Cincinnati investor keen on Huber Heights industrial properties

Dayton Apple III LLC bought a 12,000-square-foot warehouse at 5747 Executive Blvd. for $352,311, property records show.

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Similarly named LLCs with the same Cincinnati limited liability company registration mailing address have bought investment properties along Executive Boulevard for over a year, spending more than $3.7 million on the total acquisitions.

Among Dayton Apple’s recent purchases: 6230-6266 Executive Blvd. for $1.66 million in February 2017; 6094-6104 Executive for $492,311 in December 2017; and 6202-6220 Executive for more than $1.24 million in February 2017, according to Montgomery County property records.

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The seller in the latest acquisition is CWCapital, a Maryland firm that specializes in servicing troubled commercial real estate loans.

The building at 5747 Executive is visible from Interstate 70 and has some 12,000 square feet of space available, according to its Loopnet listing.

The buyer is R3 Investments, a union of three partners, said Rich Pregel, one of the partners.

Pregel said his company bought the buildings out of receivership. “They were tired buildings that needed to be re-purposed. We spent a considerable amount of money” improving the parking lot and roofs of the properties, he said.

R3 has invested about $2 million to improve the sites so far.

The partners like the market and the location near I-70.

“Huber Heights is poised to grow, and we want to be part of that growth,” Pregel said. “We believe in Dayton, and we think Dayton provides a good value compared to Cincinnati real estate.”

R3 already has leased 25,000 square feet to a industrial equipment tenant that moved from a nearby building. And it will soon have another tenant, a roofing company, in another building, he said. 
Representing R3 in the recent transactions were Mark Dlott and Wade Elliott, of Cushman & Wakefield.