City of Toledo
Closes Deal on 5355 and 5405 Southwyck Blvd.
The city of Toledo closed on the sale of two buildings near
the site of the former Southwyck Shopping Center as part of
the ongoing strategy to continue revitalization in that
portion of south Toledo.
The properties at 5355 and 5405 Southwyck Blvd. – two former
Stautzenberger College buildings that were acquired by the
city in 2015 from the Lucas County Land Bank - were sold to
Olympic Real Estate Group LLC. for $1.
The buyer, Olympic Real Estate Group LLC, plans to redevelop
the buildings into commercial office space for its sister
company, Rahe & Company CPA’s LLC, an accounting and tax
service doing business as Financial Express and Payroll
Olympic will redevelop the 19,904 square-foot-building at
5355 Southwyck and consolidate its three Toledo-area offices
and its 42 employees in that location, according to its
agreement with the city agreement. The company intends to
add several new employees over the next year at that
location. The company is required under the deal to raze the
building at 5405 Southwyck and maintain that property as
greenspace for its employees. The building is dilapidated
from years of neglect and water damage.
The sales closed on Friday, Jan. 19. The sales were
authorized by Toledo City Council on Sept 19, 2017.
The city’s economic and business development office was
approached in 2017 by Paul Rahe, owner of Olympic Real
Estate Group, about the need to expand his three businesses
- Rahe & Co CPA, Payroll Express, and Financial Express.
These businesses have been providing accounting and tax
services in Toledo for 25 years and have out grown their
Brandon Sehlhorst, manager of real estate for the city of
Toledo, said the Kapszukiewicz administration is extremely
pleased to complete the sale of the two buildings.
“This project retains three viable businesses and 42
employees within the city of Toledo, redevelops a vacant
building into Class A office space, removes a blighted
structure, and demonstrates that there is a demand for
office product in the Reynolds Road Corridor,” Sehlhorst
said. “This project is an example of how the city can be
creative in assisting growing businesses.”