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Economy and Business


Akron's Key Building sold to Las Vegas company
Largely vacant, 102-year-old building was in foreclosure; sells to distressed property specialists for one-eighth the appraised value
by WKSU's KABIR BHATIA


Reporter
Kabir Bhatia
 
In The Region:
The Key Building has been sold. Not the tower in Cleveland, but the smaller, century-old property in downtown Akron. WKSU's Kabir Bhatia reports.
The Key Building has been about three-quarters empty since losing two major tenants – a bank and a charter-school company -- in 2011.

Now, Las Vegas-based Moonbeam Capital has purchased the 11-story tower for $1.2 million -- an eighth of its appraised value.

The Beacon Journal reports that it's unclear whether the purchase was made through an online auction for the property, which has been in foreclosure since last year.

Moonbeam Capital's website says the company specializes in turning around distressed properties.

And Akron city officials are confident Moonbeam intends to invest in the building and attract new tenants.

After KeyBank moved in 2011, so did White Hat Management, a company that manages charter schools and is owned by attorney David Brennan. He was part of a group that bought the building in 1984, but he still owned it when it went into foreclosure.
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