Canton firm markets basket building for petrochemical industry

NEWARK – A Canton-based real estate company began this week listing Newark's seven-story, basket-shaped office building for sale, including petrochemical companies in its marketing efforts.

NAI Spring, a real estate firm based in Canton, listed the unique structure previously owned by The Longaberger Company. The basket company has ceased operations and is in liquidation to pay off creditors under a Chapter 7 bankruptcy filing in Texas.

Canton-area developer Steve Coon and business partner Bobby George, of Cleveland, purchased the basket building in December 2017, saving it from foreclosure and continued deterioration. Coon has said he planned to make $6.6 million in repairs and improvements, then seek a tenant to occupy the building.

Longaberger vacated the 180,000-square foot building in July 2016. The sale of the building paid off $850,000 in delinquent property taxes.

Laurie Stanbro, a commercial real estate agent with NAI Spring, said there are various possibilities for the building. Coon did not return phone calls seeking comment.

"He’s leaving all his options open," Stanbro said of Coon. “He’d be willing to sell it, but it’s still open for lease. We’d love to have a tenant lease the entire facility. Whatever we can get. We’d lease part of it, but not just two offices.”

A press release from NAI Spring stated Stanbro has worked with clients domestically and internationally for office and industrial locations in Ohio.

“The target market for this facility will be office users or redevelopers looking for an interesting project," Stanbro said. "The only thing limiting your opportunity is imagination."

NAI Spring's Bryce Custer, who specializes in serving the needs of the petrochemical, oil and gas, derivative industries and energy services companies, said, “We will also be marketing this property to our clients in the Utica and Marcellus Shale area, as well as clients throughout the Gulf Coast.

"With shale gas and petrochemical complexes locating along the Ohio River, this will be an excellent location for a petrochemical, plastics or derivative manufacturers."

The listing states the building has a 7-story atrium, Class A office space, fitness center, restaurant, retail space, auditorium and hospitality suites, sitting on a 21.5-acre property located 30 minutes from Columbus and 90 minutes from the Ohio River corridor.

"This is a great opportunity for an organization to own one of the most unique office buildings in the country if not the world," Custer said. "This building is not for a user looking for the run of the mill, cookie-cutter office. This building and campus will set the organization apart from everyone else.”

kmallett@newarkadvocate.com

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Twitter: @kmallett1958