Youngstown GE Site Sells for $95K at Auction
YOUNGSTOWN, Ohio – The former General Electric plant site just south of downtown was purchased in an online auction Friday, and discussions are under way for the purchase of a second Mahoning Valley GE property.
The 2.9-acre site at Market and Hughes streets sold for $95,000 in an online auction Friday, $20,000 more for the minimum bid for the property. The idled Youngstown Lamp Plant had stood on the site until it was demolished in 2014.
The property was among six former GE plant sites – including three in the Mahoning Valley that were initially offered for auction by Hilco Real Estate, which is marketing the properties for GE. Along with the Youngstown property, sites in Warren, Niles, Cleveland, Ravenna and Toledo were up for auction.
Friday’s auction had been delayed for a week to permit review of recently completed due diligence documents.
By afternoon, the Niles site, at North Main and East Federal streets, was withdrawn from the auction, which closed around 3 p.m. Friday.
The property, which includes a 69,430-square-foot building on a 15.70-acre parcel of land, had “a number of interested parties,” said Stephen Madura, Hilco Real Estate vice president. “Some of them had some questions we just need a little bit more time to answer,” he said.
The minimum bid for the Niles site was $440,000. The minimum bid for the Warren property – which received no proposals – was $100,000. That site offered two buildings along West Market Street offering 21,000 square feet of space on 2.37 acres.
Of the other sites, only the Toledo site was sold, for $15,000. Minimum bid for that property was $10,000.
The Youngstown and Toledo sites will be sold per the terms of the sale, Madura said. Closing on the transaction will take 30 days. The winning bidders were not identified, but would be public record once the transactions close, he said.
The other properties will go back on the market, he said. Hilco representatives also will contact the parties that responded to its advertisements regarding the auction.
Copyright 2017 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
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