Thursday, September 21, 2000

Industry notes: Commercial real estate

Phoenix International leaving town

By Ken Alltucker
The Cincinnati Enquirer

        Phoenix International Life Sciences is vacating and selling its clinical research facility in College Hill.

        The asking price is $8 million.

        MDS Inc. of Toronto acquired Phoenix International in April and decided the facility duplicated the work of offices in New Jersey, Arizona, Nebraska and Toronto.

        The College Hill lab was well known in Greater Cincinnati for its frequent advertisements recruiting people to stay at the facility and test medications.

        Phoenix once employed 175 but is winding down operations for an Oct. 13 closing. Thirty employees remain at the 75,000-square-foot facility at 5642 Hamilton Ave.

        In December 1999, Phoenix International was awarded a 10-year tax break and a job-training grant in return for its pledge to bring more jobs to Cincinnati

        Jim Haley, vice president of Grubb & Ellis West Shell Commercial, is marketing the three-level structure built in 1988 as a hospital.

        The building is on a 26-acre site, so a buyer can develop a substantially larger project, Mr. Haley said.

Nextlink heads to Third and Plum

        Another week, another tenant signed a lease at Al Neyer Inc.'s downtown telco building.

        Nextlink Communications Inc., based in McLean, Va., signed a 15-year lease last week to occupy one of eight floors. Two other floors already are leased at the former industrial warehouse at Third and Plum streets.

        Al Neyer purchased the building in December for $3.6 million and is converting it into an office/storage building for telecommunications firms to keep switches and cables. It's modeled after buildings sprouting up in other larger markets to accommodate the demand for high-speed data networks.

        Nextlink will use the space to install switching capacity allowing high-speed data connections through Greater Cincinnati, John Neyer said.

New manufacturer for Airpark International

        Paul Hemmer Companies is building a 30,000-square-foot office/manufacturing facility for Architectural Aluminum Products at Airpark International in Hebron.

        Architectural Aluminum Products needed the extra space because it ran out of room at its Crescent Springs location. The firm makes building trim products for schools, hospitals and other commercial developments.

Program aimed at small, medium firms

        Want to improve sales?

        The Greater Cincinnati Chamber of Commerce, in conjunction with the Northern Kentucky Chamber of Commerce, has scheduled an Oct. 19 preview of a program aimed at increasing revenue and profit for small- and mid-sized businesses.

        The Strategic Eight Planning Process is designed to help businesses develop a custom plan, understand customers, formulate an Internet plan and develop other profitable strategies. More than 300 program graduates increased sales 19 percent and profits 34 percent, the Chamber says.

        Information: Call David Owens, 579-3149.

       Have a news tip? Send it to Ken Alltucker, The Cincinnati Enquirer, 312 Elm St., Cincinnati, OH 45202, or call (513) 768-8384.


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- Industry notes: Commercial real estate
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