Lordstown Manufacturing Building Sells for $4.39M
LORDSTOWN, Ohio – A California private equity group has sold the 83,000-square-foot manufacturing building occupied by Intier Seating Systems at 1702 Henn Parkway in Lordstown for $4.39 million.
The buyer, Vienna Investments LLC, includes Doug Lumsden of Boardman-based Davis International, the original developer of the property. The investment group paid less than the original development cost.
The facility, developed in 2004 at a reported cost of $4.5 million, sits on 15 acres. It is leased to Intier, a manufacturer of automotive seating that supplies the nearby General Motors Lordstown Complex, under a net lease arrangement that still has five years remaining on the term, according to a brochure marketing the property for sale.
The property was being offered at $5.345 million, still less than today’s replacement costs.
The Cincinnati and Cleveland offices of Colliers International were marketing the property.
The seller, Copeland Properties 16 LP, originally paid $5.55 million in October 2007.
First National Bank of Pennsylvania provided financing of $3.77 million for Vienna Investments’ purchase.
— Reported by Mark Heschmeyer
Copyright 2020 The Business Journal, Youngstown, Ohio.