Troy industrial properties bring $22.5 million in sale

A 396,800-square-foot, three-building industrial site in Troy sold recently for $22.5 million.

CBRE, on behalf of Culmen Real Estate Services, arranged the sale of the industrial portfolio. Plymouth Industrial REIT (Real Estate Investment Trust) purchased the property for $22.5 million.

CBRE’s Steve Timmel, Jeff Johnston, Will Roberts, Chris Prosser and Doug Whitten represented the seller in the transaction, CBRE said in an announcement.

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The portfolio includes a 160,000-square-foot building at 2180 Corporate Drive and a 160,000-square-foot building at 1520 Experiment Farm Road, both leased to F&P America. Also included was a 76,800-square-foot building at 952 Dorset Road.

“The interest and demand for the portfolio was very high as investors were drawn not only to the premium quality of the real estate, but to the strength of the tenants and depth of the Dayton submarket,” Timmel said in CBRE’s release. “We expect a continued stream of national investors to enter the marketplace as the fundamentals of the Dayton industrial market become apparent across the country.”

The portfolio is located less than a mile from Interstate 75 in the North Dayton submarket, which consists of 45.7 million square feet of industrial space and accounts for 43 percent of all industrial space among the nine Dayton submarkets, according to CBRE Research.

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