Springfield company buys former Apex building for $220K

“Obviously continued commercial use is appropriate in that area,” said Horton Hobbs, vice president of economic development for the Greater Springfield Chamber of Commerce. “We’re hopeful that the space will be occupied soon. It’s a multi-use opportunity in that area and it’s a good location.”

The more than 19,000-square-foot property is right on Ohio 68 in view of the Upper Valley Mall.

Argeri Lagos, who attended the auction on behalf of Spartan Brothers, said that while he is open to any kind of good tenant, next week he plans to attend a meeting with the International Council of Shopping Centers to find a potential retail tenant.

“We’re really going to try and find someone who works with this space,” he said.

Community leaders say having a local realty agency such as Spartan Brothers handling vacant properties is a boon to economic developers.

“You bring (the commercial space) under local control, and with their contacts they will work harder than larger corporations,” said John Detrick, Clark County commissioner.

Local investors also better understand the local market and local needs of a community, Hobbs said.

Spartan Brothers got a good deal on the property as well. The building is worth $993,300, according to the Clark County Auditor’s Office.

Former owner Apex Restoration went into receivership after amassing more than $2 million in debt to PNC Bank, according to Hamilton County Common Pleas Court records. The court-appointed receiver — who would not comment or provide an identity — sold the Springfield and Dayton locations Tuesday in an attempt to pay off some of that debt. The sale price of the Dayton property was not available Tuesday afternoon.

Auctioneers from Ohio Real Estate Auctions said the sale went as expected.

“With this market we were afraid we could do substantially less (than $220,000),” said Steve Thompson, one of the auctioneers present. “It’s a good price in a depressed market, and Springfield is a depressed market.”

Contact this reporter at (937) 328-0371 or emason@coxohio.com.