Ozark School District buys building next to Innovation Center

Last edited 12:33 p.m., Jan. 3, 2024 [Editor's note: Information on the seller has been updated.]

The Ozark School District has made an $8.3 million purchase of the Dolby Laboratories Inc. (NYSE: DLB) building next door to its year-old Innovation Center.

The district plans to initially use the 1650 W. Jackson St. building for its maintenance and technology departments, which are moving to the facility, according to school officials. Future potential uses of the property are slated to be discussed at the district's long-range planning committee meetings, with the next scheduled Jan. 16.

Immediately adjacent to the building is the Ozark Innovation Center, a career- and college-readiness facility that debuted last year in the former Fasco manufacturing plant at 1600 W. Jackson St., according to past reporting.

San Francisco-based Dolby vacated the property in the fourth quarter of 2023, said Ryan Murray, CEO of R.B. Murray Co., who represented an investment company in the sale of the 161,000-square-foot building. Murray said Shane Nelson of Estes Stancer Commercial Group represented the school district in the transaction.

A request for comment from Dolby was not returned by deadline. Murray said he's not aware of the reason behind the exit.

Dolby entered the market in 2014 through a purchase of SLS Audio in Ozark, according to Springfield Business Journal archives.