Toledo, Ohio, will gain a valuable community resource when the new Washington Branch of the Toledo Library opens in a former grocery store.
The Toledo-Lucas County Public Library purchased the vacant retail space at 3025-3049 W. Alexis Road and 3061-3067 W. Alexis Road in the third quarter of 2023. The transaction was recognized as the Sale/Acquisition of the Year for Toledo in CoStar Group's Impact Awards, as judged by real estate professionals familiar with the market.
Joseph Brothers Company sold the retail center for just under $2.3 million, which was paid by the Toledo Public Library’s building and repair fund. Signature Associates was the listing broker and the buyer broker.
The retail center's former Food Town grocery store in unit 3025 will undergo renovations as part of the library system's new Washington branch.
The library system sold the former 13,000-square-foot Washington branch in early 2023, and the new space will offer considerable benefits, according to stakeholders.
The new location totals nearly 70,000 square feet on eight acres of land, providing extra indoor and outdoor space for special events, plus storage and parking. The new location also boasts more traffic than the original location, drawing more of the community into the library.
The library board estimates the renovation will take at least two years, and estimates for construction costs and timelines have not yet been released.
Several of the other existing tenants in the retail center will stay, providing additional income for the library and helping offset taxpayer costs.
About the Project: This acquisition allows the library to expand the Washington branch into more space than it had at its former location, in an area with more community foot and vehicle traffic.
What the Judges Said: "What is more impactful than a new and improved city-funded library? This is a great example of taxpayer dollars at work for positive endeavors. It's a great example of retrofit and reuse cases, and a good-size sale by great local brokers," said Evan Lyons, senior director, Encore Real Estate Investment Services.
They Made It Happen: Sam Zyndorf, senior vice president and principal, Signature Associates; Mark Zyndorf, senior associate, Signature Associates; Megan Malczewski, principal, Signature Associates;
Stephen Serchuk, senior associate, Signature Associates.