Glunt Industries Properties Sold to REIT for $7.6M
WARREN, Ohio – Three properties owned by Glunt Industries Inc. have been sold to a Delaware real estate investment trust for a combined $7.6 million.
Transactions filed with Trumbull County Recorder’s office show that Glunt sold its buildings at 30 and 319 North River Road in Warren Township and its site at 1819 North Main St. in Weathersfield Township to Store Master Funding XVII LLC.
Glunt Industries’ CEO Gary Shells said that the company has not been sold and business is continuing as usual. “It’s slow, for sure, but everything is going good,” he said.
He declined to elaborate on the transaction.
The property at 30 North River Rd. – appraised at $250,900 per the Trumbull County Auditor’s website – sold for $840,000, while the building and land at 319 North River Rd., appraised at $1.25 million, sold for $4.35 million.
The North Main Street plant and land – appraised at $697,700 – sold for $2.41 million, records show.
Glunt Industries repairs and reconditions steel and aluminum rolling-mill equipment as well as seamless and welded-pipe production equipment. It was founded in 1966.
The company purchased the 30 North River Road plant in 2013 for $265,000, according to county records. It had owned the property at 319 North River Road since 1990.
In 2002, Glunt sold its North Main Street building to Timken Co. for $1.83 million, according to records. In 2015, Glunt repurchased the building for $700,000 before selling to Store Master Funding.
Documents filed with the Ohio Secretary of State’s office show that Store Master Funding XVII was incorporated in Delaware in August of last year but that its primary business address is in Scottsdale, Ariz.
According to filings with the U.S. Securities and Exchange Commission, Store Master Funding is affiliated with Store Capital Corp., a real estate investment trust, or REIT, which was incorporated in Maryland in 2011. Both entities give the same office address in Scottsdale.
In 2017, Warren Buffet’s Berkshire Hathaway invested $377 million in Store Capital, representing about 9.8% of total shares, according to Store Capital’s website.
The company owns approximately 2,550 properties that consist of retail and service businesses that lease from Store (an acronym for single tenant operational real estate). However, the investment company’s portfolio also includes several industrial and manufacturing tenants, according to SEC filings.
According to the Trumbull County Auditor, Store Capital affiliates also own the Perkins Restaurant building along state Route 46 in Howland and a KFC restaurant building along Elm Road.
Copyright 2023 The Business Journal, Youngstown, Ohio.