FollowUp: American Stone Industries

American Stone Industries Inc. completed its sale to Industrial Realty Group LLC (IRG) by selling its Amherst stone quarry in Ohio for $6.6 million on Dec. 19, according to the Lorain, Ohio, Morning Journal. IRG, a Downey, Calif.-based development firm, plans to build a luxury residential area at the dormant quarry, although wastewater-line installation will take a few years before major building begins.
The Morning Journal noted that IRG’s purchase of Cleveland-based American Stone also included $6 million for the company headquarters and a working sandstone quarry, and $9.4 milion for remaining business assets.