Real Estate

$2.8M Real Estate Sale Completes Fairway Deal

CANFIELD, Ohio – Bob Davis, dealer principal of Fairway Ford, recently completed the buy-out of his partners with the purchase of the real estate at 366 W. Main St. here.

Jennert Investments LLC, an entity formed by Davis, paid Patul I Ltd. $2.8 million and received acquisition financing from First Commonwealth Bank, according to public records. Fairway Ford operates a 19,300-square-foot showroom on a 4.2 acre lot. The deal closed April 2.

Davis had been a minority and managing partner in Fairway Ford since joining the dealership in 2002.

“I bought my partners out of the business and then I bought the property,” he says. “It was the long-term plan between my partners and myself.”

Davis was in business with the Hrnchar family of Medina, which continues to operate car and truck dealerships in Cuyahoga Falls, Strongsville and North Olmstead.

Fairway Ford opened 19 years ago; the dealership site previously was operated by a series of owners.

“We’re actually having the best year we’ve ever had and 2018 was the best one until now,” Davis says.

Fairway sold 2,500 new and used vehicles in 2018, he reports, and first-quarter sales were ahead of 2018 by 15%.

“I attribute our growth to building a great team. We take care of our customers, we’re family owned and operated, and I live here and work in town.”

The dealership employs 55. Its best-selling vehicles are F150 trucks, Davis reports.

Editor’s Note: This real estate sale was the largest commercial transaction during April in the three-county region. Each month The Business Journal publishes a list of the largest deals. CLICK HERE to subscribe.

Copyright 2019 The Business Journal, Youngstown, Ohio.