New owner for closed steel plant

SEATTLE (Scrap Monster): One year ago, Worthington Industries Inc. shut down its Samuel Coil Processing plant at 4600 Heidtman Parkway in Cleveland’s industrial valley. Today, Cushman & Wakefield-CRESCO announced that the plant has sold to two companies that are sharing the ownership equally.

Buying the 33-acre site and its 266,837-square-foot heavy industrial building and offices were 4600 Premier Holding LLC and 4600 Heidtman Parkway Holding LLC. Both identified an undivided 50 percent interest in the property in their recording of the transaction with Cuyahoga County on Feb. 3.

4600 Heidtman Parkway Holding is an affiliate of Reserve Management Group of Stow. It also has a corporate office in Chicago. The company will provide ferrous metals recycling, nonferrous metals recycling, and related services at the Heidtman site.

The affiliation of the other company is not clear but appears to be that of a development firm and not an entity that directly engages in manufacturing, distribution or industrial servicing.

“We are unfortunately unable to comment on the sale price other than it transferred over our asking price or buyer group,” said Cole Sorenson, a senior associate at Cushman & Wakefield-CRESCO Real Estate.

The property was listed for sale at $15 million in the brokerage’s listing. Cuyahoga County appraised the building and land at $8,415,000 for tax purposes, public records show.

Sorenson said one of the two companies will be using a portion of the property for its own use. An they reportedly have undisclosed tenant for the remainder of the building, he said.

The steel plant was built in 2005 on land owned by the Cleveland-Cuyahoga County Port Authority that was carved out of a larger piece of land owned by International Steel Group for a coal/coke plant, since demolished and the site cleaned up.

It was transferred through a quit-claim deed to its end-user, Heidtman Steel Products Inc. The Heidtman Steel property was acquired in 2019 by Worthington Industries and had 100 non-union workers back then. By the time Worthington shut the plant, it had only 55 employees.

The site is next to the 59-acre Cuyahoga Valley Industrial Center (CVIC) Job Ready Site, 4601 Heidtman. Two users, the Ohio Department of Transportation and Ohio High Reach, have located in the center, reported by NEOtrans in 2017. Three years later, Amazon planned to build at the CVIC but the 40-acre site remains available.

Courtesy: www.neo-trans.blog