Banking & Finance

Best Western Meander Inn Sold for $2.42 Million

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YOUNGSTOWN, Ohio — The largest commercial real estate transaction last month in the Mahoning Valley was the $2.42 million sale of the Best Western Meander Inn at 870 N. Canfield Niles Road in Austintown.

The hotel property was acquired June 13 by Bansidhar LLC, a private investment firm in North Ridgefield. The 57-room inn sold for $42,456 per room. Brokers with CBRE Hotels based in Columbus had the listing.

The property, built in 1983, was sold by Countryside Inn LLC. It features an on-site, third-party operated restaurant and bar – Saadey’s — that was renovated in 2014, according to the CBRE offering circular for the property. The restaurant lease has three years remaining with the tenant paying 20% of the hotel electric bill and 10% of the water bill.

As of year-end 2015, the Best Western reached an average daily room rate of $75.45, the listing noted.

Last month’s second-largest transaction in Mahoning, Trumbull and Columbiana counties was the sale of the Pembrook Place apartment complex in Austintown to Pembrooke Place of Austintown LLC. The seller, ISBE Corp., was paid $1.71 million in a transaction that closed June 7.

In North Jackson, a truck terminal at 1450 N. Bailey Road owned by JonLee Postal Ltd. was sold to Mahoning County Real Estate Co. for $1.16 million. The terminal operates as P.A.M Dedicated Services Inc., a subsidiary of Arkansas-based P.A.M. Transportation Services Inc.

A list of the 15 largest commercial real estate transactions during the month of June will be published in the MidJuly print edition of The Business Journal, in subscribers’ mailboxes the week of July 18.

Published by The Business Journal, Youngstown, Ohio.