In such a lease, the tenant pays rent while also covering expenses and daily operations costs.
The facility — which has been occupied by Hart & Cooley (formerly Tomkins Industries) since it was completed in 1997 — operates as one of the company’s four domestic distribution centers, CBRE said.
The property features a dozen dock doors, four drive-ins, 24-26-feet of clear height and trailer parking.
The Dayton industrial market has shown strength with a 4% vacancy rate and upwards of a million square feet of net absorption in the first quarter of the year, according to CBRE said.
Will Roberts, Steve Timmel, Phil Pelok and Brandon Ellis of CBRE represented the seller, Property Advisors Group, in the transaction.
“Interest rate volatility over the past 12 months has certainly made deals more complicated to get across the finish line, but we’re still seeing healthy investor demand for quality properties along the I-75 corridor,” said Roberts, a vice president with CBRE in Cincinnati. “The fundamentals of the industrial market here remain very strong, and we expect to continue seeing capital on the sidelines get placed into the Dayton market.”
In addition to the Lau Parkway sale, Timmel and Roberts have completed 3.6 million square feet of industrial investment deals totaling $204.4 million since 2021 on the I-75 corridor around Dayton, CBRE said.
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