Industrial Realty Gets American Stone

AMHERST, Ohio – American Stone Industries Inc. agreed on Sept. 7 to sell its assets to Industrial Realty Group LLC.
The deal includes a purchase price of $22 million, plus the assumption of certain liabilities of American Stone and its subsidiaries. The sale is also contingent on several items, including the ability of Downey, Calif.-based Industrial Realty to proceed with development of some of American Stone’s real-estate holdings.
American Stone previously worked with Trans European Securities LP for development of some of its Amherst-area property for building a golf resort. Crain’s Cleveland Business Journal reported that Industrial Realty would look to develop the property, although the concept would be scaled-down from Trans European’s.
Industrial Realty also plans to continue American Stone’s quarrying and fabricating operations. Among American Stone’s holdings is the Cleveland Quarries in Amherst, a sandstone operation located on approximately 1,100 acres.
American Stone plans to relocate all stone fabricating, storage and distribution from its current Amherst location to a facility in Vermilion, Ohio, and also source stone from an active quarry near Sandusky, Ohio.
American Stone’s stock is traded on the Pink Sheets Electronic Quotation Service under the symbol AMST.