Gary, IN - DaVita Multi-Tenant Medical Office

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land and building ownership) in a two-tenant, medical center investment property located in Gary, IN (Chicago MSA). The property is divided into two suites with DaVita Dialysis currently occupying approximately 11,203 SF of the 13,125 SF leasable area, leaving approximately 1,922 SF vacant. The tenant, TRC – Indiana, LLC, recently extended their lease now has over 3 years year remaining in their lease term with 3 (5-years) option periods left to extend. The lease features 2% rental increases at the beginning of each option, growing growing NOI and hedging against inflation. Founded in 1994, DaVita Dialysis is one of the largest providers of kidney care in the U.S. and has been a leader in clinical quality and innovation for more than 20 years.

The subject property is strategically located at the hard corner intersection of Broadway Street and 48th Avenue, averaging more than 28,200 vehicles passing by daily. The site benefits from direct on/off ramp access to Interstate 65 (112,200 VPD) and Interstate 94 (209,600 VPD). Interstate 65 is a major cross-country route, connecting Lake Michigan to the Gulf of Mexico, while Interstate 94 is an east-west highway that runs from Port Huron, MI to Billings, MT. The immediate retail corridor is home to a variety of national/credit tenants including Lowe’s Home Improvement, Costco Wholesale, The Home Depot, Dick’s Sporting Goods, Petco, Aldi, Meijer, Target, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Additionally, the site is near several hospitals including Methodist Hospital, a nationally recognized and awarded medical facility with 491 beds. Furthermore, the property is within walking distance to multiple apartment complexes including Georgia Street (30 units), Meadowlane (64 units), Greenbrier (70 units), and more, providing a direct residential consumer base from which to draw. The 5-mile trade area is supported by 136,623 residents and 51,121 daytime employees with an average household income of $68,326.