AURORA, OH, December 1, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of The UH Walden Health Center, a 11,000-square-foot, net-leased property located in Aurora, OH. According to Michael L. Glass, regional manager of the firm’s Cleveland office, the asset sold for $3,266,700.
Christopher Mitchel, Gino Lollio, Scott Niedergang and Ryan E. Moore, investment specialists in Marcus & Millichap’s Cleveland and Downtown Chicago offices, had the exclusive listing to market the property on behalf of the seller, a local developer. Community Healthcare Trust based out of Franklin, TN purchased the asset.
The one-story medical center was built in 2003. The building is encumbered by a single-tenant, absolute triple-net lease to Robinson Memorial Hospital with just over seven years remaining of base term remaining. There are no landlord responsibilities including roof and structure. The tenant is a subsidiary of world renowned, University Hospital’s System (Moody’s A2) in Northeast Ohio. Robinson Memorial Hospital is the second largest employer in Portage County. The lease is structured with four, five-year options with five percent escalations every subsequent term. In addition, there are 10 percent increases in each option term. The primary service offered at the building is rehabilitation which includes, but not limited to: physical therapy, occupational therapy, speech therapy, therapeutic aquatic exercises, wellness programs, sports medicine, aquatic aerobics, and arthritis classes.
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