DMS moves in— Sale of the 888 Dayton St. building final
- Published: February 11, 2016
The sale of the commercial property at 888 Dayton St. closed on Friday, Jan. 29. The buyer, DMS, a Dayton-based mailing services and printing company, will occupy a major portion of the 95,000 square-foot building, former home to the Antioch Company and its subsidiary Creative Memories. Current tenants, including eHealth Data Solutions, Laurelei Books, BrickForge, Community Physicians and Yellow Springs Primary Care, will not be displaced by the new owner. DMS plans to expand the building by nearly half over the next few years to accommodate its growing business, according to company officials.
Village Council President Karen Wintrow got word of the closing on Friday evening.
Greene County Director of Development Pete Williams, who helped shepherd the deal, said on Monday he was “very excited” about the closing.
“The building is a great building, but it has such a specific set-up,” he said. “It’s not for everyone.”
But for DMS, a printing company, the property was well suited to its needs.
“The space is perfect,” Communications Director Gery Deer said in a previous interview. “It was suitable without a lot of modifications. The look, feel, location all worked out.” Creative Memories had made “green updates” prior to leaving in 2013 that made the property even more attractive, he added.
Williams said DMS is currently working with the Village to get occupancy permits and is on a “path to occupancy” with the Greene County building department. “Things are humming along,” he said.
Deer declined on Monday to release any further details on the sale or the company’s next steps. “Full disclosure of the details of the Dayton St. building purchase are forthcoming,” he wrote in an email.
DMS President Christine Soward had previously said the company could take up to a year to move its operations to Yellow Springs from its current headquarters in downtown Dayton.
As previously reported, DMS, Greene County and the Village of Yellow Springs entered into an enterprise zone agreement as a condition of the sale. That agreement grants DMS a tax abatement of 75 percent on property improvements over the next 10 years. This means that the Village will continue to collect about $20,000 annually in taxes on the existing property, plus about $10,000 annually in new taxes on improvements to the property. However, it will forego the remainder of the new taxes — about $30,000 annually between now and 2026, or a total of approximately $300,000. After that time, however, the Village will collect the full amount of property tax.
As of press time, there was no word on the final purchase price. Williams said on Monday that details of the deal could become publicly available as early as the end of this week.