Banking & Finance

Top 15 Commercial Property Sales Total $16.6 Million

AUSTINTOWN, Ohio – Commercial real estate sales were exceptionally active in January with $16.6 million worth of transactions represented by the 15 highest sales of commercial properties in Mahoning, Trumbull and Columbiana counties.

Among the properties that changed hands last month was the former Campus Health Care Center at 196 Colonial Drive in Youngstown, which was purchased by Generations Behavioral Health, a Nashville-based operator of psychiatric care centers for the elderly. The 37,000-square-foot nursing facility sold for $2.1 million or about $56.75 per square foot. The Ohio Department of Health closed Campus Health Care Center just over a year ago after declaring it in “immediate jeopardy” following a state investigation into conditions there.

Also sold last month was the site of the Public Library of Youngstown & Mahoning County’s former Austintown branch.

Meijer Stores Ltd., which plans to build a store on the adjacent site of the former Austintown Middle School, purchased the property from OLOM Ltd., Mineral Ridge, for $535,000, according to property transfer records.

The Austintown Local School Board announced a year ago that it had reached a deal with Meijer to sell the retailer the former middle school site, 5800 Mahoning Ave., for $2.6 million.

Township zoning inspector Darren Crivelli said last year the retail chain indicated it hoped to open the proposed 195,000-square-foot store in 2019. It would be Meijer’s first store in the Mahoning Valley.

Other large commercial transactions last month include:

Private investors with businesses in northern New Jersey and the People’s Republic of China acquired a medical office building at 835 Southwestern Run in Boardman. The 10,140-square-foot building, built in 1997, sold for $1.13 million or about $111.40 per square foot. The building houses the Hope Cancer Center run by US Oncology, one of the nation’s largest networks of community-based oncology physicians. US Oncology has four years remaining on its lease.

A private investor from Northern California acquired the Rite Aid store at 2840 Youngstown Road SE in Warren. The 11,292-square-foot drugstore sold for $2.27 million or about $200 per square foot. The seller was another private investor. Rite Aid’s lease on the property has another eight years remaining with eight (five-year) renewal options with rent increases.

A fund managed by AEI Capital of St. Paul, Minn., purchased the Vitamin Shoppe at 5704 Youngstown Warren Road in Niles. The 4,494-square-foot, freestanding retail building sold for $1.78 million or about $396 per square foot. AEI’s Fund VIII invests in triple net leased commercial properties and acquires the properties without debt.

Pictured: The former Campus Health Care Center in Youngstown was purchased by a Tennessee company.

Reported by Mark Heschmeyer

Published by The Business Journal, Youngstown, Ohio.