Mike Davis, co-owner of Ink Technologies LLC in Washington Township, bought the South Park office and warehouse complex in March for $6.4 million, according to Montgomery County property records.
A business owner in Washington Township made the jump from renting to owning without having to move his business.
Mike Davis, co-owner of Ink Technologies LLC in Washington Township, bought the South Park office and warehouse complex in March for $6.4 million, according to Montgomery County property records.
The center totals 200,000 square feet split between five buildings, one of which Davis occupies with his printer supplies company.
?I wanted a real estate-based investment, and I didn?t want to pay rent any more for my business,? he said.
Davis said the convenience and the cost savings of not having to move swayed him to make the investment purchase, even though it has significantly more space than he needs for his business.
The center is 90 percent occupied, and Davis is working with Dave Tobeson, a broker with Cassidy Turley, to manage the space he is not using.
Davis said he was more comfortable investing in real estate than in the stock market, although he doesn?t expect the price to appreciate significantly in the next 15 years.
?I?m assuming if I pay down my principal and own the place in 15 years, that?s basically my return on the investment,? he said.
E-mail obarrow@bizjournals.com. Call (937) 528-4427.
Source: http://feedproxy.google.com/~r/vertical_53/~3/uUuT6gdYtjY/business-owner-buys-washington.html
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