Top real estate deals of '07 - Dallas Business Journal:

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That trend was no more evident than the February sale of two larg office andwarehouse properties. of Centerville sold the buildingsfor $27.t5 million to New York investors. And whilse Mark Fornes, principal, agreed that 2007 may have been liteon "homs runs," it was a solir year for commercial real estate especially in the health care and governmengt sectors. "In Dayton, we hit a lot of single s and doubles," Fornes said. Other notable dealds involved anoffice complex, hotel property and a substantiapl apartment unit. So, here are the top real estat deals of 2007 compiled by the DaytohBusiness Journal. Top doesn't just mean largest dollart amount.
We also considered regional impact and Mark Fornes sells propertiesfor $27.5M Mark Fornesa Realty sold two large south Dayton commercial properties to New York investores for $27.5 million. The Centerville-based firm closec the sale of Lyons Business Park in inMoraine Feb. 9 to groupe managed by Joseph Chira andJoseph Simhon. the properties have more than 450,000 square feet of office/warehouse space, said Mark Fornes, principaol and managing partner for MarkFornee Realty.
The deal illustrates a continued trendof out-of-town investors buying commercial propertiezs in Dayton and other smalletr Midwestern markets because the pricea are comparatively low and the return on investment Fornes said he received five offersd on the properties, none from locapl suitors. Fornes and his other investment partners put the buildings on the selling block because of the aggressives interest in the marketby out-of-town buyers. "We didn'y feel there had ever been a better time to exit the Fornes said. Point West, a three buildinf office complex along Kettering Boulevardfin Kettering/Moraine, sold for $7.4 million in June.
Cleveland-baserd gobbled up the 174,000-square-foot from sellef LNR Properties out of The moveboosted Munsell's local holdings, as Poin West ranks as the ninth largest suburbahn office center, according to Dayton Business Journal research. The firm also owns the , the area'es largest suburban office Tony Witt, vice president and principal of , brokeredc the deal and said the Point West sale was a high point in an otherwise flatofficse market. One of the area' most recognizable healthg care buildings, the Wright Health Building, sold for $10 millioj in March.
California-based bought the green-glass medicapl offices at Patterson Boulevard and Stewart The building marks the southerh entrance todowntown Dayton. The new owners boughty the building fromThe , a Dallas-based commercial real estater firm. The transaction marks the seconc time in two years that the propertt haschanged hands. In May 2005, Cirrus purchasede it for $8.2 million. Mark Wallace, executivse vice president and chief financialp officer for HealthCare Property, said the grouop acquired the building as part of a larged group of properties spread over several states.
Wallace said that the Daytonh building's close proximity to Miami Valle y Hospital made it anattractive acquisition.