Canfield Investor Buys iHeartRadio Building for $1.6M

BOARDMAN, Ohio — A Canfield-based investment firm has purchased the property that houses iHeartRadio at 7461 South Ave.

Sarac Ltd. closed on the sale Jan. 26, according to documents from the Mahoning County Auditor’s office. The firm purchased the property from Twangerland LLC, which took control of it in July 2009.

State records show Sarac Ltd. was incorporated in August 2002 and lists a Canfield address. The agent on file is Dr. Erdal Sarac, who practices nephrology locally, according to the Mercy Health website.

Dun & Bradstreet also lists Dr. Sergul Erzurum as a key principal with Sarac Ltd. Erzurum practices ophthalmology with Eye Care Associates Inc.

iHeartRadio will remain on the first floor after renegotiating a long-term lease, says Bill Kutlick, the Platz Realty Group agent who facilitated the sale. The second floor is currently available for lease, and Kutlick is “pretty confident” they have a party ready to lease it, he says.

The two-floor 22,893-square-foot building is along a major corridor, South Avenue, for retail and restaurants, according to a Platz Realty brochure. Daily traffic along South Avenue is estimated to be 18,355 vehicles, while traffic on nearby U.S. Route 224 is 32,589 vehicles per day.

The second floor encompasses 8,413-square-feet of space, including a 415-square-foot common area. The space is “predominantly wide open with seven individual offices,” Kutlick says. It features cathedral ceilings and sky glass windows, as well as an elevator, he says.

“It’s a pretty nice second-floor space,” he says.

Pictured: The iHeartRadio building at 7461 South Ave. in Boardman.

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