DAYTON—Elizabeth Place, the giant downtown medical office complex, may have fell on hard times during the recession, but things are now looking up. DealPoint Merrill says that on September 20 they closed escrow on the 821,319-square-foot set of buildings, roughly four years after the former owners sought Chapter 11 bankruptcy protection.
The former Franciscan Medical Center had troubles even before the recession. The Franciscan Sisters of the Poor shuttered it in 2000, and since then it was left vacant, then refurbished, reopened and resold before falling into bankruptcy when the economy cratered.
But the Los Angeles-based DealPoint, an affiliate of The Merrill Group of Companies, bills itself as an owner and operator of “value added” real estate opportunities, and describes their new property as anchored by several major medical groups, county and government medical offices and over 100 diversified medical practices. St. Elizabeth also shares its campus with a specialty heart clinic, as well as a large nursing home adjacent to the campus.
David Frank, chief executive officer, of Dealpoint Merrill, negotiated the transaction, and Sterling McGregor, chief investment officer, handled the due diligence for the sale. Sperry Van Ness / MJM and Associates, Inc. was the broker for the transaction and represented by Mark Mimms. First American Title Company, represented by Greg Corlyn, handled the title and escrow for the transaction.