Banking & Finance

Perkins Restaurant Buildings Sold for $4.36M

YOUNGSTOWN, Ohio – Three buildings that house Perkins restaurants in the Mahoning Valley were sold in March to an Arizona company for a combined $4.36 million.

The seller is Spirit Master Funding III LLC, a unit of the Spirit Master real estate investment trust that was founded in 2007 and is based in Scottsdale, Arizona. The buyer is Store Master Funding XIII, which is also based in Scottsdale and is described as an operator of single-tenant occupied real estate.

The Perkins building at 804 Boardman-Poland Road in Boardman was sold for $1,838,144; the Perkins at 1953 Niles Cortland Road SE in Warren for $1,219,157; and the Canfield Perkins, 587 E. Main St., for $1,182,439.

The separate transactions closed March 26. They are among the 25-largest commercial real estate deals that took place last month in Mahoning, Trumbull and Columbiana counties.

The largest transaction in the three-county region during March was the sale of the building that houses the newly constructed Fresenius dialysis center at 4941 Enterprise Blvd. NW in Warren. The buyer, ExchangeRight Net Leased Portfolio 20 LLC of Pasadena, California, paid the seller, King Avenue 1.0 LLC of Dayton, $3,519,932.

Other large transactions last month include the city of Youngstown’s purchase of a vacant building at 1005 Belmont Ave., opposite St. Elizabeth Youngstown Hospital. The city paid $355,000 to a California investor, Behnam David Enayati, who purchased the building a few years ago for about $155,000 less than the city paid.

Also on the list is the purchase of the former Boardman Tennis Center by Avalon Mahoning Sports Center Inc. The building, 1223 W. Western Reserve Road, was sold by Steven and Sally Warden for $1.145 million.

Parent company Avalon Holdings Corp. says it will begin “major renovations” once the indoor tennis season ends May 15 and transform the 54,575-square-foot building into The Avalon Athletic Club at Boardman.

Published by The Business Journal, Youngstown, Ohio.