Real Estate

Buyer of Niles Property Will ‘Get a Great Deal’

YOUNGSTOWN, Ohio — After a third and final walk-through inspection last week, a 184-acre commercial property in Niles is up for auction Thursday.

The property, 1590 Warren Ave., will go to auction at the Residence Inn by Marriott at 5555 Youngstown Warren Road in Niles. The open outcry auction begins at 11 a.m.

Hanna Commercial Real Estate is handling the auction, which principal and managing director, Mike Berland, said likely won’t draw a large crowd of bidders, though he does expect to get a buyer on Thursday.

“If we get two, three or four bidders, I’d be thrilled,” he said. “There’s not a whole bunch of people in the market looking for a property this size. I expect someone to get a great deal.”

The published reserve price for the auction is $2.45 million, Berland said. So far, he’s had contact “with several interested parties,” but cannot disclose names or exact industries. Some intended uses include storage and distribution, he said.

 

Built in 1950, the property includes seven buildings totaling nearly 1.25 million square feet of industrial warehouse space, ranging from 120,000 to 200,000 square feet each. Other buildings include a front guard house, office trailer, pump house, maintenance building and a 1,950-square-foot warehouse building.

The property is entirely fenced in and includes rail service by Norfolk Southern with five rail spurs. One of the larger buildings on the campus is currently occupied by a rail services company with its lease up in another nine to 10 years.

Trumbull County property records show the current owner as Dinapoli Warren LLC, which purchased the property for $7 million in 2010 from Penn Central. Until March 2009, U.S. General Services leased the buildings on behalf of the Defense Logistics Agency for storage of dry goods, including uniforms, shoes, talcum powder and feathers.

“Nothing scary. No munitions,” Berland said. “And the property does have a clean bill of health from the [Environmental Protection Agency].”

Other on-site amenities include a 12-inch water line, fire hydrants, water reservoir and septic system. Diesel fuel tanks are located throughout the site to provide heat to the warehouse buildings. Utilities are serviced by FirstEnergy Corp. and City of Niles Water Department.

Published by The Business Journal, Youngstown, Ohio.