Story by IPB Industrial
February 24, 2023
An investment company based out of New York has acquired an industrial property north of Dayton in a $5.25 million acquisition. The company plans to invest in improvements to the facilities and leasing a portion of the space.
By Blythe Alspaugh – Staff Reporter, Dayton Business Journal
An investment company based out of New York has acquired an industrial property north of Dayton in a $5.25 million acquisition. The company plans to invest in improvements to the facilities and leasing a portion of the space.
Candor Capital, a leading investment company based in Brooklyn, New York, has purchased the historic Monarch building in Sidney. The building at 615 Oak Ave. is 325,000 square feet and was originally built in 1909 to serve the Monarch Machine Tool Company and would later serve Monarch Lathes LP.
Ohio’s strategic location in the U.S. is what attracted Candor Capital, and the fact that the Monarch building was well taken care of captured the company’s interest. Candor Capital believes the Ohio market is seen as undervalued, and the state is known for its strong work ethic. Currently, the company plans to invest over $500,000 in improvements to the existing spaces as well as to utilize unused areas of the Monarch building. This includes a 20,000-square-foot space available for lease.
Monarch Lathes LP is still operating out of the space.
“In general, Ohio is very attractive to me,” said Ari Hecht, director of acquisition for Candor Capital. “I feel like Ohio is growing, and has been, while many other states have been declining.”
This acquisition is the first one Candor Capital has made in not only the Dayton region, but Ohio as a whole. The company currently is planning to contribute to the growth of the Sidney region through future investments and isn’t stopping there anytime soon. There are currently several contracts in the Dayton region that are in negotiations, Hecht said.
Additionally, Candor Capital has a long history of successfully developing and managing multifamily and industrial properties across the U.S., and the team is excited to bring this expertise to Sidney and the Dayton region.
Tim Echemann of Industrial Property Brokers, located in Piqua, brokered the deal.
“This was a great opportunity for investors from New York to acquire a value and add an industrial investment property in the growing community of Sidney,” Echemann said.
Candor Capital was first established in Brooklyn, New York in 2014. The investment company specializes in multi-family and industrial properties and is growing their reach past the East coast. Candor Capital has 15 employees company wide.
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