BRUNSWICK, Ohio — The estate of Mentor tycoon Jerome “Ace” Osborne has sold another piece of property, this time a vacant industrial site along Interstate 71 in Brunswick.
Murfin Inc. conglomerate of Wichita, Kansas, recently bought the 9.03-acre of land at 1550 Industrial Pkwy in Brunswick for $500,000, according to Medina County records.
The corporation’s businesses include oil, radio stations, and Murphy tractor stores, one of which is near the recently purchased Brunswick site. Realtor Tom Seaman of Keller Williams believes the site will be used by the Murphy subsidiary.
Osborne, who died in 2014 at 92, made a fortune in soybeans, coal, real estate, concrete and other areas. His donations supported the football stadium at Mentor High School, the fitness center at Lake Erie College and more.
His estate still has 21 other sites for sale totaling more than 500 acres in Lake, Lorain, Medina and Erie counties. One of Osborne’s sites, 7.29 residential acres on Chillicothe Road in Kirtland Hills, sold for $87,500 at an auction in Eastlake last October.
His family has auctioned off most of his collectibles but still runs some of his businesses. The Osbornes also own a roughly 100-acre horse farm on the southwest corner of Interstate 90 and Center Street [Ohio 615] in Mentor and Kirtland Hills.
A measure on Mentor’s ballot this November will ask voters to rezone the city’s 4.2 acres of the farm from conservation to interchange service, allowing a short-term hotel and a restaurant with no drive-up window.
The still-for-sale Osborne properties range from an acre on Mentor Avenue in Mentor to more than 148 acres at 307 Mantle Rd. in Painesville.
Seaman says received several offers for the Brunswick land before closing with Murfin.
According to Seaman, the recession hurt the vacant land market for a while, but that’s starting to change. “Now that inventory is starting to dry up, and we’re getting some growth in the economy again. I feel optimistic. We’ll see.”
For more about the properties for sale, contact Seaman at 216-469-7081, tseaman@kw.com, or click here.
For a story on the auction, click here.
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