Gem City Engineering building, land sold for $6.1 million

Published: Wednesday, September 11, 2019 @ 2:15 PM

Montgomery County image
Montgomery County image

A foreign limited liability company has acquired the Gem City Engineering and Manufacturing building on Leo and Keowee streets for more than $6.1 million, local property records show.

TE Dayton Funding Co. LLC, registered with the state in June, bought the Dayton building from NL Ventures X Leo LLC late last week, Montgomery County records show.

Part of the same transaction was 4.35 acres of land at 1425 N. Keowee St. The Leo Street parcel is about 5.5 acres. The building there, first built in 1941, offers nearly 90,000 square feet of warehouse space and offices.

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In late 2017, Cleveland private equity firm CapitalWorks acquired Gem City Manufacturing a manufacturer of advanced automated equipment, assemblies, robotics and precision machining.

At the time, the acquisition was the first investment for CapitalWorks Fund IV, L.P., CapitalWorks’ fourth private equity fund.

CapitalWorks said at the time it would partner with Rick Wiegand, Gem City’s now-former chief executive, and Tim O’Meara, who apparently left the company this summer.

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Allen Goad, the former president of H-D Aerospace and Defense of greater Los Angeles, was named Gem City’s chief executive in February 2019.

Goad “has total support of CapitalWorks, LLC, the Cleveland based private-equity firm that owns Gem City,” Capital Works said in a press release dated Sept. 4. “His core professional competencies are profit and loss management, total business strategic vision and execution.”

W. Todd Martin, managing director of Capital Works, said Wednesday the sale is a routine real estate transaction that doesn’t affect the company’s business.

“That’s strictly a transaction on our real estate side,” Martin said. “Nothing to do with our business. There’s no effect on Gem City.” 

“The business has been doing extremely well and has been growing,” Martin also said.