City of Toledo Closes Deal on 5355 and 5405 Southwyck Blvd.
The city of Toledo closed on the sale of two buildings near the site of the former Southwyck Shopping Center as part of the ongoing strategy to continue revitalization in that portion of south Toledo.
The properties at 5355 and 5405 Southwyck Blvd. – two former Stautzenberger College buildings that were acquired by the city in 2015 from the Lucas County Land Bank - were sold to Olympic Real Estate Group LLC. for $1.
The buyer, Olympic Real Estate Group LLC, plans to redevelop the buildings into commercial office space for its sister company, Rahe & Company CPA’s LLC, an accounting and tax service doing business as Financial Express and Payroll Express LLC.
Olympic will redevelop the 19,904 square-foot-building at 5355 Southywyck and consolidate its three Toledo-area offices and its 42 employees in that location, according to its agreement with the city agreement. The company intends to add several new employees over the next year at that location. The company is required under the deal to raze the building at 5405 Southwyck and maintain that property as greenspace for its employees. The building is dilapidated from years of neglect and water damage.
The sales closed on Friday, Jan. 19. The sales were authorized by Toledo City Council on Sept 19, 2017.
The city’s economic and business development office was approached in 2017 by Paul Rahe, owner of Olympic Real Estate Group, about the need to expand his three businesses - Rahe & Co CPA, Payroll Express, and Financial Express. These businesses have been providing accounting and tax services in Toledo for 25 years and have out grown their locations.
Brandon Sehlhorst, manager of real estate for the city of Toledo, said theKapszukiewicz administration is extremely pleased to complete the sale of the two buildings.
“This project retains three viable businesses and 42 employees within the city of Toledo, redevelops a vacant building into Class A office space, removes a blighted structure, and demonstrates that there is a demand for office product in the Reynolds Road Corridor,” Mr. Sehlhorst said. “This project is an example of how the city can be creative in assisting growing businesses.”