Midway Plaza attracts interest but isn’t sold at auction
An auction today for Midway Plaza, one of the oldest shopping centers in the Akron area and hit by vacancies, did not result in a sale.But the auction did identify potential buyers.Officials with the auction/real estate firm Chartwell Group said eight people had each purchased the $20 bid packet indicating interest.“It’s in play. There are people interested but apparently they weren’t looking to pay over our published reserve price of $1.5 million,” said Mike Berland of Chartwell Group.In addition to the $1.5 million, anyone buying the property at auction would have had to pay the “buyer’s premium,” a 6 percent charge.The next step will be working with those interested at a private sale. One who decided not to bid was Johnny Peart with Peart Corp. of Detroit, Mich., and Toronto, Ontario.Peart’s company owns a variety of real estate.After the auction, where no bids were received, Peart huddled with Chartwell Group employees.The 18.8 acre-property, built in 1955, is at Brittain Road and Tallmadge Avenue.The auction meeting was held at Sheraton Suites hotel in Cuyahoga Falls.The property — with a large parking lot and buildings totaling 150,000 square feet — went up for auction after the owners had it on the market for several months at a price of about $2.9 million.The plaza is about 40 percent occupied. Two big spaces that are vacant were previously occupied by retailers Big Lots and High Point Furniture.The property is being managed by a court-appointed receiver after the owners — Commercial Properties Inc. of suburban Cleveland — decided to sell. There were no taxes owed on the property.Occupants of the plaza buildings include a Goodwill store, Liberty Tax, Save-a-Lot groceries, Rent-a-Center and a Time Warner Cable customer service site.Most of the plaza is in Tallmadge. The front portion of the parking lot is in Akron.Katie Byard can be reached at 330-996-3781 or kbyard@thebeaconjournal.com.
