YOUNGSTOWN, Ohio – Of the 10 largest commercial real estate transactions in 2021, five were stores and retail, including a supermarket on Mahoning Avenue.
In total, the top 10 deals represented a sales volume of $ 86,220,323, which is an increase over the sales volume of $ 50,316,880 from the top 10 deals in 2020. The properties sold in 2020 were more of a mix , which included a mall, commercial properties, manufacturing, medical, industrial, and a nursing home.
This year’s most expensive deal was the $ 28.4 million sale of the Southland Crossings Shopping Center at 1150-1300, promenade Doral. First National Realty Partners of Red Bank, NJ, closed on December 16.
The 245,678-square-foot mall is 91% occupied and its mainstay is a Giant Eagle supermarket.
Coming second on the list is the former Toys R Us Distribution Center at 1500 Geoffrey Trail. The company HMS Mfg. Michigan-based Co. closed the purchase of the property on February 1 for $ 15,800,000. As of November 2018, the company operated a 400,000 square foot distribution center there, employing approximately 80 people.
In addition to Southland Crossings, four other commercial / retail properties landed the top 10 deals in 2021. These include:
- 1120-1300 Boardman Road-Poland, Youngstown, to RAF Investments LLC for $ 10,128,210
- 16280 Dresden Avenue, East Liverpool, (just 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 Avenue, Youngstown, to MDC Coastal 20 LLC for $ 3,312,260
Gallery images include the HMS Mfg warehouse. Co. at 1500 Geoffrey Trail, the Mall at 16280 Dresden Ave., the California Palms location at 5455 Clarkins Drive, and the Southern Commerce Park at 6951-6981 Southern Blvd.
The other properties in the top 10 deals were commercial, office and manufacturing space, including two properties that sold for $ 4 million each.
On April 2, the $ 4 million sale of California Palms Addiction Recovery Campus at 5455 Clarkins Drive, Youngstown, closed during Sheriff’s Sale to Los Angeles-based Pender Capital Asset Based Lending Fund I. However, there is an ongoing legal dispute between the owner of the rehabilitation center, Sebastian Rucci, and Pender Capital.
The $ 4 million sale of South Trade 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 6951 to 6981 Southern Blvd. and include 13 showcases.
Only 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.
Above: the giant eagle in Southland Crossings shopping center in 1150-1300 Doral Drive, Boardman.
Copyright 2022 The Business Journal, Youngstown, Ohio.