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Feb. 5, 2013

Akron’s Key Building to Hit the Auction Block; Canton’s Huntington Plaza Sold to Ameritrust

By Adrian Maties, Associate Editor

One of downtown Akron’s landmark office towers will soon be on the auction block. The Key Building will be offered at a public auction in late February through Auction.com.

The 11-story building was constructed in 1911. It sits on 0.42 acres at 159 S. Main St. According to Auction.com, the former KeyBank Building was 29.95 percent occupied as of Oct. 31, 2012. It has 158,259 square feet of rentable space, which underwent renovations in 1988. The property is located near many city attractions, including Lock 3 Park,  John S. Knight Center and Canal Park.

The bank that foreclosed on the building bought it back last June at a Sheriff’s Auction. At that time, the Key Building was appraised at roughly $9.5 million.

According to Auction.com, the auction is set to begin on Feb. 25 and end on Feb. 26, with the starting bid set at $600,000. It will be offered through a reserve auction, through which the seller reserves the right to accept or decline the final bid.

In other real estate-related news, Canton’s Huntington Plaza was sold to Amerimar Enterprises, a national real estate development, investment and management company based in Philadelphia. The cost of the transaction was $12 million, according to the Canton Repository.

The 11-story office building is located at 220 Market Ave. South, in the heart of Canton’s downtown. It was constructed in 1986 and totals 130,999 square feet of space. Huntington Plaza was sold together with the New Market Parking Deck located across the street. The two properties are directly connected by an enclosed skywalk, with the parking deck offering 500 parking spaces on five stories.

The property was sold by Tina Zenedes, a Realtor with Howard Hanna.

Photo credits: Auction.com