Schwebel’s Bakery Outlet Building Sold for $1.7M
YOUNGSTOWN, Ohio – Schwebel Baking Co. sold the building containing its thrift store for $1.7 million but will continue to use the property.
According to Mahoning County property records, the Youngstown-based bakery sold the building fronted by Schwebel’s Bakery Outlet and the 3.6-acre site at 920 E. Midlothian Blvd. to Carl N. Becker and Bernice Becker, trustees, of Chesterhill on May 17.
Jim Beamer, Schwebel’s vice president of sales, described the deal as a sale-leaseback transaction to independent investors to generate capital to put back into the bakery.
“We’re in a penny-profit business with old equipment and doing everything we can to protect 800 jobs and keep the bakery rolling on and at a good pace,” Beamer said. “We found an investor that was willing to do a sale-leaseback, and that’s what we did.”
The commercial property is located across from the Schwebel Baking Co. plant, 920 E. Midlothian Blvd. The bakery outlet, which fronts Schwebel’s route sales distribution space, is one of 11 thrift stores it operates in Ohio and Pennsylvania, according to the Schwebel’s website.
The sale agreement has an opportunity for a buyback of the building, Beamer said.
Copyright 2024 The Business Journal, Youngstown, Ohio.
