DAYTON, OH—Presidential LP, a Delaware limited partnership, just purchased part of a suburban office park in suburban Fairborn for $5.25 million. The buildings, which sit within the Wright Executive Center, are located at 2900 and 3000 Presidential Dr. and have a combined 120,000 square feet.
NGKF's Benton Benalcazar, senior managing director of its Columbus office, along with David Elson of Neyer Management, represented 2900 Presidential Drive, LLC and 3000 Presidential Drive, LLC in the sale. Benalcazar will now market and lease the buildings' available suites on behalf of the new owner.
“As the property changes hands, the city is very optimistic about the future of the office complex and looks forward to partnering with the new owners throughout the business development process,” says Chris Wimsatt, economic development director for the city of Fairborn.
The new owner plans to renovate the buildings' common areas and offer generous tenant improvement allowances. Both buildings have I-675 frontage and on-building exterior signage possibilities. Furthermore, a new pedestrian bridge across I-675 connecting Fairborn and the city of Beavercreek will be completed in June and provide tenants at the Center with immediate access to more restaurants and hotels. The lease rate is $15 per square foot and up to 60,000 square feet of contiguous space can be made available for a large user.
Wright Executive Center has a total of seven buildings on 55 acres and a total of more than 400,000 square feet of office space. It is in close proximity to Wright State University and Wright Patterson Air Force Base. 2900 Presidential was completed in 1986 and 3000 Presidential in 1989.
Benalcazar says the Greater Dayton market is on the upswing, and, according to the US Dept. of Labor's Bureau of Labor Statistics, Dayton's unemployment rate has steadily declined over the last five years. The Center has historically experienced occupancy rates exceeding 85 to 90%, he adds, and the improving economy bodes well to increase overall occupancies to even higher levels.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
