West Coast buyer picks up North Dayton warehouse for $1.4 million

Loopnet image

Combined ShapeCaption
Loopnet image

A limited liability company has purchased a Dayton warehouse in an opportunity zone for $1,405,900.

The buyer, Dayton Stanley Avenue LLC, bought the 63,850-square-foot warehouse at 2416-2524 Stanley Ave., in transaction dated Tuesday, local property records show.

Records show the seller as Fryrose Enterprises, of Dayton. The buyer has a Woodland, Calif. mailing address.

An opportunity zone is designated by the federal government as an economically-distressed area. New investments in those areas, under certain conditions, may be eligible for preferential tax treatment. The tax advantages are meant to spur investments in certain areas.

A national company specializing in tax-advantaged real estate investments bought an industrial property in Tipp City earlier this month for $7.5 million for similar reasons. 

“The property is stabilized,” said Darpan Patel, first vice president at real estate firm Cincinnati’s Marcus & Millichap, who represented the seller in the transaction with his partner, Sal Ramundo.

“We believe they will continue to run it as is,” Patel said of the new owner. “It’s an investment for them.”

The Stanley property is 87 percent occupied, according to a recent real estate listing, with tenants including First Call Quality and Blue Jay Communications.

Another recent regional opportunity zone investment: Patel was also involved in the $1,499,818 sale of a Dollar General store at 2783 State Route 22, in Wilmington recently, he said.

Patel represented the seller in that transaction, and the buyer was represented by Scott Harris at Scioto Commercial Realty Group in Columbus.

About the Author