Newspaper article THE JOURNAL RECORD

The Banta Companies Purchases Pasteur Medical Building for $2.5 Million

Newspaper article THE JOURNAL RECORD

The Banta Companies Purchases Pasteur Medical Building for $2.5 Million

Article excerpt

The Banta Companies purchased the Pasteur Medical Building at 1111 N. Lee Ave. from Pasteur Medical Building LLC in Tennessee for $2.5 million.

The Pasteur Medical Building is just one of 15 property acquisitions in the Midtown sector that The Banta Companies made in the past year. Other purchases will be transformed into apartment and condominium units, as well as new office space for The Banta Companies.

Built in 1950, the medical office building has 87,000 square feet, of which 48,000 square feet were added in 1959. The property also comes with a two-story, 62,000-square-foot parking garage.

We have been involved in the management of this property since 1999 and feel that the property is positioned to take advantage of the growing popularity of the Midtown area, said Greg Banta, chairman and CEO of The Banta Companies. The building has always been well maintained and this is a good investment.

In March 2004, the building and parking garage on 1.6 acres was assessed at $3 million, which is approximately what Pasteur Medical Building LLC paid for the property in 2002.

The Banta Companies attempted to purchase the medical building about three years ago but was not willing to pay as much as Pasteur Medical Building LLC had. When Pasteur Medical Building LLC sought to sell the building, Banta jumped at the opportunity.

Our plans are to fill up the remaining vacancy and see what happens, Banta said. We don't have any immediate plans except to fill it up and maximize our yield.

The building was 85-percent occupied at the time of closing. Aside from Banta, no other broker was involved in the transaction, and Charles S. Kelly Sr. of Pasteur Medical Building LLC did not return phone calls on Tuesday.

Setting their focus on the area between NW 10th Street, NW 13th Street, and Classen Boulevard and Dewey Avenue, many of the purchases will be transformed into residential or office units. …

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