Boardman Plaza Sold for $18.8M to Maryland Firm
YOUNGSTOWN, Ohio — An affiliate of Pikesville, Maryland-based America’s Realty LLC purchased the popular Boardman Plaza shopping center on Boardman-Canfield Road (state Route 224) in Boardman one block from Southern Park Mall.
The purchase, which closed Aug. 16, consists of five buildings totaling about 625,000 square feet. The buyer paid $18.8 million or about $30 per square foot. The seller, an affiliate of WP Realty in Bryn Mawr, Pa., paid $15 million for the property in May 2015. Steve Platz of Platz Realty was the listing agent.
The Boardman Plaza was built in 1951 by the former Edward J. DeBartolo Co. Major tenants today include Burlington, Hobby Lobby, Save A Lot, Planet Fitness and Michaels. Giant Eagle and Rite Aid are shadow anchors to the plaza.
Also last month, Boardman Hospitality LLC paid $2.25 million for the Red Roof Inn building at 1051 Tiffany South in Poland. According to the Mahoning County Auditor’s office, BW RRI IV LLC of Houston, Texas sold the motel to Michigan-based Boardman Hospitality on Aug. 3.
Records show that the Red Roof Inn was constructed in 1997 and the latest appraisal assessed its market value at $3,313,280. The auditor’s website lists the property’s market land value at $643,500 and the improvement value at $2,669,780.
Other large transactions last month include the sale of the Family Farm & Home building at 4475-4577 Mahoning Ave. in Austintown to Amerco Real Estate Co. The seller was the Michigan-based Racoon-Mahoning Associates LLC and Samuel B. Surnow, trustee.
A commercial property at 16070 state Route 170 in Calcutta was sold to CBEH LLC of East Liverpool for $1.15M by Tad Motors Inc. The lot is the former location of Power Chevrolet Buick GMC, which has enjoyed a sales increase of about 20% since opening at its new location in May.
A full listing of last month’s largest transactions was published in the MidSeptember edition of The Business Journal. Go to BusinessJournalDaily.com/subscriptions/ to purchase a copy online.
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