FOR IMMEDIATE RELEASE
February 3, 2021
DAYTON, OH – Industrial Commercial Properties LLC (“ICP”), a Cleveland-based commercial real estate development company, in a joint venture with longtime business and development partners, Industrial Realty Group, LLC (“IRG”), acquired the LexisNexis-occupied office campus in Dayton, Ohio. The 391,000-square-foot campus is located on 60 acres and includes buildings at 9443, 9473, 9555, and 9595 Springboro Pike.
Doug Altemuehle of Newmark represented LexisNexis in this transaction and Don Feathers of Roaring Fork Advisors, LLC represented ICP and IRG in the acquisition.
“ICP saw a tremendous opportunity to expand our Class A office portfolio in Dayton to over 600,000 square feet. This acquisition comes on the heels of our purchase of five office buildings in the Miami Valley Research Park in Kettering,” said Chris Semarjian, owner of ICP. “We have completed a sale-leaseback transaction with LexisNexis, and they will remain an anchor tenant at this location in a portion of the park.”
The office park comprises 60 acres of land and 391,000 square feet of office space in four buildings. It is strategically located adjacent to I-675 and I-75, with strong demographics, situated just 30 minutes north of the Cincinnati suburbs. The location has access to daytime amenities such as Austin Landing and Dayton Mall and is a ten-minute drive to downtown Dayton and Wright-Patterson Air Force Base.
“We plan to position this property as a premier regional office park,” said Stuart Lichter, president and chairman of IRG. “The buildings are highly efficient with large, open floorplans. The park is strategically located, with excellent frontage on two interstates making the location ideal for a corporate headquarters. There is also an opportunity for retail outparcel development,” said Mr. Lichter.
“This office park is quality space, in a market where large blocks of A space are difficult to find. It’s a great opportunity for a large corporate user to position themselves in a high-profile office park with great amenities and visibility,” said Dean Miller, senior vice president of leasing and acquisitions for ICP. “Miami Township is a very business-friendly community with zero earnings tax, which adds to the desirability of this location,” continued Mr. Miller.