Magic Tree Building Sold for $1.2 Million
BOARDMAN, Ohio — The Magic Tree Pub & Eatery was sold this week to a Hartville-based buyer for $1.2 million.
The property, 7463 South Ave., was sold to MT Associates Holdings LLC on Jan. 29, according to public documents.
Records filed with the Ohio secretary of state show MT Associates Holdings was incorporated Oct. 7, 2019, and its registered agent and sole principal is Justin Pennington, who listed an address in Hartville.
The former owners of Magic Tree, Phill and Sandy Reda, purchased the property, originally a Ground Round chain restaurant, in August 2012 for $699,000. In September 2018, ownership of the building was transferred to Reda Management LLC after the Redas sold the business portion of Magic Tree to Pennington, who had the option of eventually purchasing the building as well, Phill Reda says.
“It’s good for us. Good for him. Everybody’s happy,” Reda says.
Built in 1991, the Magic Tree building was remodeled in 2012. The building formerly housed the Youngstown Sports Grille, which closed earlier in 2012 and relocated to Cranberry Twp., Pa.
The restaurant features a gastropub menu and a variety of craft and domestic beers, as well as wines and spirits. In addition to dining and live music, Magic Tree hosts charitable events throughout the year.
The Redas opened the restaurant on Oct. 2, 2012, says Sandy Reda. Even after selling the restaurant, the new ownership maintained existing operations. The same goes for Vintage Estate Wine & Beer in Boardman, which the Redas also owned from 2008 to 2015.
“It’s nice to see them continuing with our concept,” Phill Reda says. “It’s pretty much what we created.”
Although they’ve sold their businesses, the Redas are still engaged with the regional craft beer industry. They’ve been collaborating with the State Line Brewers Guild and organize The Big Tap In event every year at the Metroplex Expo Center in Girard.
They will have a table at the Rotary Club of Youngstown’s second annual Groundhog Day Craft Beerfest on Feb. 1, where guests will have a chance to get free VIP tickets to this year’s Tap In on April 25, which normally sell for $75.
Copyright 2020 The Business Journal, Youngstown, Ohio.