Stratacache CEO buys downtown Dayton building for $1.7 million

Chris Riegel, founder and chief executive of Stratacache Inc., has bought the Courthouse Plaza building at 10 N. Ludlow St.

Riegel confirmed the acquisition Thursday, but he said his real estate plans are gradually developing, and he may have more to say in coming weeks.

“I think that property is extremely well positioned with the Arcade,” Riegel said. “I’m a people business. Attracting the best and brightest talent means having the best location.”

He added that he finds the redevelopment of the Arcade property -- happening very near Courthouse Plaza -- exciting. “We want to be part of that.”

He declined to immediately answer a question about plans for his current corporate headquarters at 2 Riverplace, promising an announcement at a later time.

Montgomery County property records identify the new owner of the building at 10 N. Ludlow as Arkham Ventures Inc., at 2 Riverplace, Dayton, the same corporate headquarters address for Stratacache, where Riegel is founder, owner and chief executive.

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The sale price for the building is given as $1,669,500 in a transaction recorded in Montgomery County property records Monday.

In 2016, the U.S. Bank National Association filed to foreclose on the 11-story Courthouse Plaza building at 10 N. Ludlow, located in the southwest corner of Courthouse Square.

The bank initiated the legal proceedings that year after the building’s ownership group, Courthouse Properties LLC, failed to make payment on a $6 million leasehold mortgage.

The city of Dayton owns the land beneath the building. But the property — the office tower — has been leased since the mid-1970s.

Stratacache, a global provider of digital signage and monitors, moved to 2 Riverplace, a 60,000-square-foot-facility, in 2009. Stratacache Inc. also owns the building.

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Stratacache has invested in real estate across the area, in Huber Heights, Trotwood and elsewhere, and the company has made waves globally by making strategic investments to augment its customer-facing technology business.

Colliers International will continue to manage the building at 10 N. Ludlow, said Pete Nichols, a Colliers International brokerage vice president.

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