A real estate investment trust has acquired a Troy industrial property for $13.125 million, according to Miami County property records.
RD Dayton LLC bought the building from seller Ornatus URG Real Estate LLC (or Avenue Stores LLC), records indicate.
Sold was the 362,816-square-foot distribution site at 1501 Experiment Farm Road, on land near Interstate 75.
The approximately 70 acres of land nearby has not sold yet, said Tim Echemann, of Industrial Property Brokers in Piqua.
The land next to the building is likely one of the the largest, most developable pieces of land in Troy, Echemann said, and the city hopes the site will eventually go to a job-creating endeavor.
The seller — Avenue Stores LLC — is a company that specializes in retail sales of apparel for big and tall individuals. Avenue Stores sold the building and is expected to lease it back as an occupier there for 10 years.
The land was not part of the sale and remains on the market.
Records put the sale date as Jan. 2, 2019.