Banking & Finance

Lowe’s Boardman Property Sells for $14.7 Million

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BOARDMAN, Ohio — Tabani Group, a Dallas real estate investment company, has sold off a big chunk of the Southland Crossings shopping mall here that it purchased just last March.

A Tabani subsidiary, T Southland Crossing OH LLC, sold the space occupied by Lowe’s Home Improvement Center to Terraza 7 LLC, a subsidiary of a San Diego-based REIT, Realty Income Corp. in San Diego. The transaction closed July 3.

Lowe’s occupies 131,575 square feet at 1100 Doral Drive. The property sold for $14.7 million or about $112 per square foot.

Tabani paid $41.7 million for the 537,000-square-foot shopping center or about $77.65 per square foot, when it purchased it from DDR Corp., the developer of the retail power center. Lowe’s recently renewed its commitment to Southland Crossings by extending the store’s lease through 2021.

Other large commercial real estate transactions last month include the sale of vacant land at 11083 W. Akron Canfield Road in North Jackson to Tennessee-based Harrimack LLC. The seller, DG Ellsworth LLC, was paid $1.255 million on July 17.

Meanwhile, a vacant manufacturing site in Boardman at 8401 Southern Blvd. was sold to Eclipse Aftermarket Group Inc. for $1.05 million. The seller was Stag III Boardman LLC. The transaction closed July 31. Eclipse is a distributor of custom wheels for the automotive aftermarket industry.

A full listing of last month’s largest transactions will be published next week in the MidAugust edition of The Business Journal.

Published by The Business Journal, Youngstown, Ohio.