General Electric Co. has sold a 99-acre property in Euclid, Ohio, that it has owned for more than 92 years.
GE (NYSE: GE) sold its products plant at 21800 Tungsten Road to Tungsten Industrial LLC, a group affiliated with Weston Inc., a Cleveland-area real estate developer. TJ Asher, president of acquisitions and development at Weston, appears as a signatory on behalf of Tungsten Industrial.
Weston is also currently working on converting a former Ford plant in Brook Park, Ohio, into a business and industrial park. That project broke ground last September.
The sale is listed at $100,000 in Cuyahoga County records, despite a valuation of more than $2.7 million from Cuyahoga County as of 2021.
That discrepancy in Cuyahoga County’s valuation and the sale price could be due to a restrictive covenant entered on the property by Tungsten Industrial. The agreement with General Electric stipulates that Tungsten must demolish all buildings, structures and improvements on the site.
After the demolition is completed, the restrictive covenant also states that a Voluntary Action Plan cleanup of 21800 Tungsten Road must be conducted in accordance with Ohio Environmental Protection Agency rules and other applicable environmental laws to check for possible contamination prior to any further use of the site.
GE acquired the 4.3 million-square-foot property in 1930 for $100 and other valuable considerations from Steel Car Co., a company started in 1915 by H. Fort Flowers that invented a three-wheeled maintenance vehicle to operate on railways. Adjusted for inflation, that deal is valued at a little less than $1,800 as of August 2022.
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