Auction of Industrial Property Postponed to February
NILES, Ohio — Bidders will have more time to inspect and do their research on an industrial property here as auctioneers have postponed the auction until Feb. 20, 2019.
Originally, the auction for the 184-acre commercial property at 1590 Warren Ave. was scheduled for Dec. 20. However, Hanna Commercial Real Estate, which is handling the sale of the property, decided the night before to postpone the auction per the request of interested buyers who indicated they needed more time, said principal and managing director for the agency, Mike Berland.
“Several parties expressed their need for additional time in the few days leading up to the auction,” Berland said. “Due to the size and complexity of the offering, we decided to give the potential buyers more time to analyze and do their due diligence on the property.”
Berland and others with Hanna Commercial still showed up Dec. 20 to meet with bidders they were unable to contact about the postponement, but they did not open bidding, he said. Leading up to the original auction date, the published reserve price for the property was $2.45 million.
New on-site inspections for the property are Jan. 23 and 30, and Feb. 6 and 13 from 10 a.m. to noon. Those interested in bidding can learn more about the property and contact Hanna Commercial by clicking here.
Built in 1950, the property includes seven buildings totaling nearly 1.25 million square feet of industrial warehouse space, ranging from 120,000 to 200,000 square feet each. Other buildings include a front guard house, office trailer, pump house, maintenance building and a 1,950-square-foot warehouse building. The property is entirely fenced in and includes rail service by Norfolk Southern with five rail spurs. One of the larger buildings on the campus is occupied by a rail services company with its lease up in another nine to 10 years.
Trumbull County property records show the current owner as Dinapoli Warren LLC, which purchased the property for $7 million in 2010 from Penn Central. Until March 2009, U.S. General Services leased the buildings on behalf of the Defense Logistics Agency for storage of dry goods, including uniforms, shoes, talcum powder and feathers.
The property has a “clean bill of health” from the Environmental Protection Agency and was not used to store munitions, Berland said.
Other on-site amenities include a 12-inch water line, fire hydrants, water reservoir and septic system. Diesel fuel tanks are located throughout the site to provide heat to the warehouse buildings. Utilities are serviced by FirstEnergy Corp. and city of Niles Water Department.
Copyright 2024 The Business Journal, Youngstown, Ohio.
