Phantom Fireworks buys ex-Cafaro HQ
YOUNGSTOWN — The Cafaro Co. on Tuesday finalized an agreement to sell its former corporate office building to Phantom Fireworks.
The 2445 Belmont Ave. structure will be the new headquarters for Phantom Fireworks and Phantom Hockey, according to a news release from Cafaro on Wednesday.
The building was constructed in 1965 and expanded in 1980 to become a 44,019-square-foot structure. The sale also includes 3.59 acres of land and assorted building furniture.
No other details about the transaction, including the purchase price, were disclosed, and Mahoning County Auditor Ralph Meacham said Wednesday his office had not yet received any information about it.
Earlier this year, Cafaro moved from Youngstown to its newly constructed headquarters at the company’s Eastwood Mall Complex in Niles.
“The Valley is our home, and we will continue to reinvest in this area,” stated Bruce J. Zoldan, CEO of Phantom Fireworks.
Phantom Fireworks, a consumer fireworks retailer, was founded in Youngstown more than 40 years ago. In 2011, the company purchased the former Delphi Packard plant at Larchmont Avenue and North River Road in Warren to use as a warehouse to distribute its products.
“The new offices will allow for continuous growth throughout the company, as well as significant logistical advantages and improvements,” stated William A. Weimer, Phantom’s vice president / general counsel.
Cafaro Co, was founded by the late William M. Cafaro in the 1940s and is now operated by his grandsons, Anthony Jr. and William Cafaro, as co-presidents.