Bentley Forbes Acquires Medical Mutual of Ohio's Landmark Corporate Headquarters in Final Phase of a Three Property, $75 Million Sale-Leaseback Transaction.Business Editors and Real Estate Writers LOS ANGELES--(BUSINESS WIRE)--Oct. 3, 2000 The Bentley Forbes Group LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control announced today that it has completed a sale-leaseback purchase of the landmark "Rose Building," located in the heart of Cleveland's downtown business district, from Medical Mutual of Ohio Medical Mutual of Ohio (formerly known as Blue Cross and Blue Shield of Ohio) is a health insurance company that operates out of downtown Cleveland, Ohio. It has more than 1.5 million customers and 2,500 Ohio-based employees and has operated since 1934. . It was the cornerstone property in a three office building transaction exceeding $75 million. The Rose Building is the modernized, century-old corporate headquarters of Medical Mutual -- the oldest and largest health insurance company based in Ohio. Sale-leaseback transactions for Medical Mutual's office and data center in Beachwood, a suburb of Cleveland, and its office administration complex in Toledo, Ohio
Together, the three properties total approximately 592,000 square feet. Medical Mutual now has a 20-year, triple net bondable lease on each of the buildings. When the 10-story Rose Building opened in 1900 after three years of construction, it laid claim to being the tallest and largest office building between New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Chicago. The historic property also includes a six-story annex in 381,000 square feet of total office space. Medical Mutual of Ohio's association with the Rose Building dates back to 1947. Then in 1984, Medical Mutual bought the property from the Benjamin Rose Institute and made it the company's headquarters. Soon after, the company embarked on a 5-1/2-year building renovation, transforming it into a single-tenant office structure and earning a Modernization Award from Builders Magazine in 1991. A $3.5 million exterior renovation -- including treatment of the facade's intricate terra cotta cot·ta n. pl. cot·tae or cot·tas A short surplice. [Medieval Latin, of Germanic origin.] details -- was completed last year in anticipation of the building's 100th anniversary. Medical Mutual's 51,000-square-foot, two-story office and data center in Beachwood was built in 1979 and occupies four acres of land. The company's office administration complex in Toledo consists of a two-story building and annex totaling 160,000 square feet of office space on approximately 12 acres of land. One of the buildings was completed in 1969; the other opened 10 years later. The Chicago office of La Salle La Salle, city (1990 pop. 9,717), La Salle co., N Ill., on the Illinois River; settled 1830, inc. 1852. It forms a tricity unit with Peru and Oglesby. Corn, wheat, and soybeans are grown, and cattle and hogs are raised. Bank, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of ABN Ambro of the Netherlands, provided financing for Bentley Forbes' purchase of the Rose Building. The Dallas office of ORIX Real Estate Capital Markets LLC financed the earlier transactions on the Beachwood and Toledo facilities. Paul J. Misterka and John W. Glasstetter in CB Richard Ellis' Cleveland office brokered the sale of all three Medical Mutual properties. Founded in 1934, Medical Mutual of Ohio is a recognized, innovative national leader in the design of health-care insurance programs and delivery of health-care benefits. The company has 1.5 million core health insurance subscribers and, through its various networks, more than 2.1 million total members. Despite intense competition and changing industry conditions, Medical Mutual is a profitable company with a surplus of more than $100 million. C. Frederick Wehba II, president of Los Angeles-based Bentley Forbes, said that his firm remains solidly on-track to achieve its projected goal of $1 billion in its portfolio by year-end. Within just the past several months, Bentley Forbes has added nearly $225 million in properties to its fast-growing portfolio. In addition to Medical Mutual, the firm has acquired the corporate headquarters buildings of Thomson multimedia in Indianapolis; G.H. Bass & Co., a wholly owned subsidiary of Phillips-Van Heusen Corp. (NYSE NYSE See: New York Stock Exchange :PVH PVH Poudre Valley Hospital (Fort Collins, CO, USA) PVH Phillips Van Heusen Corporation PVH Pulmonary Venous Hypertension PVH Pinocchio Village Haus (Walt Disney World) PVH Peri-Ventricular Hemorrhage ), in Maine; Sunrise Medical Inc. (NYSE:SMD (1) (Storage Module Device) A high-performance hard disk interface used with minis and mainframes that transfers data in the 1-4 MBytes/sec range (SMD-E provides highest rate). See hard disk. ) industrial office, warehouse and manufacturing properties in California and Wisconsin; and Mitsuwa Plaza, a waterfront shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into in New Jersey. The Bentley Forbes Group is a national, full-service commercial real estate investment firm that specializes in the acquisition and ownership of single-tenant, income-producing properties ranging from office buildings and shopping centers to light industrial facilities and warehouses. |
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