Tresslar: Iams building sale called the ‘bargain of the century’

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By Tim Tresslar, Staff Writer 1:09 AM Sunday, November 8, 2009

Vandalia city officials say they had expected the former Iams-Eukanuba headquarters to draw plenty of suitors when it hit the virtual auction block in October.

And they were pleased when a top bidder was named Thursday, Nov. 5, for the two-building, 12-acre office campus on Poe Avenue. In fact, more than 70 bidders made offers.

“We knew this was an attractive building,” said Rich Hopkins, a city spokesman.

United Food and Commercial Workers International Union Local 75 and a private investor — reportedly Industrial Realty Group of Downey, Ca. — emerged as top bidders for the property, offering $1.95 million. While a deal has not yet closed, the union says it plans to move its operations from Monroe to Vandalia during fourth quarter 2010, bringing 100 jobs with it.

Hopkins said the current owner, Iams’ parent Procter & Gamble, kept the building in good shape, making it an attractive acquisition. The building’s visibility from Interstate 75 didn’t hurt, either, he said.

Brigid Kelly, a spokeswoman for the union, has said her organization liked the property because of its location. The union has 30,000 members in Dayton, Cincinnati and Toledo as well as in Indiana and Kentucky.

Bidding for the property started at $900,000.

Paul Miller, vice president of brokerage services for CB Richard Ellis, said he was stunned at the low price the property commanded. Miller, who has been inside the Iams buildings, said they were in excellent condition and also offered other features such as highway visibility and parking.

“That’s the bargain of the century,” he said. “I haven’t seen a value like that from a sales standpoint in a long time.”

Staff writer Tim Tresslar covers commercial and residential real estate for Dayton Daily News. His Real Estate Notebook appears every Sunday. He can be reached at (937) 225-7317 or via e-mail at ttresslar@coxohio.com.

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If I was a P&G shareholder, I would be upset. What was the hurry to sell this building that had nice property tax abatement?

Steve
10:40 AM, 11/8/2009

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Ooh yea! Just what Dayton needs more of...a regional union relocation for their headquarters. Do you hear that? Just another organization contributing to the employment vacuum of Dayton.

marpar
8:42 AM, 11/8/2009

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