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YOUNGSTOWN, Ohio -- Toledo-based The Lyden Co., which owns gasoline stations across Ohio and distributes fuel through a partnership with Shell Oil Products US in Truenorth Energy LLC, is divesting properties it owns across the country, The Business Journal reported.
A 14,000-square-foot office and commercial building, at 5111 Market St. in Boardman, Ohio, was auctioned Monday and sold for $200,000. The Lyden Co. built the building in the 1960s, according to president Mark Lyden, who said the property no longer fits its plans.
The company is in the process of consolidating its corporate offices to Brecksville, Ohio.
The property auctioned Monday was on the market for several years, but could not attract a buyer, the newspaper reported. The initial asking price was $425,000. The Mahoning County Auditor's office appraised the building and land's value at $520,000 for tax purposes.
Truenorth CEO Geoff Lyden said his company also is selling additional buildings and stores it operates in other markets, including Chicago. "We've had this building for about 50 years, and we can't maintain it," he said, adding that he wasn't disappointed at the final sale price.