University sells Research Park property for $475K
Developer makes yet another move in local business park.
Wright State University has sold a Miami Valley Research Park property for $475,000.
The buyer is a familiar name in the Dayton area. The university sold a 54,087-square-foot building at 3171 Research Blvd. to Kettering 3171 Research LLC, a limited liability company linked to a Cleveland-area property developer and investor, Industrial Commercial Properties.
The latter company, also known as “ICP,” has been busily acquiring properties in the Kettering-Beavercreek research park for months,
spending millions to acquire four office buildings in the park last year.
County records identify the seller and give the sale date as Jan. 8.
Questions were sent to ICP, which is based in Solon, Ohio.
“Wright State’s sale of that building is part of the university’s ongoing overall initiative that’s been in place for the last few years to shed property outside our core campuses,” said Seth Baugess, a spokesman for the university. “ICP bought the other Research Park buildings recently and approached Wright State when they found out the university would be selling.
“That building has been nearly empty for some time,” he added. “The only occupant was a relatively small Boonshoft School of Medicine department that is moving back close to campus as a result of the sale.”
Last year, ICP purchased 3123, 3139 and 3155 Research Blvd., with 1900 Founders Drive nearby, all from Land Holders LLC, according to Montgomery County records.
ICP is very familiar with the Dayton area — and very active here. 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.
Chris Semarjian, owner of ICP, told the Dayton Daily News last year that the research park features attractive sites well-suited to potential defense contractor and research users.
“That Beavercreek area — where a lot of the Air Force market is — is a very viable market,” Semarjian told this news outlet in May 2020.
Dean Miller, executive vice president of ICP, said Tuesday the company continues to see promise in the park.
“I think it’s kind of a classically designed, well-done office park in a beautiful setting,” Miller said. “And we recognize there’s a relatively short supply of larger blocs of decent office space in the Eastern submarket around Wright-Patterson (Air Force Base).”
ICP’s belief is that demand near Wright-Patterson isn’t going away.
“I don’t think there’s any doubt that America is coming back to work. We think in competition, quality products will survive and thrive,” Miller said.
This isn’t just a “passive purchase,” he added.
“As you know from our work in the Dayton area, we’re redevelopers at heart,” Miller said.