Banking & Finance

Shepherd Storage Building Sold for $3.3 Million

BOARDMAN, Ohio – A private equity fund from upstate New York has purchased the Shepherd Self Storage building on South Avenue in Boardman for $3,302,376, or $30.58 per square foot

The purchase, completed Dec. 12, was made by an affiliate of Prime Group Holdings, based in Sarasota Springs, N.Y. It is the group’s first purchase in the Mahoning Valley. The site, 7469 South Ave., was previously owned by SDDS Investors LLC, an investment group put together by Joseph Sylvester Construction Co.

SDDS paid $2.8 million for the building in 2007 and converted the former Sam’s Club into 250 self-storage units and space for storing trailers, recreational vehicles, cars and boards.

Prime Group Holdings is one of the largest buyers of self-storage properties in the United States. It’s raised more than $550 million for its investment fund and last year acquired $128 million in self-storage properties, mostly in the eastern half of the country.

Among other large real estate transactions in December were the sale of Ivy Woods Manor at 9655 Market St. in North Lima for $4,750,000, the Ice Zone at 360 McClurg Road in Boardman for $1,850,000 and the AAA building at 1275 Boardman-Canfield Road in Boardman for $1,550,000.

Published by The Business Journal, Youngstown, Ohio.