Industrial real estate developer Prologis has completed it purchase of 140 acres for what area leaders expect will be a distribution center that will one day employ 1,000 workers.
Construction on that distribution center may start next week, officials said Friday.
The San Francisco-based developer closed on the land Thursday, said Erik Collins, Montgomery County developer. “This is a critical step in moving forward,” Collins said.
Steve Stanley, executive director of the Montgomery County Transportation Improvement District (TID), said, “The fact that they were able to acquire it (the land) early was an important and significant step.”
Prologis will own the land and building, which Prologis will lease it to its client, Stanley said. Now that Prologis owns the land, it may begin construction of the distribution center for its client, who has not yet been publicly named.
Stanley said construction could start as soon as next week.
Michael Booth, a Dayton attorney who represented the TID in the transaction, said it was his understanding that Prologis wanted to begin construction fairly soon, but he cautioned that he does not represent Prologis.
“They wanted to begin construction this construction season,” Booth said.
Prologis spokespeople did not respond to a message seeking comments.
The Montgomery County TID assisted Prologis with the closing, which transferred the land in multiple parcels from multiple owners.
Prologis acquired six parcels for a total current valuation for tax purposes of $805,810, said Doug Trout, Montgomery County real estate director.
Trout said the value of the land will rise when a distribution center is built there. He also said that one of the six parcels was split from a larger parcel, and there is no value on that particular piece yet.
The land is near the Dayton International Airport in the city of Union’s 600-acre Global Logistics Airpark, land the city has pieced together for years.