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Friday, December 15, 2017 Elyria
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Levin Furniture property sold for $17.7 million

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AVON — A property on Nagel Road recently was sold for a whopping $17.7 million, according to the Lorain County Auditor’s Office.

On Monday, paperwork was filed with County Auditor Craig Snodgrass’ office for the transfer of 1801 Nagle Road, which is currently Levin Furniture. The property, which was owned by 1801 Nagel Road LLC, was sold to Vereit Real Estate, in Phoenix.

The sale is the largest transfer of the year in Lorain County. It’s so big, in fact, that it has some questioning whether it was a mistake.

“With that $17 million number, we’re almost wondering if accidentally that was several deals rolled into one,” Avon Planning Director Pam Fechter said. “It seems like a lot to pay for the property.”

Snodgrass, though, said it was no mistake.

“It is for that specific parcel,” Snodgrass said. “We don’t have any other specifics on the transaction itself. The title company came in and brought the papers for $17 million.”

Snodgrass said the company also paid the required $70,756 conveyance fee for the transfer. He admits the price seems high.

“The number was a little surprising, but a lot of numbers over in that area have been. We’re seeing $200,000 to $300,000 for just an acre alone. It’s a big number; there might be some other things to it. Certainly, the numbers seem, even for that area, a little bit higher than we’d expect.”

Snodgrass said the transfer was a sale-lease-back agreement for the 4.5-acre property.

Fechter said the city hasn’t heard of any other plans for the property. The Levin Furniture on the property opened in 2016.

Last month, the Pittsburgh-based Levin Furniture was sold to Art Van Furniture, based in Michigan.

Contact Scott Mahoney at 329-7146 or smahoney@chroniclet.com. Follow him on Twitter @SMahoneyCT.

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