Representing the seller in the transaction were Steve Timmel, Will Roberts, Jeff Johnston, Chris Prosser and Doug Whitten of CBRE, the largest commercial real estate services firm in the world. The sale of the 11-acre standalone facility was official on Nov. 8, auditor’s office records show.
“The sale of a large industrial property such as this is a sign that Miamisburg is a great place for commercial and industrial investment, especially in buildings with high quality businesses like the ones at 511 Byers Road,” said Chris Fine, Miamisburg’s economic development director.
Located near Austin Landing, the property is 100% leased to four tenants, including Refresco for warehouse operations, Cornerstone Research Group, Lexus of Dayton for storage and engineering company Advantic, which relocated from Kettering in early 2020.
The latter’s move tripled its office footprint to 16,000 square feet and nearly doubled its production area to more than 50,000 square feet. The company employed more than 30 people at the time of its move.
Advantic’s relocation came shortly after the building previously switched ownership. This news outlet reported in November 2019 that Miamisburg Byers LLC spent $6.2 million to purchase the property from commercial and industrial development company Mehland Developers, which is part of Construction Managers of Ohio.
Steve Timmel, CBRE’s senior vice president, said the building, which was constructed in 1986, has been on the market for about four to five months when it sold.
He said part of what made it so marketable after Miamisburg Byers LLC purchased the site in 2019 was introducing new tenants Refresco and Advantic and switching from short-term to long-term leases for the existing tenants of the site, which is almost fully leased.
It also helped that the one-story building has undergone extensive renovations since 2019 including a full-front and rear parking lot overlay, new concrete truck courts and new exterior paint, according to CBRE.
“The building certainly showed well and was very appealing in investors’ eyes,” Timmel said.
The appeal of Dayton as a recognized industrial market has improved significantly over the past decade, he said.
“We have seen national developers and national tenants pursue the marketplace and invest in the marketplace whereas 10 years ago, it really didn’t have that broad of an appeal to national investors compared to a Columbus or an Indianapolis or a Cincinnati,” Timmel said. “It was much more of a regional, local marketplace. As the market has grown and investors and developers alike have seen the benefit of being in the marketplace from transportation to labor, it’s becoming a much more liquid market than it ever has been.”
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