-state regions to find rental properties with value that can be bought for a good price, said Putman. Many buyers are looking for a solid monthly profit, such as a property with a higher monthly rental income than mortgage payment.

"You're getting more return on your money that way," Putman said. "They're buying a cashflow that's funded by quality tenants (such as Dick's and Golf Galaxy).

"They're banking on making out more in the future."

The standalone, vacant building that was last occupied by the Sear's Auto store is also owned by Fidelis. It's unclear if that was part of the February sale.

The company also owns what's described on its website as "shadow anchors," or the buildings that occupy Dillard's and Macy's. It also has a pair of unspecified, vacant retail spaces inside the mall that are available for lease.

Pacific Retail Capital Partners remains the owner of Belden Village Mall itself.

Reach Steven at steven.grazier@indeonline.com. On Twitter: @sgrazierINDE

This article originally appeared on The Repository: Belden Village Mall property changes hands for $21.3M