Banking & Finance

REIT Pays $39.7M for Lordstown Warehouse

YOUNGSTOWN, Ohio — In what was the largest real estate sale in the Mahoning, Trumbull and Columbiana counties in the past 13 months, an affiliate of Broadstone Net Lease paid $39.7 million June 19 for the cold storage facility here operated by Anderson-Dubose.

Broadstone, a publicly reporting, privately offered real estate investment trust based in Rochester, New York, purchased the 210,497-square-foot, Class A logistics facility at 5300 Tod Av. SW, for about $188.60 per square foot. The seller was an affiliate of US Realty Advisors in New York City.

The Anderson-DuBose Co. delivers food to nationally known restaurant chains across the country. CBRE National Partners had the sales listing. In a flyer advertising the property, CBRE noted that Anderson-DuBose has an absolute net lease on the property that expires in June 2033 with annual rental rate increases of 2%.

Also last month, Diehl Automotive Group paid $3.85 million to purchase Wally Armour Salem, a new-car dealership that the Armour family acquired in January for $3.8 million. The original owner of the dealership was John Kufleitner, who plans to build a new Chrysler dealership in Boardman. Diehl Automotive Group operates new-car stores in Butler, McKees Rocks and Grove City, Pennsylvania.

The transactions are among the 23 largest listed in the MidJuly edition of The Business Journal (CLICK to subscribe).

Other large transactions last month include the sale of the CVS store at 601 E. Main St. in Canfield for $4.1 million to FRC Consumer Canfield Ohio. The seller was WEC 2000 B-CLF-LLC.

On June 21, the J.D. Byrider car lot at 7871 Market St. in Boardman was sold by ILG LLC to RonJon Investments LLC for $2.025 million.

Published by The Business Journal, Youngstown, Ohio.