CTW Development Pays $1.85M for Boardman Office Complex
YOUNGSTOWN, Ohio – A vacant office building at 8324 South Ave. in Boardman that was built in the late 1990s has sold for more than $1.8 million, according to records from the Mahoning County Auditor’s office.
Auditor’s data show that CTW Development Corp., Boardman, purchased the two-story structure for $1.85 million on Sept. 1.
“We’re working with potential tenants for the first and second floors,” said Jim Grantz, broker for Edward J. Lewis Inc., which listed the property.
Grantz said the previous owner occupied the first floor and moved out shortly before the sale closed. Another tenant on the second floor opted to have its employees work remotely when the COVID-19 pandemic struck in 2020, and did not renew its lease.
This presented an opportunity for CTW to take the existing building and make renovations to the space, Grantz said. “Ironically, this probably wouldn’t have happened had COVID not occurred,” he said.
“Office space inventory is lower than it was 24 months ago,” Grantz noted said.
Grantz said CTW plans to renovate and make upgrades to the building to suit other tenants. “He bought it to renovate it,” he said. “This was right in their wheelhouse.”
CTW has a long track record of developing Class A office, commercial and retail space in Mahoning County.
These projects include Westford Lifestyle Community in Canfield – a multi-use development that consists of Kennsington Golf Club, a Courtyard by Marriott hotel, the Waypoint 4180 banquet center, office buildings, a retail shopping plaza, and upscale houses and condominiums.
CTW also owns and manages additional office and retail space in Boardman and Canfield.
According to records, the Sylvester Land Co. constructed the building in 1998, which sold it to 8324 South Avenue LLC for $1.95 million in 2017. That entity then sold it to CTW Sept. 1.
The Mahoning County auditor’s website appraises the 26,388-square-foot building and land at $2.1 million for tax purposes.
Copyright 2023 The Business Journal, Youngstown, Ohio.