One of Greater Akron’s larger office buildings, at least outside of downtown Akron itself, has been put up for sale.
Located at 3200-3250 W. Market St. in Fairlawn, the building has about 100,000 square feet of space and has been listed for sale at a price of $7.5 million by Colliers International. It sits across the street from Summit Mall and next to the Hilton Akron/Fairlawn hotel.
Building owner Rennick Andreoli, president of nearby RDA Hotel Management Co. and the owner of the neighboring Hilton, thinks the office market might be soft, but he’s testing it to see if there’s interest in the site. Andreoli is not under pressure to sell but is ready to cash out after owning the building since it was constructed 45 years ago, he said.
“I’m in my 70s and am trying to monetize some of my holdings. … It’s probably not the greatest time to take office buildings to the market, but, at any rate, I decided to pull the trigger,” Andreoli said.
A sale would also allow Andreoli to focus more on his hotel business. He owns five hotels, including the Doubletree near the Hilton Akron/Fairlawn, a Sheraton Suites in Cuyahoga Falls and the St. Paul, a boutique hotel in Wooster.
If he can’t get a decent price for the office building, Andreoli said he’ll simply pull it off the market and wait for a better time.