Joby’s Vandalia purchase is Montgomery County’s biggest in past 12 months

In a regulatory filing Wednesday morning, Joby said it had agreed to pay $61.5 million, with plans to deposit $1 million in escrow.

Dave Dickerson, president of business development for Dayton’s Miller Valentine Construction, hailed the purchase as a significant investment in the Dayton region.

But as Dickerson sees the deal, Joby will likely need to invest more.

“They’ll need to probably spend more to finish the interior of that building to their use,” he said of Joby. “It is (currently) more of a box in a distribution facility. My guess is they’ll need to add in adequate improvements for their operations.”

The purchase is conditioned upon, among other things, the company’s review and approval of due diligence, or research, related to the title to the property and the seller, Joby said in an 8-K filing Wednesday.

Terraza 7, a San Diego limited liability company, bought property at 4100 N. Springboro Pike on Jan. 10 last year for just over $39 million, county Auditor’s Office records show.

And Augusta, Ga.-based Hull Property Group’s October purchase of Dayton Mall parcels reached a combined $37 million.