Sommer said LJB sold its property at 2500 Newmark Drive in a 20-year sale-leaseback deal. In such arrangements, a property owner agrees to sell a property to a buyer, and lease the property back from the buyer.
Such deals result in new capital and tax benefits, while often freeing up a business to focus on its business.
“Strategically, we had been looking at getting out of the building ownership business for quite some time, freeing up that capital to use for investments to grow the business,” Sommer said.
New local property records show that the two-story office building housing LJB was sold to Wolf and Hillgrove LLC, for $6,185,567. Records give the sale date as April 13.
LJB’s planned investments may very well result in expanded employment, the CEO said. Today, the company has about 100 Dayton-area employees and about 220 nationally.
“We’re not going anywhere,” Sommer said. “We’re going to be at 2500 Newmark Drive, and Miamisburg is going to be LJB’s corporate office for at least two more decades.”
Built in 1977, the building on just over three acres has more than 30,000 square feet of space for offices, according to Montgomery County records.
LJB Inc. is a national engineering firm that provides civil and structural engineering, as well as geospatial and safety services. Locally, the company has served customers such as the city of Kettering, Tipp City business educator Aileron, GE Aerospace, the former AK Steel, Miller Brewing, Procter & Gamble and others.
The company has offices in Cleveland, Louisville, Ky., Houston, Washington, D.C. and elsewhere.
About the Author
