June 2020

Al Neyer, minority investors partner to develop, sell buildings for $35M

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Tuesday June 16, 2020

Al Neyer, minority investors partner to develop, sell buildings for $35M

The development, construction, and sale of our two most recent medical office buildings for Premier Health is an example of how we’re working to bring minority investors into development projects and prioritizing diversity throughout construction.

From the Cincinnati Business Courier:


Al Neyer and a group of black and Latino minority investors partnered to develop and sell two medical office buildings in the Dayton region.

The newly constructed facilities, located in Beavercreek and Vandalia, are occupied by Premier Health and are outfitted to provide primary care and specialized health services. They opened in late 2019. They were sold in April to MBRE Healthcare — a division of Chicago-based MB Real Estate Services Inc. that acquires, develops, leases and manages healthcare real estate throughout the U.S., for a total of nearly $35 million.

The development, construction and sale of the two medical office buildings is the latest example of Al Neyer working to bring minority investors into development projects. Molly North, president and CEO of downtown-based Al Neyer, said Premier had diversity expectations on the construction of the medical office buildings, but Al Neyer took it a step further by having diversity of ownership. With this project, Al Neyer said there were 27 minority investors, nine of whom the commercial real estate developer and design-builder had never worked with.

“What we’re trying to do is bring this model of inclusion in ownership to a local level,” North told me.

Al Neyer has brought minority investors into similar projects in the past with impressive results. Some other examples include the Offices at Vernon Manor and the Offices @ Vernon Place, which were sold to an affiliate of 90 North Real Estate Partners for more than $75.2 million, and 237 William Howard Taft, which sold for $22.5 million.

North said the strategy has been successful because it has used such high-quality developments as an opportunity to reach into some investor pools that would not otherwise have had access to real estate investment. North said what’s important for any new investor in a commercial real estate development is that they experience a successful investment the first time. Al Neyer has engaged new investors in high-quality projects that include long-term leases with investment-grade tenants, as opposed to speculative real estate developments.

Read more from Tom Demeropolis at the Cincinnati Business Courier here.


Repeat client Premier Health worked with Al. Neyer to develop and build two sister medical office buildings (Premier Health Beavercreek and Premier Health Vandalia) to administer critical care to previously underserved clientele in its home market.

Premier Health and Al. Neyer leveraged the efficiencies they gained collaborating on prior projects (Premier Health Liberty and Premier Health Monroe) to deliver an optimized medical office product and to the benefit of schedule and budget. The facilities house both primary and specialty care, for services such as orthopedics, cardiology, rheumatology, and endocrinology. Specialty x-ray equipment and laboratory services are also on-site.

Premier Health sought a patient-first approach to design, keeping the flow and wayfinding intuitive and breaking the large multi-specialty practices into smaller, easy-to-navigate zones. Al. Neyer worked closely with the client on the extensive tenant improvements, providing options and guidance to inform the client’s decisions.

In strong collaboration with the client, Al. Neyer also established and met high participation levels for inclusion with MBE/WBE/SBE subcontractors throughout the project. Our team greatly valued the opportunity to #buildprideinrealestate with this repeat client.

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