MANSFIELD, Ohio – Local businessman Kurt Stimens furthered his investment in downtown Mansfield with his recent purchase of the Marion One building.
Purchasing the Marion One building makes the building the third multi-story office building in downtown Mansfield owned by Stimens – he also owns the Barrington One and Chase buildings. Stimens said the purchase is just one of many that’s happened in the last few years.
“It’s been wild and fast for the last six years,” said Stimens. “There’s been a lot of good deals, historically low interest rates, and good deals on prices, especially when you’re buying properties under duress.”
The real estate business runs in Stimens’ blood; he inherited his parents’ business Stimens Apartments and bought his first places in 1979 at the age of 19.
“Our family business started out back in the 1960s when Mansfield was a thriving metropolis,” said Stimens. “I started adding more to the collection so my roots got deeper.”
Currently, Stimens owns 1,155 units in the Mansfield area and three commercial units. He purchased his first commercial property in 1997 on S. Main Street, and has owned the Barrington One and Chase buildings for five and four years now, respectively.
Commercial buildings were not of Stimens’ interest at first, particularly when looking at the Barrington One building. But low property costs and historically low financing rates makes Mansfield a buyer’s city, and Stimens has taken advantage.
“I thought I didn’t want such a responsibility, but the cash flow was right and the price was really right, so I took a chance,” said Stimens.
A more robust downtown where people can go for eating and entertainment is what Stimens envisions for the future of Mansfield. The current state of downtown contributed in part to one of Stimens’ most prominent tenants leaving their premises, Chase Bank.
“With the bank leaving that bites, I really liked having Chase there,” said Stimens. “They’re leaving because of lack of activity downtown, they still had a profit margin but it was a small one…they can do better with different locations. I’m certainly going to try and find another tenant for it, which will be hard because there aren’t many in the pool looking for such a product.”
Still, with determination and a bit of good luck, Stimens will continue to invest in his home city.
“One of the things I’d like to do someday in the future is build a high-rise residential building and get some people downtown,” he said. “I believe in downtown, I want to see the downtown succeed.”
“I believe in downtown, I want to see the downtown succeed,” Kurt Stimens said.
