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The 7250 Poe Avenue property includes a pair of connected office buildings -- each measuring just less than 53,000 square feet -- and about three acres, said Ben Herrig, a vice president with Jones Lang LaSalle, the firm overseeing the sale.
Herrig said a price hasn't been set for the property, but it will be sold through a sealed-bid auction, possibly in August or September. P&G opted for a sealed-bid in part because they want the property to sell quickly, he said.
"Ideally, we'd like to sell the buildings together," he said. "However, we're willing to entertain offers on the individual buildings themselves."
The pet food maker is the sole tenant of the office buildings, which were constructed in the 1980s, Herrig said.
Rich Hopkins, a spokesman for Vandalia, said officials are glad P&G is moving ahead with a sale.
"It's our hope that the building does not stay empty for long, and we look forward to working closely with whoever purchases the building," Hopkins said.
In May, the consumer products giant announced plans to relocate the North American headquarters of its P&G Pet Care business and 240 employees to the P&G Mason Business Center in October.
The Mason operation houses the consumer products giant's pharmaceuticals, personal-care and oral-care businesses. P&G acquired Iams in 1999 for $2.3 billion.
The relocation will not include the Iams-Eukanuba pet foods plant and research and development complex in Lewisburg, Preble County.
Staff writer Tim Tresslar covers commercial and residential real estate for Dayton Daily News. His Real Estate Notebook appears every Sunday. He can be reached at (937) 225-7317 or via e-mail at ttresslar@coxohio.com.
To see more of the Dayton Daily News or to subscribe to the newspaper, go to http://www.daytondailynews.com . Copyright (c) 2009, Dayton Daily News, Ohio Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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