Cushman & Wakefield|CRESCO Real Estate closed the sale of the former Akron Beacon Journal building at 44 E. Exchange St. in Arkon, Ohio.
Capstone Development Company, based in Birmingham, Alabama, purchased the historic building and has a plan to redevelop the property.
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 Musuem.
“It is great to know the historic building will add to the energetic atmosphere of downtown Akron,” said Jason Laver, 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, retailand 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. The building is eligible for state and historic tax credits and sits within an Opportunity Zone.
