Phantom Fireworks Buys Former Cafaro Headquarters
YOUNGSTOWN, Ohio – The Cafaro Company and Phantom Fireworks finalized an agreement Tuesday for the sale of Cafaro’s former corporate offices at 2445 Belmont Ave.
Terms were not disclosed and the transaction is not yet posted in public records. An online auction conducted in July drew a final bid of $1,345,000, which did not meet the buyer’s reserve of $1.5 million. The property was valued at $2.6 million.
The building contains 44,019 square feet and the sale includes 3.59 acres of land plus assorted building furniture, according to an announcement from Phantom Fireworks.
The Cafaro Co. moved in June to a newly constructed headquarters building at its Eastwood Mall Complex in Niles.
Phantom occupies two-thirds of the 1.2 million-square-foot warehouse on Larchmont Avenue in Warren. The former Delphi Packard plant site was acquired in 2011 by the Zoldan family, which owns and operates Phantom Fireworks.
The company says it has not finalized plans for the Belmont Avenue building.
“The Valley is our home, and we will continue to value the city of Youngstown and invest in its future,” said Bruce J. Zoldan, CEO and founder of Phantom Fireworks, in a prepared statement. “We started this company thanks in part to the support of our community, and we plan to be a part of this great area for a long time to come.”
Phantom Fireworks also announced Tuesday that Zoldan and Troy and Aafke Loney, owners of the Youngstown Phantoms hockey team, recently negotiated a new contract with the city of Youngstown that extends the team’s lease at the Covelli Centre.
“Mahoning and Trumbull counties have tremendous promise, and we look forward to continuing to be a part of the business and sports communities for many years to come,” Zoldan said. “I have never forgotten the support of the area in helping me and my family to build a national and worldwide business, and we are committed to giving back what we can.”
Phantom Fireworks, founded more than 40 years ago, is the nation’s largest retailer of consumer fireworks. The company operates 80 showrooms and 16 states and seasonal retail sites at an additional 21 states.
Copyright 2024 The Business Journal, Youngstown, Ohio.