Weatherford Building Sold for $3.1 Million
YOUNGSTOWN, Ohio – An industrial building in Youngstown that was home to oil field supplier Weatherford LP has sold for $3.1 million, according to records from the Mahoning County Auditor’s office.
Texas Industrial LLC purchased the land and building at 1100 Performance Place from Weatherford Artificial Lift Systems Inc. on Aug. 19, records show. According to the auditor’s office, the property is appraised at $12,702.40 for tax purposes.
Weatherford purchased the building in 2012 for $3.4 million, records show.
Texas-based Weatherford swept into the Mahoning Valley in 2012 as part of a projected boom in oil and gas production in the northern tier of eastern Ohio’s Utica/Point Pleasant shale formation. However, producers in this region came up mostly empty, causing major industry suppliers – such as Exterran Inc., which built a multimillion-dollar production plant in Youngstown’s Salt Springs Road business park – to close their doors.
Weatherford downsized its operations in Youngstown about four years ago.
According to Dun & Bradstreet, 250 were employed at the location shortly after it opened. Today it employs fewer than 10.
The new owner of the building, Texas Industrial, lists its headquarters as 437 Madison Ave., New York, N.Y.
Published by The Business Journal, Youngstown, Ohio.