Industrial Realty Group and PREP Funds Acquire 160,000-Square-Foot Dayton Industrial Site for Redevelopment
Industrial Realty Group (IRG) and PREP Funds have acquired a 160,000-square-foot industrial complex at 5870 Poe Ave in Dayton, Ohio, the firms announced June 29, 2026. The joint venture plans to redevelop the two-building, 11.5-acre site into Dayton Commerce Center, a repositioned industrial and corporate facility targeting manufacturing, logistics, and office tenants.
Project Overview and Property Details
The property consists of a 155,000-square-foot main building and a standalone 5,000-square-foot secondary structure. The main building includes approximately 40,000 square feet of office space, six dock doors, four drive-in doors, and heavy-crane infrastructure rated up to 15 tons. The secondary building also features a 15-ton crane, a drive-in door, and roughly 1,000 square feet of dedicated office space.
Both structures offer 18-foot clear ceiling heights, 3-phase/480-volt power systems, and OSI-2 zoning that permits advanced manufacturing, warehousing, freight handling, and research laboratory uses. The acquisition price was not disclosed.
Construction upgrades are slated to begin immediately. IRG and PREP Funds said they will offer prospective tenants customized buildout packages, flexible loading configurations, and tailored office layouts. The ownership team is actively marketing the space for lease.
Strategic Rationale
Both firms framed the acquisition as a value-add repositioning play centered on the cost and time advantages of reusing existing heavy industrial infrastructure rather than pursuing ground-up development.
"The property boasts heavy-duty crane infrastructure and robust power capacity that are incredibly expensive to replicate today," said Peter Goffstein, Executive Vice President at IRG. "As we further expand our holdings in and around Dayton, we aim to cultivate economic opportunity in the Dayton area community, enhance the site, and give incoming tenants a distinct operational edge in the Midwest."
Chris Salata, Partner at PREP Funds, echoed that theme. "This acquisition is a textbook example of what our joint venture with IRG is designed to accomplish: identify underutilized assets and move swiftly to unlock their value," Salata said. "We are excited to expand our holdings in the Dayton industrial market, and we believe that through the Dayton Commerce Center acquisition, we will be able to meet tenants' needs with a revitalized solution far faster than ground-up construction could deliver."
Location and Logistics Advantages
Dayton Commerce Center sits along Interstate 75, approximately two miles from Interstate 70 and seven miles from Dayton International Airport. IRG and PREP Funds cited the site's position within the regional logistics corridor as a key factor supporting its appeal to supply chain-oriented tenants.
The acquisition adds to IRG and PREP Funds' collective Southwest Ohio holdings, which the firms said now total 7.2 million square feet across the region.
About the Firms
IRG is a nationwide real estate development and investment firm focused on the acquisition, development, and management of commercial and industrial properties. The firm operates a portfolio of more than 150 properties across 31 states, encompassing over 100 million square feet of rentable space, and is recognized for its adaptive reuse of commercial and industrial real estate.
PREP Funds is a commercial real estate fund management and advisory firm founded in 2020. The firm focuses on acquisition and development strategies across industrial, healthcare, and retail sectors. It manages a $100 million value-add opportunities fund that targets industrial and retail redevelopment projects.
Leasing inquiries for Dayton Commerce Center can be directed to Kohl Kirkland, Vice President of Acquisitions at PREP Funds, at (937) 489-0135 or kkirkland@prepfunds.net.
Sources
Related Articles
