New York Investors Buy Belmont Plaza for $6.2M
LIBERTY TOWNSHIP, Ohio -- The Belmont Plaza in Liberty Township has been sold for $6.2 million to a New York investment group, nearly five times its purchase price at auction in 2000.
Alan Friedkin, broker with Friedkin Realty LLC, said he partnered with Chicago firm Marcus & Millichap on the deal. The new owners are Daniel Frija and Yaacov Oanono of Brooklyn, N.Y., according to Trumbull County property records.
The plaza, built in 1970 with an out-parcel building added in 1974, was purchased by an investment group out of Chicago, Belmont Plaza LLC, for $1.25 million in 2000 and was "virtually empty" after Giant Eagle moved out to open in the Churchill Commons plaza. The owners put "millions" into the property. "It's really a focal point in the township now," Friedkin said.
Tenants of the plaza include Big Lots, CitiTrends, National College, Aldi's, O'Reilly Auto Parts and, on an out-parcel, Huntington Bank. "I brought all of those tenants in," Friedkin said.
Copyright 2012 The Business Journal, Youngstown, Ohio
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