YOUNGSTOWN – The former Toys R Us warehouse here was sold for $ 15.8 million to a Troy, Michigan-based company that designs housewares for retailers in the United States.
HMS Mfg. Co. purchased the more than 441,000 square foot warehouse at 1500 Geoffrey Trail – the route apparently named after the toy store chain’s giraffe mascot, Geoffrey – from AG-EIP 1500 Geoffrey Trail LLC, according to the Mahoning County Auditor’s Office.
Documents show that HMS Mfg. Co. paid $ 5.8 million in cash and took out a new mortgage for the balance of $ 10 million.
The transaction, including 43 acres on which the building sits in the industrial and warehouse area along Salt Springs Road, was registered with the office on Monday.
The building, constructed in 1992, and the land have a tax value of $ 9.9 million, according to the auditor’s office.
AG-EIP acquired the property in January 2019 from Equity Industrial IV LLC, which, along with Billerica LLC, purchased the property for $ 10 million in June 2000 from Tru Ohio Properties Inc., according to the auditor’s office. .
According to its website, HMS Mfg. Co. was established in 1987, producing Christmas tree stands. It has grown to create products in several categories of home, including storage and organization, laundry, waste and cooking.
It designs products under the Hefty, Home Logic and Stola brands.
In addition to the Michigan headquarters, the company lists manufacturing locations in Ohio, Arkansas, Texas, and Kentucky on its website, and has an overseas office in Hong Kong.
Toys R Us closed the distribution center in August 2014, relocating around 70 employees, after determining that it could more efficiently ship online orders directly to and from stores. This eliminated the need for the local warehouse.
The iconic toy store chain filed for bankruptcy in September 2017 and closed stores in Niles and Boardman. It reorganized and opened two stores in November 2019 as part of a small return to the United States, but has since faltered again.
One store in Houston in January and the other in Paramus, NJ, closed on Tuesday, according to Tru Kids, a new entity formed when it acquired the intellectual property of Toys R Us during its liquidation in 2018.
The company attributes the closings to the viral outbreak, which has hurt customer traffic at traditional retailers. The Toys R Us site is still active.