Four office buildings in the Pentagon Boulevard area of Beavercreek off Interstate 675 were sold for more than $17 million.
On behalf of Mills-Morgan Development, Colliers International Greater Cincinnati sold a four-building office portfolio consisting of 3610 Pentagon Blvd., 3685 Hibiscus Way, 3725 Pentagon Blvd., and 2601 Commons Blvd. in Beavercreek, Colliers said.
The properties, totaling 143,802 square feet, were sold to New York Investor Ger Reb Realty, Colliers said.
The four buildings combined are 85.46 percent occupied.
“This investment opportunity was popular among investors due to its unique combination of class A office space with a stable cash flow and the opportunity to increase yield via the leasing of the remaining vacancies in the space,” the real estate company said.
“It is a rare opportunity in today’s investment market to have class A buildings with vacancies,” Jeff Johnston, senior vice president with Colliers, said in the company’s announcement. “This offering provided an exceptional opportunity to purchase four of the highest quality assets in the Dayton market with remaining upside via leasing opportunities.”
The properties are across I-675 from Wright State and near Wright-Patterson Air Force Base, the Dayton area’s and Ohio’s biggest single-site employer.
“The Beavercreek office submarket is a beacon of development continuing to expand while other submarkets add limited new product,” Colliers said. “Over 1.36 million square feet of new construction has been delivered to the market since 2006, literally plowing through the Great Recession.”
Jeff Johnston, brokerage senior vice president, Steve Timmel, brokerage senior vice president, and Chris Prosser, brokerage senior vice president of Colliers International represented the seller in this transaction.