An Ohio based company with a large presence in Southwest Florida real estate has purchased Bonita Springs most high profile shopping center, The Promenade At Bonita Bay.

R.L.R. Investments LLC paid $5 million for the 106,545 square foot, 47 unit center which fronts U.S. 41 at the intersection of South Bay Drive. R.L.R. Investments, based in Wilmington, Ohio, has extensive property holdings throughout the United States including Florida. Locally, R.L.R. owns Sanibel based Royal Shell Real Estate which has offices in Lee and Collier Counties.

The Promenade is currently about 40% leased and has seen several retailers, both national chains and locally owned businesses, leave the property in recent years. Both the economic recession and competition from the nearby Coconut Point Mall and Gulf Coast Town Center have been blamed for the shopping center’s demise.

The seller, U.S. Bank National Association, acquired the 8.8 acre property through foreclosure. R.L.R. Investments plans to improve the property and continue operating The Promenade as a shopping center.