Earlier this week, we announced the sale of the former Akron Beacon Journal building located at 44 East Exchange Street in Akron, Ohio. Capstone Development Company, based in Birmingham, Alabama, purchased the historic building and has a plan to redevelop the property.
Capstone Development Purchases Building
Michael Mouron, founder of Capstone Development Co. has several ideas for the property including: residential, mix-use, or a national tenant for the entire building. It will be a major undertaking, but the city of Akron is pleased to know the location will be preserved and converted into a great asset for downtown.
The former Akron Beacon Journal building sits at the corner of East Exchange Street and South Broadway Street across from The Depot of Akron, just minutes from The University of Akron, Canal Park, and the Akron Children’s Museum.
Akron Continues to Grow
The area is currently experiencing new commercial projects and will further benefit from any improvements made to the historic location and the city’s downtown.
“It is great to know the historic building will add to the energetic atmosphere of downtown Akron,” said Jason Laver, SIOR, Senior Vice President at Cushman & Wakefield | CRESCO Real Estate. “We see the city poised for growth in the coming years. New projects are being constructed at a rapid rate and several healthcare, retail and educational users are making the choice to locate to the new, modern development opportunities.”
Capstone Development Co. purchased the property for less than $3 million from Canada-based Black press, the previous owner of the Beacon Journal. Also, the building is eligible for state and historic tax credits and is within an Opportunity Zone that provides financial benefits for redevelopment projects.
To learn more about similar properties, contact us today.
To learn more about how CRESCO, Greater Cleveland’s leading commercial real estate company, can help you with your property needs, contact us at 216.520.1200, or fill out the form below. A CRESCO professional will contact you shortly.