Two Industrial Park Properties Sell for Combined $1.75M
YOUNGSTOWN, Ohio – Two industrial properties in two of the city’s industrial parks have sold for a combined $1.75 million.
A 29,200-square-foot warehouse and distribution space at 1126-1130 Performance Place sold for $810,000 to a Boardman-based investment firm, according to public records. Performance MGT LLC purchased the property from L.S. Realty Development Ltd., which took ownership of the property from the city of Youngstown in April 1998.
Meanwhile, a distribution warehouse and office building at 1260-1265 Crescent St. sold for $940,000. The property is in the Riverbend industrial park, one of the city’s oldest industrial parks.
The Performance Place property sits on about 17 acres and is fully leased by two tenants: Perishable Shipping Solutions and a company that buys, repairs and resells wooden distribution pallets. Bill Kutlick, agent with Platz Realty Group, facilitated the sale.
The property has the potential for future expansion with the available acreage and highway access – Interstate 680 is “within eyesight,” Kutlick says.
“I hope we get someone on the remaining acreage to build another building,” he adds. “There’s enough land here to build more warehouses.”
The existing warehouse space, constructed in 1999, includes seven docks, three drive-in doors and 16-foot ceilings. Construction costs for the building today “would be every bit of $90-95 a square foot,” Kutlick says.
The distribution warehouse and office building at 1260-1265 Crescent St. was built in 1978, and houses Ohio Wine Imports Inc., which does business as Heidelberg Youngstown of the Heidelberg Distributing Co.
Heidelberg Distributing RE LLC purchased the property for $940,000 from previous owner MilVon Realty Co., which acquired the property in December 2012 for $1 million, according to public records.
Heidelberg employs 40 at the Youngstown location, according to its website.
Copyright 2022 The Business Journal, Youngstown, Ohio.