Banking & Finance

GE Delays Auction of Ohio Sites Until July 21

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YOUNGSTOWN, Ohio – An online auction of three former General Electric plant sites originally scheduled for last Friday will now take place this coming Friday.

The plant sites – at Youngstown, Warren and Niles – are among six former GE plant sites in Ohio that will be auctioned July 21 by Hilco Real Estate.

The other Ohio GE properties are in Cleveland, Toledo and Ravenna.

“There’s a good amount of interest in the auction,” said Stephen Madura, vice president of Hilco, based in Northbrook, Ill. “We’ve had a few showings even just today of Niles.”

GE delayed the auction to finalize due diligence documents, Madura said. Once those documents were finalized, the company wanted to give interested parties the opportunity to review the information before the auction, which will run from 9 a.m. to 3 p.m., he said.

Those documents are now uploaded for prospective bidders to review, he said. Bidders also must execute an online auction agreement that stipulates they agree to pay if they are the winning bidder, and to make a deposit.

Each of the properties will start at the seller’s reserve: $75,000 for the Youngstown property, where GE’s Youngstown Lamp Plant stood until it was torn down in 2014; $100,000 for the Warren property, which has two buildings; and $440,000 for the Niles site.

Sites may be bid on individually or in any combination.

Once the reserve on each of the properties is hit, the sale is guaranteed, Madura said. Bidders will be identified by number so the names of the winning bidders won’t be disclosed directly following the auction, but any property transfers would be part of the public record.

BACKGROUND:
GE to Auction 3 Former Plant Sites in Valley

Published by The Business Journal, Youngstown, Ohio.