{"id":1004052073,"date":"2012-01-27T07:26:00","date_gmt":"2012-01-27T15:26:00","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=33000"},"modified":"2025-02-25T23:43:53","modified_gmt":"2025-02-26T07:43:53","slug":"grubb-ellis-acquire-nursing-homes-for-30-million-kimberly-clark-to-open-southaven-distribution-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/grubb-ellis-acquire-nursing-homes-for-30-million-kimberly-clark-to-open-southaven-distribution-center\/","title":{"rendered":"Grubb & Ellis Acquire Nursing Homes for $30 million; Kimberly-Clark to Open Southaven Distribution Center"},"content":{"rendered":"

By Amalia Otet, Associate Editor<\/p>\n

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.<\/p>\n

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<\/em> story.<\/p>\n

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.<\/p>\n

In other news, Kimberly-Clark Corp., a\"\"<\/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.<\/p>\n

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.<\/p>\n

The Memphis Business Journal<\/em> reports that Kimberly-Clarks\u2019 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.<\/p>\n

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<\/em>. 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.<\/p>\n

From more local news from Memphis, click here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Amalia Otet, Associate Editor 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. 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