Real Estate

2 Nursing Homes Sold for Combined $13.7M

YOUNGSTOWN, Ohio – Separate sales of two senior care facilities for a combined $13.7 million topped commercial real estate transactions in the Mahoning Valley as 2018 gave way to 2019.

The largest transaction took place Dec. 31 when Continuing Healthcare at the Ridge, 3379 S. Main St. in Mineral Ridge, was sold for $7.8 million to Mineral Ridge Skilled Nursing and Residential Care Realty LLC. The seller was Briarfield of Mineral Ridge LLC.

Three days later, on Jan. 3, the Victoria House, 5295 Ashley Circle in Austintown, was sold for $5.9 million to Austintown Residential Care Realty LLC. The seller is Victoria House LLC.

Other notable transactions include the sale Jan 4 of the Toys R Us storefront at 317 Boardman Poland Road in Boardman to an LLC by the same name as the street address. The sale price was $1.5 million. The buyer is an entity operated by Trilogy Realty & Development of Canfield, which also purchased former Toys R Us sites in Mentor and Canton. The buildings are listed for lease, says James Sabatine Jr., owner of Trilogy.

On Jan. 16 a warehouse at 112 S. Meridian Road in Austintown was sold by RocknStarr Holdings LLC to Home City Ice Co. The sale price was $1.35 million.

And on Jan. 3, Detroit-based Agree Realty Corp., a publicly traded real estate investment trust, acquired three Sherwin William paint stores in Trumbull County as part of a national portfolio acquisition.

Sherwin Williams Co. sold and leased back 98 of its owned stores for $142.2 million to affiliates of Agree Realty. Sherwin-Williams is now the REIT’s largest tenant and accounts for about 6% of annualized base rents.

“This unique transaction is incremental to our operating strategy, demonstrates additional differentiated capabilities and further solidifies the strength of our first-class real estate portfolio,” Joey Agree, president and chief executive of Agree Realty, said in announcing the deal.

The following three Sherwin Williams stores sold for a combined $3.61 million, about $234 per square foot.

  • 2737 Elm Road NE, Warren; 6,072 square feet.
  • 110 E. Liberty St., Liberty; 5,000 square feet.
  • 5516 Youngstown Warren Road, Niles; 4,343 square feet.

A list of the 40 largest commercial real estate transactions during the months of December and January will be published in the MidFebruary edition of The Business Journal, in subscribers’ mailboxes next week. CLICK to subscribe.

Reported by Mark Heschmeyer

Published by The Business Journal, Youngstown, Ohio.