Atrium building gets sold
Real estate group formed by Warren attorney spends $450K for downtown property
WARREN — A real estate development company formed by a Warren attorney has purchased the Atrium Building downtown for $450,000.
Jeff Goodman’s North Park Properties Group LLC bought the building, 103 W. Market St., at the corner of Park Avenue and Market Street, from Downtown Development Group LLC, which has redeveloped several buildings on or near Courthouse Square.
Meanwhile, an affiliate property group of Downtown Development Group also recently purchased a building just off the square on South Park Avenue and expects new tenants there in the very near future.
Goodman, whose law office of Fowler, Goodman and O’Brien is two doors west of the Atrium Building, said he and his associates in North Park Properties purchased it “to keep these buildings in the hands of people who love Warren and (want) to keep good tenants in the buildings.”
The Atrium Building has three tenants: Coleman Professional Services, a nonprofit that provides behavioral health, residential, employment and supportive services; the Downtown Grooming Lounge, a barbershop; and Thom Duma Fine Jewelers, which expanded into about 500 square feet of the Atrium Building in 2019 to operate a Rolex watch boutique.
Mark Marvin of Downtown Development Group LLC said the sale frees up some cash for other “opportunities that may present themselves and have presented themselves.” Also, “we’re developers, we’re not really landlords per se.”
“We like to have the cash sitting there in case we want to make a move on something,” Marvin said.
A Downtown Development Group affiliate that formed in November, Bull and Rhino Land Company LLC, has purchased 137 S. Park Ave., immediately south of the former Chase Bank building, for $65,000.
Marvin said already three prospective tenants have looked at the first floor space there, including retail and marketing businesses. He did not say the third but did say renovating work is underway, and the plan is to transform the upper floors into apartment living space.
Bull and Rhino Land Co., as opposed to Downtown Development Group, Marvin said, “takes us from the development side to the land ownership side and more on the landlord type side.”
The Trumbull County Auditor’s office shows the Atrium Building sale closed Dec. 17. Downtown Development Group LLC had owned the building since 2016, when it purchased it from Kleese-Atrium Limited Partnership for $337,500, records show.
The building has a tax value of $283,100.
Records show Bull and Rhino closed on the South Park Avenue building Dec. 1. The seller was Dale E. Bell / Jacqueline R. Bell Trustees, which bought it in 2011 for $35,000. The building has a tax value of $38,600.
The Atrium Building is the third Courthouse Square building Goodman and his associates have purchased, he said. He said they also own 144 and 174 N. Park Ave.