Located on an 80-acre parcel at 123 W. Sycamore St., the three-building asset comprises a 1.1 million-sf industrial building, a 296,000-sf industrial building and a roughly 14,000-sf training center. Caleb Fox, a senior vice president with Binswanger/CBB's Ohio office, represented both parties in the transaction.
According to Fox, who would not reveal the sale price of the property, AGCO was hanging onto a mostly empty property that was costing it about $1.25 a year in upkeep. "The driver was to stop the hemorrhaging," he tells GlobeSt.com. "Their choice was to tear it down--at yet another expense--or try to market it."
The property's major occupant is Dayton-based communication management firm Relizon, which has a 10-year lease for approximately 230,000 sf in the smaller of the two industrial facilities. According to Fox, Relizon spent in the neighborhood of $6 million to build out the space. The buyer plans to renovate the remaining space and seek additional tenants.
St. Henry-based Sandusky Investments/Bruns Building and Bruns Building and Development is a local investor and building contractor.
AGCO Corp., headquartered in Duluth, GA, is a major manufacturer, designers and distributors of agricultural equipment including brand name products such as Massey Ferguson and Fendt.
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