Shopoff Realty Buys Office Campus Near Dayton
- Apr 18, 2015
A California-based real estate investment firm has recently purchased an office campus in the Dayton suburb of Beavercreek. The purchase price was not disclosed.
Shopoff Realty Investments is the new owner of the Apple Valley Office Center in the Dayton suburb of Beavercreek.
The campus was constructed in 1985 on a six-acre site. It features a three-story, 55,024-square-foot building, a two-story, 29,916-square-foot building, and a single-story, 45,500-square-foot building. Amenities include more than 500 parking spaces.
The purchase price was not disclosed, but the Irvine, Calif.-based owner said in a statement that the acquisition was partially capitalized by Shopoff Strategic Income Fund, which closed to new investors last Dec. 31.
According to PropertyShark, Shopoff purchased the office campus from subsidiaries of Newcastle Investment Corp. The real estate website estimates the buildings’ market value at $9.5 million.
In a statement, William Shopoff, the company’s CEO, said that the 130,440-square-foot office campus was 95 percent occupied at the time of the sale. Anchor tenants include Northrop Grumman Systems Corporation and MacAulay-Brown.
Shopoff plans to upgrade the campus and transform the vacant office suites into speculative, ready-to-move- in space for future tenants.
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