Munroe Inc. Industrial Space Sold to Pa. Investor for $1.3M
STRUTHERS, Ohio — The Munroe Inc. property at 25 Union St. was sold for $1.3 million to Youngstown Warehouse LLC, based in Zelienople, Pa.
The investment sale closed July 13, according to the Mahoning County Auditor website. The previous owner, PFM Associates, owned the property since January 1990. Newmark, a Cleveland-based commercial real estate services firm, facilitated the sale.
The current tenant, Munroe Inc., has been in the building since 1980, according to a property brochure from Newmark. Munroe’s lease on the property expires Oct. 31, 2023, but the company is still in operation there.
Having a tenant in the building was part of the appeal to the buyer, says Terry Coyne, vice chairman and broker at Newmark.
“The investor bought it with the intent of keeping the tenant,” Coyne says. “We had a lot of interest from a lot of investors.”
Built in 1960, the 158,784-square-foot industrial building is located in the Casey Industrial Park. It includes multiple cranes, including two 50-ton and a 25-ton bridge cranes. It features free-span column spacing, three drive-in doors, 3-phase heavy power and 55 feet of clear height.
Pictured: Youngstown Warehouse LLC, based in Zelienople, Pa., purchased the Munroe Inc. property at 25 Union St., Struthers, for $1.3 million.
Copyright 2021 The Business Journal, Youngstown, Ohio.