Banking & Finance

Marchionda Firm Sells Land to YSU Foundation

YOUNGSTOWN, Ohio – The Youngstown State University Foundation last month paid $438,750 to buy vacant land at 751 Elm St. in Youngstown. The seller was U.S. Campus Suites LCC, an entity owned by developer Dominic J. Marchionda.

The transaction closed July 16.

Paul McFadden, president of the YSU Foundation, says the property was acquired “for future development.” No further details were available.

The land, sold to U.S. Campus Suites in February 2009 for $400,000, is adjacent to the student housing complex that Marchionda built that year.

The transaction is one of the 20 largest commercial real estate deals in Mahoning, Columbiana and Trumbull counties during the month of July. The list will be published in the MidAugust edition of The Business Journal, in print subscriber’s mailboxes next week.

The largest transaction last month was the sale of the North Mar Medical Center in Warren to a Miami investment firm for $1.93 million. The six-building, 62,295-square-foot medical office park is at 3843 E. Market St. The purchase, by an affiliate of Secured Debt Investments in Miami, was sold for about $31 per square foot.

It was the second sale of the property in the last 18 months. The property was previously sold  through foreclosure to the loan note-holder, a commercial mortgage securities trust, for $3 million. The sale price equated to about $48 per square foot.

The medical park is about 12 blocks from St. Joseph Warren Hospital.

NAI Farbman and NAI Daus had the listing on the latest sale, which was conducted via the Ten-X online auction site.

According to the offering document, the medical center has in-place occupancy of just under 50%, providing the new buyer opportunity for significant upside.

Other large commercial real estate transactions last month include the sale of two Dollar General store properties, in Southington and Bristolville, for nearly $1.5 million and $1.2 million, respectively.

Fairway Enterprises LLC purchased a warehouse at 6103 state Route 446 in Canfield from CMG Group of Canfield. The sale price was $1 million and the transaction closed July 31.

Rounding out the top-five commercial transactions in July was the sale of a medical office building at 7341 Eisenhower Drive in Boardman. The purchaser, KY Investment Properties, paid $565,000 for the property. The seller was T. Detestko Development LLC. The sale closed July 31.

Published by The Business Journal, Youngstown, Ohio.