Grubb & Ellis Acquire Nursing Homes for $30 million; Kimberly-Clark to Open Southaven Distribution Center
- Jan 27, 2012
Santa Ana, Calif.-based Grubb & Ellis Healthcare REIT II, Inc. has recently completed, through one of its affiliates, the acquisition of two nursing homes in the greater Memphis area for nearly $30 million.
The company acquired the one-story Parkway Health & Rehab Center from Tennessee Property Associates, LP for $15.9 million. Built in 1995, the 40,884-square-foot nursing home sits on a 4.1-acre tract at 200 South Parkway West in South Memphis. Tennessee Property Associates, LP had originally paid $5.5 million for the site in 2005, according to a Daily News story.
The company also bought the two-story, 32,257-sqaure-foot Millington Healthcare Center from West Point Road Associates, LP for $14 million. Built in 1992, the property sits on 1.75 acres just north of Navy Road at 5081 Easley Street in Millington.
In other news, Kimberly-Clark Corp., a global manufacturer of hygiene and personal health products, plans to open a new distribution facility in Southaven. The Dallas-based company leased 556,000 square feet of the Airways Distribution Center at 228 Access Drive.
Airways Distribution Center is a master-planned, Class A business park managed by Industrial Developments International, a leading full-service industrial real estate company based in Atlanta. It is located two miles from Memphis International Airport.
The Memphis Business Journal reports that Kimberly-Clarks’ plans for its new Southaven center include employment of more than 100 workers and an investment of approximately $2 million in a facility that will be used to distribute medical devices and products.
In addition, a $12.1-million building permit application has been filed for the Mitsubishi Electric Power Products, Inc. plant in southwest Memphis, as reported by the Daily News. The company plans to build a 330,000-square-foot manufacturing facility and a 40,000-square-foot office building in Rivergate Industrial Park. The deal, which is ultimately expected to bring an investment of about $200 million to Memphis, is supported by both state and local governments. Mitsubishi was offered $41 million worth of incentives in early 2011.
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