RG Steel building listed as ‘Sale Pending’
WHEELING – “Sale pending.”
Webpages that have been home to information about the 13-story vacant commercial office building at 1134 Market Street in Wheeling that has been available for purchase are today identifying its status as having a “sale pending.”
Most area residents know the tallest building in the heart of the City of Wheeling – the Wheeling Steel Building – has been home to several incarnations of steel companies over the more than 110 years it has been a focal part of the downtown landscape; but that is apparently in the process of changing owners yet again.
The big difference anticipated this time: no one expects to see a steel company occupy the entire building, as had been the case under most previous property owners.
The building is being sold to a real estate developer from New Albany, Ohio for a purchase price of $800,000.
The most recent posting on this real estate listing indicated an asking price of $900,000.
Other sources confirmed the agreed upon price actually reflected well on the local commercial property market.
Acting in the capacity of a broker for this transaction, St. Clairsville based businessman Jay (John) Goodman, of Goodman Realty said the purchaser is now in the due diligence stage which entails ultimately seeing the judge approve the transaction.
Goodman explained the process of the sale will make it several months longer to complete that a sale of this nature that was not occurring within the scope of the bankruptcy court.
A specialist in commercial property transactions, Goodman said the property has only been in the hands of his firm for a few months, and noted it cannot be fully completed in the eyes of the federal bankruptcy court until such time as the judge oversees the matter.
The man at the head of the local effort to help complete a sale transaction for this property, said he is pleased with the price settled on for the purchase of the building by an Ohio based business property developer.
Broker for the deal, Jay Goodman, of Goodman, confirmed late Friday the 13-story tall building is being sold.
He also noted that because the transaction is happening within the current owner are in bankruptcy litigation, but noted that because it being sold through a bankruptcy proceeding will add to the length of time it ultimately takes to fully complete the transaction.
Loccisano may be reached at Kimfromthetl@gmail.com