The property is located at 950 Forrer Blvd. in Kettering, a suburb of Dayton. One of the buildings has 209,500 sf net rentable and the other has 194,000 sf net rentable. GE Consumer Finance has long-term commitments in place for all of the larger building and a portion of the smaller building. The remaining space is vacant.
The investment marks the first joint purchase by the two buyers. It also marks Buchanan Street Partners' first investment in Ohio. In a prepared statement, the partnership says it will "immediately employing an aggressive leasing strategy" to fill the vacant space at the property.
"The in-place rents offer a consistent, positive cash flow while the remaining space is marketed for occupancy," says Alcock Development founder and principal Gary Alcock. "We expect to be competitive in the marketplace on rents, and realize the full value potential of this two-building asset when it reaches full occupancy."
Alcock tells GlobeSt.com through an intermediary that the triple-net asking rent for space at the property is $9.50 per sf and that the timeline for leasing up the building is 24 months. Current class B vacancy in the market is 14.5%, he says.
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