WOOD RIVER - The old Kmart and YTB property has been purchased by Bob Federico of Federico Dodge/KIA, and both the City of Wood River and Federico are excited about its new potential.
The property was owned by Wood River Capital LLC in the end and has 116,000 square feet and approximately 11-plus acres. There are presently four tenants currently, including Surge365, AV Nation, Triune Canine Training, and Federico KIA.
Bob Federico said he has not determined exactly how he will use all the space, but he is excited about the opportunities.
“As much as anything it will allow us to control the site for the future, and it is very important that we want to beautify the place,” he said. “It is kind of drab looking now and is a big, long empty space of beige.”
Federico didn’t feel he would put a new car line in there, but he said he would use some of the parking space for his other dealerships.
“I am in absolutely no rush to start leasing out the place,” he said. “I have had some people call, but I am going to be very selective about who we allow in there. We want the right kind of businesses in there that fit my model. I am not willing to give up a large amount of parking. When inventory gets back to normal the space would be helpful.”
Federico said the reason for smaller inventory is there were some layoffs during COVID in the industry and when they came back they were behind on orders and also there have been problems with shipping and truck delivery. He sees the shipping and transportation issue to resolve itself and at some point, the inventory for all dealers will be satisfactory again.
“Hopefully by the second half of next year we will be back at satisfactory inventory for all dealers,” he said.
Real estate broker Duane Vancil of Tarrant & Harman Real Estate and Auction Co. sold the property to Bob Federico. He said there is approximately 60,000 SF of vacant warehouse space and approximately 14,000 SF of vacant office space at the property.
“It was truly an honor to work with Bob Federico and Wood River Capital LLC to make this deal a reality,” Vancil said. “Bob is a great leader, and he and his team have a heart for the community. His fingerprints on the 116,000 square foot space will surely drive more commerce to the area as well as make the property a showcase.”
Wood River City Manager Jim Schneider said the city is looking forward to working with Bob Federico and what he will do with the property.
“He is a good businessman, and we have always had a good relationship,” he said. “I am confident he will get some things in there in a quick fashion. He said he already had a couple of inquiries and he has some ideas. It is a great location, and this will be good for the city.”
Wood River Police Chief Brad Wells said the building had not been locally owned in several years and that having a person like Bob Federico take it over was “huge for the community.”
“Bob and his daughter, Danielle, are great community partners,” he said. “We are tickled to death they have taken possession of that building and are looking forward to whatever they decide to do with the building.”