The new owners of the medical office building Elizabeth Place said they intend the purchase to be a long-term investment, and plan to make capital improvements to attract more tenants.
Elizabeth Place Holdings LLC, a group of California investors, closed in September on a deal to purchase the 821,319-square-foot Dayton medical office complex facing Edwin C. Moses Boulevard for $12.35 million.
Elizabeth Place consists of 11 connected buildings, said Patsy Boatwright, general manager of the property.
The building has been through several owners in recent years. Elizabeth Place Holdings bought it from a lender and is the sixth owner since 2002, according to Montgomery County property records.
Former owner Delamore Elizabeth Place LP sought bankruptcy court protection in October 2009.
Current tenants at Elizabeth Place, once the site of St. Elizabeth Medical Center, include the Medical Center at Elizabeth Place and Samaritan Behavioral Health.
About 270,000-square-feet of space is available for lease, said Will Cipes, vice president of Elizabeth Place Holdings.
“We’re long-term owner-managers,” Cipes said. “We’re going to seek to aggressively lease.”
Elizabeth Place is the first property acquired in Ohio by the principals of Elizabeth Place.
“We plan to invest in building improvements, signage, and lighting that will ensure the continued success of current tenants, and attract new tenants that complement the existing provider base,” said Dr. Ara Tavitian, president of Elizabeth Place Holdings, in a statement.
DealPoint Merrill LLC was the broker on the purchase, representing Elizabeth Place Holdings in the deal.