Columbus-Area Firm Buys Dayton Office Building
- May 12, 2015
Another major downtown Dayton office property has attracted attention and cash from out-of-town investors. New California Enterprises L.L.C., based in Plain City, purchased the vacant 210,000-square-foot building at 333 W.First St. and its adjacent 340-space parking garage at auction, for a total of $441,000.
According to the Dayton Business Journal, this is the fourth large downtown office building acquired by out-of-town investors in the past few months. Completed in 1956, the seven-story building was acquired for $4 million in 2007 by Titan Loan Investment Fund L.P., according to PropertyShark. The real estate website also reports that the property’s current market value is $1.6 million.
CBRE managed the auction. So far, the new owner has not revealed its plans for the property.
In a report for the first quarter of 2015, DTZ said that the Dayton office market started the year in full force, with 41,233 square feet of positive net absorption, compared to 11,333 square feet of net absorption in the first quarter of 2014. Vacancy has also improved to 24.5 percent, with average asking rents for Class A and B spaces remaining at $14.47 per square foot. DTZ expects prices to remain unchanged in the near future. However, continued positive activity could spur rent growth in the long term.
Photo credit: CBRE