Federal Street Building, Its Leases Sold for $4.7M
YOUNGSTOWN, Ohio – A commercial building at 444 W. Federal St. downtown and long-term leases for its space were sold Friday for nearly $4.7 million to a Manhattan real estate investment group.
The building houses KedPlasma, which is operated by KedPlasma USA, a subsidiary of Kedrion Biopharma, a company based in Italy that produces and distributes plasma-derived medicinal products.
The buyer is ARG PSYNCOH001 LLC, a foreign limited liability corporation established April 8 in Delaware that filed April 20 to do business in Ohio. Sale documents list ARG’s offices at 650 Fifth Ave. in New York.
The seller is RR Company of America LLC, a developer and manager of medical real estate in 15 states based in Lafayette, Louisiana. The actual sale price is $4,694,755, according to documents filed June 5 with the office the Mahoning County Auditor.
In May 2014, RR Company paid $625,000 to acquire the 28,227-square-foot structure. The building was constructed in 1970 and remodeled in 1994.
KedPlasma USA, established in 2004, specializes in the collection and procurement of high-quality plasma processed into plasma-based therapies. It operates plasma collection centers in nine states. The donated plasma is processed by Kedrion Biopharma to produce protein therapies.
KedPlasma Youngstown is seeking plasma donations from people who have recovered from COVID-19. All donors are paid at least $275 for their first five plasma donations, according to its website.
Kedrion and Israel-based Kamada Ltd. recently announced a collaboration for the “development, manufacturing and distribution of polyclonal immunoglobulin product as a potential treatment for coronavirus patients.” Kedrion will provide the plasma collected at its KedPlasma centers; Kamada is responsible for product development, manufacturing and clinical development.
The initial primary focus of the collaboration will be to provide the product as treatment to patients in Italy, Israel and the U.S. through various clinical programs, while subsequently expanding development and commercialization efforts to additional markets, the companies said.
Pictured at top: Building at 444 W. Federal St. in downtown Youngstown.
Copyright 2023 The Business Journal, Youngstown, Ohio.