Dayton, Ohio – Just months after investing $5.2 million to acquire several properties at the Miami Valley Research Park, Cleveland-area real estate developer Industrial Commercial Properties is looking to expand its Dayton footprint even more.
A proposed land deal involves 28.5 acres of shovel-ready space at the research park and is expected to generate positive employment and economic activity for the city of Kettering, public records show. The property currently is zoned for agricultural use.
Kettering City Council is scheduled on Tuesday to review a resolution that would authorize an agreement to sell the land for $285,410, according to an agenda item.
Most of the 1,250-acre research park is privately owned by the Miami Valley Research Foundation — a university-related nonprofit jointly operated by Wright State University, the University of Dayton and Sinclair Community College. In recent years, the foundation has moved to sell most of its holdings at the site, including 305 undeveloped acres purchased by the City of Kettering in 2018.
If approved, the contract would grow ICP’s holdings in the Dayton area for the second time this year. In May, the company — which works in leasing, property management, acquisition, design-build and public-private partnerships — purchased more than 280,000 square feet of commercial space at the research park for $5.2 million.
ICP’s portfolio includes more than 5.7 million square feet of commercial property in the Dayton area, according to its website. Nearly 1.7 million is available for lease.
Miami Valley Research Park is one of the largest suburban office centers in the Dayton market, according to Dayton Business Journal research. It is home to several high-profile companies, including Reynolds & Reynolds, Kodak, BWI, WilmerHale, Community Tissue Services, Vivial Co. and Lunarline.