ELYRIA – Haas Holdings Inc., a company connected to All Pro Freight in Avon, has reached an agreement to purchase the Lorain property formerly known as Brad Friedel’s Premier Soccer Academies for $2.4 million.
The deal wouldn’t be finalized unless it’s approved by a county judge because the property has been foreclosed on and is in receivership, according to documents filed in Lorain County Common Pleas Court on Tuesday.
All Pro Freight President Chris Haas, who signed the purchase agreement, did not respond Tuesday to an email seeking comment on the deal.
The $10 million academy, launched to great fanfare in 2007, shuttered following the 2008 economic downturn and has most recently been run as a community sports facility by Rival Sports. Rival’s lease would transfer to Haas under the terms of the agreement.
Previously filed court records indicate that the academy owes roughly $9.5 million to various creditors.
Tim Collins, an attorney for receiver Mark Abood, said Tuesday that one of Abood’s responsibilities as receiver was to try to sell the property.
“The receiver went out and got the best price that he could at the moment,” Collins said.
Tuesday’s court filing noted that the offer from Haas was the only offer made on the 30-acre property, which was appraised at around $7.2 million ahead of a failed sheriff’s sale in 2011. The lowest bid that would have been accepted at sheriff’s sale would have been $4.8 million.
The court filings said that the deal would see the property transfer to Haas without any liens except for unpaid real estate taxes and assessments. Proceeds from the sale would go to pay creditors.
Collins said it’s not uncommon for receivers to sell foreclosed buildings for less than is owed on them, but he also noted that the academy’s creditors could challenge the sale in court.
Contact Brad Dicken at 329-7147 or email@example.com.