A local tool manufacturer has just leased nearly 120,000 square feet of a large NorthPoint-developed industrial building near the Dayton International Airport.

According to a recent real estate report, IPM Enterprises occupies more than 119,000 square feet of the building at 10451 Dog Leg Road. That lease began Nov. 11, the report indicates.

IPM is linked to Innovative Plastic Molders Inc., which has a location at 7438 N. Webster St.

Pet goods retailer Pet Valu had eyed the building for a possible significant lease before stepping away from any commitment earlier this year. The building offers an overall total of more than 433,000 square feet.

Doug Whitten, senior vice president at real estate firm CBRE, was the broker for the leasing transaction. He referred questions to principals for Innovative Plastic Molders.

A message seeking comment was left Tuesday Brian O’Leary, Innovative Plastic Molders president and owner.

NorthPoint Development is the Kansas City developer spearheading many of the large projects around the airport.

By spring this year, developers had built five buildings totaling more than 2.7 million square feet employing more than 2200 people near Dayton International.