Newmark Grubb Knight Frank (NGKF) represented the seller of two Class A office buildings within a strategically-located suburban office park in Fairborn, Ohio-Wright Executive Center. The buildings, located at 2900 and 3000 Presidential Drive, are a combined 120,000 square feet and sold for $5,250,000 on May 27th.
NGKF’s Benton Benalcazar, SIOR, CPA, MBA, senior managing director of the Columbus office, along with David Elson of Neyer Management, represented 2900 Presidential Drive, LLC and 3000 Presidential Drive, LLC in the sale. Presidential LP, a Delaware limited partnership, purchased the properties. Mr. Benalcazar will now market and lease the buildings’ available suites on behalf of the new owner.
The owner intends to renovate the buildings’ common areas and will offer generous tenant improvement allowances. Both buildings, which are in the heart of a strong suburban office submarket, have I-675 frontage and on-building exterior signage capabilities. Furthermore, a new pedestrian foot bridge across I-675 will be completed in June and will provide The Center with immediate access to more restaurants and hotels. The lease rate is $15 per square foot, which includes base rent and all costs of occupancy, and up to 60,000 square feet of contiguous space can be made available for a large user.
“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,” said Chris Wimsatt, economic development director for the city of Fairborn.
Further illustrating optimism and the prime location, Mr. Benalcazar sees an improving trend in the Greater Dayton market and, according to the U.S. Department of Labor’s Bureau of Labor Statistics, Dayton’s unemployment rate has steadily declined over the last five years.
Wright Executive Center is a seven-building, suburban office park totaling more than 400,000 square feet of office space in a 55-acre mixed-use development. 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.
The Center has historically experienced high occupancies exceeding 85 to 90% and the improving economy bodes well to increase overall occupancies to historically higher levels. In fact, Wright Executive Center’s visibility and recognition in the market are well-known strengths.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
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