Banking & Finance

Sale of Salem Chrysler Dealer Tops January’s Deals

SALEM, Ohio — Two commercial real estate transactions in Salem top The Business Journal’s compilation of the largest deals last month in the Mahoning, Trumbull and Columbiana counties.

Leading the list is the purchase Jan. 11 by Al Armour and his brother J.R. of the Salem Chrysler Dodge Jeep Ram store, now operating as Wally Armour Salem, at 400 Legacy Lane in Salem. The brothers’ WA Salem Properties LLC paid $3.8 million for the dealership that was owned and operated by John Kufleitner. The seller was RonJon Investments LLC.

Kufleitner plans to build a new Chrysler dealership in Boardman that he hopes to open by the end of this year.

The Armours and their father also own and operate Chrysler dealerships in Alliance, Canton, North Canton and Minerva.

Also in Salem, an entity controlled by envelope manufacturer Envelope 1 purchased the former Sebring Container building at 964 Benton Road for $1.81 million or about $24.76 per square foot. KGBEE LLC sold the 73,100-square-foot vacant facility that sits on 12 acres. CBRE of Fairlawn was the buyer’s broker, and Rick Herron of Herron & Associates in Salem was the listing broker.

In Mahoning County, two publicly traded REITs purchased restaurant properties. National Retail Properties bought the 9,265-square-foot Panera building at 5555 Mahoning Ave. in Austintown for $1.48 million or about $160 per square foot. Ruby Tuesday Inc. was the seller. And Four Corners Property Trust purchased the new 7,986-square-foot BJ’s Restaurant & Brewhouse at 7327 Market St. in Boardman. The sale price was $1.29 million or about $162 per square foot. Southern Park Mall LLC was the seller.

Editor’s note: The 20 largest transactions during January will be published in the midFebruary edition of The Business Journal.

Published by The Business Journal, Youngstown, Ohio.