Shopping/Retail Make up Half of Top 10 Commercial Real Estate Sales in 2021

YOUNGSTOWN, Ohio — Of the 10 largest commercial real estate transactions in 2021, five were shopping and retail, including a supermarket on Mahoning Avenue.

All told, the top 10 transactions equaled $86,220,323 in sales volume, which is up from $50,316,880 in sales volume of the top 10 transactions in 2020. Properties sold in 2020 were more of a mix, that included one shopping center, commercial properties, manufacturing, medical, industrial and a retirement home.

This year’s transaction that drew the biggest price tag was the $28.4 million sale of the Southland Crossings shopping center at 1150-1300 Doral Drive. First National Realty Partners of Red Bank, N.J. closed on the property Dec. 16.

The 245,678-square-foot shopping center is 91% occupied and anchored by a Giant Eagle supermarket.

Coming in second on the list is the former Toys R Us distribution center at 1500 Geoffrey Trail. The Michigan-based HMS Mfg. Co. closed on the purchase of the property on Feb. 1 for $15,800,000. As of November 2018, the company had been operating a 400,000-square-foot distribution center there, where it employed about 80.

In addition to Southland Crossings, four other shopping/retail properties cracked the top 10 transactions in 2021. They include:

  • 1120-1300 Boardman-Poland Road, Youngstown, to RAF Investments LLC for $10,128,210
  • 16280 Dresden Ave., East Liverpool, (just the Walmart property) to Kamin Daniel G. East Liverpool LLC for $7 million
  • 2124 East State St., Salem, to Exchangeright Net-Leased Portfolio 51 DST for $6,271,186
  • 3377 Mahoning Ave., Youngstown, to MDC Coastal 20 LLC for $3,312,260
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Gallery images include the HMS Mfg. Co. warehouse at 1500 Geoffrey Trail, the shopping plaza at 16280 Dresden Ave., the California Palms location at 5455 Clarkins Drive and the Southern Commerce Park at 6951-6981 Southern Blvd.

Other properties among in the 10 largest transactions were commercial, office and manufacturing spaces, including two properties that sold for $4 million each.

On April 2, the $4 million sale for the California Palms Addiction Recovery Campus at 5455 Clarkins Drive, Youngstown, closed at sheriff’s sale to the Los Angeles-based Pender Capital Asset Based Lending Fund I. However, there is an ongoing legal dispute between the rehabilitation center’s owner, Sebastian Rucci, and Pender Capital.

The $4 million sale of the Southern Commerce Park on Southern Boulevard closed Nov. 19 to Boardman Flex LLC, a developer group that includes James Sabatine Sr. and Jr. The buildings are located at addresses from 6951 to 6981 Southern Blvd. and include 13 storefronts.

Just two spaces are vacant in the complex. Tenants include Donald Martens & Sons Ambulance Service Inc., Penn-Ohio Cycles, Central One Optical, Lane LifeTrans Paramedics, Interstate Batteries, Project MKC, Roadtex Transportation and Hidden Treasure Bins.

Read Growth Report 1 for a more comprehensive look at the top commercial real estate transactions last year. Subscribe today to get your copy.

Pictured at top: The Giant Eagle in the Southland Crossings shopping center at 1150-1300 Doral Drive, Boardman.

Copyright 2022 The Business Journal, Youngstown, Ohio.