Another commercial real estate transaction was closed in Dayton, Ohio during the first week of 2011. The Miami Valley Hospital has decided to expand its property holdings in the city by purchasing the 1001 Brown Street property that serves as site for Jimmie's Cornerstone Bar and Grille.
The deal was good news for the city which has suffered from high numbers of Dayton distressed homes and foreclosures during the past year. Miami Valley's purchase of the site means that the restaurant Jimmie's Cornerstone will move to another area of Brown Street, in this case at the former place of Dayton Fire House No. 11. The restaurant is reportedly planning to reopen at the new site in the summer and will be changing its name to Jimmie's Ladder 11.
With distressed real estate in Ohio posing huge problems for the region's residential property market, realtors and market analysts are optimistic that ongoing transactions in the commercial property sector will prevent the latter from suffering the same fate experienced by the residential property industry of the area.
The structure purchased by the hospital will reportedly be renovated starting in January. The commercial real estate contract also provided some local employment as city contractor Mark Shannon has been chosen for the renovation project, along with Fisher Group Architects' Mark Fisher. The renovation is expected to last until the summer of 2011 and Jimmie's will be maintaining its current headquarters until renovation is fully completed. The hospital has yet to confirm its plans as to what the 1001 Brown Street property will be used for.
The Brown Street structure is not the only property owned by Miami Valley in Dayton. Investors and property buyers not only find fixer upper homes and other residential properties in the area, but also commercial buildings and industrial sites, a fact taken advantage of by Miami Valley. The hospital also owns a building located near its latest purchase at 1011 Brown Street that it purchased in 1998.
It also bought two other pieces of commercial real estate in the Dayton area in 2006 and the former site of the restaurant Dominic's in 2007. The real estate holdings of the hospital in Dayton are expected to expand further in the coming years.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.