CANFIELD – In a year of uncertainty, Platz Realty Group recorded unprecedented growth throughout the Mahoning Valley in all of its served sectors.
Cumulative sales and lease transactions increased more than 100% year-over-year, say partners Don Thomas and Adam Divelbiss. Acquiring Kutlick Realty in March made Platz the region’s largest commercial real estate brokerage, increasing staff by 30% and listings by 107%. The group opened a larger office in Canfield while maintaining its Howland location.
One of the largest industrial sales in 2020 included the $5.4 million sale of an 81,000-square-foot building at Henn Parkway in Lordstown. Others were two sites on Victoria Road in Austintown: a 46,000-square-foot building that sold for $1.9 million and a 30,000-square-foot building sold for $1.015 million.
This year, Platz will focus on supply chains emerging from Lordstown Motors Corp., Ultium Cells LLC, the HomeGoods distribution center and the Trumbull Energy Center project.
“The emphasis on the electric vehicle market is good for all things in the ‘Voltage Valley,’ says Divelbiss.
To offset a projected difficult year leasing retail space, Platz plans to expand its national reach to attract opportunities, Thomas says.
In the retail sector, Platz brought new Sheetz and Speedway gas stations to Boardman along U.S. Route 224. Agent Bill Kutlick sold Tiffany Plaza there and brought a new Starbucks to Belmont Avenue in Liberty.
Platz sold the Elm Road Perkins in Warren and former Pizza Hut locations in Boardman and Austintown. Restaurants will be an area of opportunity this year, particularly in the third and fourth quarters, Thomas says.
Regarding investment properties, Platz sold Tiffany Medical Center in Boardman for $2,875,000 and a Karago Avenue warehouse for $3.15 million. This year, Platz forecasts sales growth in investment properties and supply chain industrial sites.