A real estate developer purchased the Hyde Park property that holds Lululemon Athletica for more than $1 million.
Mark Mascia, who owns and manages properties in New York City and across the Northeast, purchased the retail condominium at 3500 Michigan Ave. at the end of May.
“I’ve been casually looking in that area when I come to see family,” Mascia said.
The combination of Lululemon’s 10-year lease for the 3,650-square-foot space and strength of the Hyde Park market made it an attractive purchase, Mascia said. Lululemon is a high-end retailer of athletic apparel for yoga, running and other activities that is well-known on the coasts, he said.
Mascia was born in Dayton and has family in Cincinnati that he visits at least once a year. The acquisition is Mascia’s first in Ohio, and he plans to expand.
“We wanted to get our feet wet,” Mascia said.
He’s interested in buying additional property, as well as partnering with other local real estate professionals.
His company, Mascia Development LLC, is a diversified real estate firm that develops, acquires, owns and manages multi-family, mixed-use, retail and student housing. The company’s portfolio includes about 700 residential units in Washington, D.C., New York City and western New York.