Salem Manufacturing Plant Sold for $2.2 Million

SALEM, Ohio. –– The site of the John Cockerill Industry plant at 435 W. Wilson St. here was sold this week for $2.2 million to a Texas real estate company.

The buyer of the property is BRN Mustang LLC, which was incorporated in 2016 in Tyler, Texas. BRN Mustang buys, sells and leases industrial properties across the country.

According to the listing for the 117,000-square-foot property, it remains 100% occupied by John Cockerill Industry, which recently extended its lease to Sept. 30, 2025. The triple net lease is subject to bi-annual 5% increases. There are two, five-year options with 2% annual increases, the listing states.

John Cockerill Industry is based in Belgium and employs 6,000 in 23 counties across five continents. Its origin dates to 1817 when it was founded by namesake John Cockerill.

The Salem plant was formerly operated as The Electric Furnace Co. and subsequently as the headquarters of CMI Industry Americas Inc.

John Cockerill Industry designs, supplies and modernizes reheating furnaces, cold rolling mills, processing lines, chemical and thermal treatment installations for the steel and the non-ferrous industry.

Copyright 2024 The Business Journal, Youngstown, Ohio.