Toledo getting help selling land - 13abc.com Toledo (OH) News, Weather and Sports

Toledo getting help selling land

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Toledo has several parcels of land for sale in Monclova Township that could bring in millions of dollars.   The city has held property at the Triad Business Park for 20-years but the city only now seems serious about selling it.

For some reason, despite the area along Technology Drive attracting big companies like Dana Corporation and the new Ohio Department of Transportation's new equipment terminal, Toledo hasn't been able to sell its land out here.

Councilman Rob Ludeman (R), who is also a realtor, says the reason the land sits undeveloped is simple:  "The City of Toledo is not good at running businesses and it's not good at selling real estate."

Some land in this industrial park has been sold.   But Toledo's 90-acres are still available and the city is a motivated seller.

Ken Marciniak is a commercial real estate broker with Signature Associates.  He says the city is ready to make a deal, telling 13abc reporter Bill Hormann,  "they (the city) felt it was time to aggressively put up a marketing campaign."

Craig Herschel is the other realtor working on marketing the property.  He says a campaign will target contacts across the country.

The six Triad lots are some of the last pieces of suburban land ready for development in the Toledo metro area.   A company could buy a lot then build to suit its needs.

And the realtors are targeting companies with at least $5-million  in payroll.

Herschel says, ideally, they will try to interest certain businesses.   "Manufacturing, assembly, we won't shy away from users similar to Dana; and office users, too, would make a nice corporate campus."

The land will sell for $50,000 to $150,000 an acre and that may be considered cheap given the land will have utilities installed and sits right along a highway.

The land is part of the joint economic development zone between Monclova Township, Maumee and Toledo which means when the land sells, the three towns will share in the tax revenue.

The 90-acres could sell for 10-million dollars.

And once council signs off on a deal with the realtors, the marketing will be in the hands of professionals who know how to move property.

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