Butler-area company buys third Cranberry property
The Derrick, 4/6/02 By JUDITH O. ETZEL

Special thanks to The Derrick for allowing this story to be posted

THE THREE PURCHASES SPREAD OVER THE LAST THREE MONTHS TOTAL MORE THAN $1.7 MILLION.

A Butler-area company has completed its third sale in as many months, the latest being a prime commercial tract in Cranberry Township. The three property deals total more than $1.7 million.

The latest acquisition is a mini-storage facility and nearby commercial building along Route 257 enroute to the Cranberry Mall. The property, owned by Benninger Real Estate Inc., was sold for $525,000 to AC Rentals Inc. of Butler.

In early March, AC Rentals closed on two other Cranberry Township properties along Route 257. The company bought the Duawl Professional Plaza for $1 million and the Rodgers mini-mall complex near Young Tires for $255,000.

Art Benninger, the latest seller, said he understands the buyer is "keeping the mini-storage operation" and is not planning any immediate changes.

The purchases, according to Seneca real estate agent David McVay who handled the transactions, are solely for investment purposes. AC Rentals Inc. is owned by the Chris Smith family that also has a computer software company in the Butler area.

"It is strictly an investment for the future. One of the main reasons they did it here is because they will be living in Venango County," McVay said.

McVay, whose McVay Real Estate has been plying the trade for 20 years in Venango County, first encountered the AC Rentals owners when they bought a parcel of vacant land here a few years ago.

"They love the woods and the Allegheny River...and they kept hinting they liked the area enough that they would someday move here. A very nice home came available, close to the land they bought, and they purchased it and will move here in July," McVay said.

Some strong persuasion resulted in the most recent AC Rentals purchases, he added.

"I did my best to encourage them to develop in Venango County, primarily because they are good people and will be an asset to this area. I personally thought bringing some new blood into the area was a positive thing," McVay said.

The sale of property is putting cash into municipal accounts. The March property transfers in Cranberry Township, considerably helped along by the $1 million Duawl deal, accounted for just over $1.6 million in sales transactions. That will deposit some $8,000 each in realty transfer taxes to the township coffers and school district treasury for the month.

The newest property transfers come on the heels of a pending sale of the River Ridge Farm overlooking the Allegheny River. It is reportedly in the process of being sold to a New England development company that is considering creating a resort center there. The agreement is expected to be finalized by early June.

There are also a number of new housing developments under consideration in Cranberry Township, a move precipitated in part by the construction of a new $65 million UPMC Northwest hospital.