Developer buys Miami Valley Research sites for about $3.5M
An industrial developer with a long Dayton-area track record has paid more than $3.5 million for four office buildings, with land, in the Miami Valley Research Park near the Kettering-Beavercreek border.
Chris Semarjian, owner of Cleveland-based Industrial Commercial Properties, acknowledges this is a challenging time economically.
But the properties ICP recently purchased are attractive sites well-suited to potential defense contractor and research users, he believes.
“That Beavercreek area — where a lot of the Air Force market is — is a very viable market,” Semarjian said Wednesday.
ICP purchased 3123, 3139 and 3155 Research Blvd., with 1900 Founders Drive nearby, all from Land Holders LLC, according to recent Montgomery County property records.
3155 Research, with 1900 Founders and about 10.5 acres of farm land off Research Blvd., sold for $1.57 million, records show. Another 2.6 acres off Spaulding Road were listed as part of that transaction.
The sale price for 3123 Research was given as just over $697,000.
3139 Research sold for $1.3 million, records indicate.
Each building was sold with accompanying acreage, for a total of nearly 28 acres.
The goal is to take these properties and position them for future owners or tenants. Semarjian plans “significant renovations” of the properties.
“We’re pretty creative folks, and we bring tremendous value to the table,” he said, adding: “I think we have a recipe for success.”
With California-based Industrial Realty Group, ICP is the company that sold a former General Motors assembly plant in Moraine to a Chinese industrialist in 2014, leading to the creation of Fuyao Glass America, the world’s largest factory devoted to the creation of automotive glass.
County records dated all sales as May 6. The properties were listed with Apex Commercial Group.
Contact this reporter at 937-225-2390 or email Tom.Gnau@coxinc.com.