Investor Acquires Single-Tenant Medical Building in Merrillville, Indiana
(July 5, 2022) MERRILLVILLE/CHICAGO – Physician Real Estate Capital Advisors (“PRECAP”) announces the $4.1 million sale-leaseback of the Bone & Joint Specialists orthopedic facility, located at 9001 Broadway in Merrillville, Indiana. PRECAP Managing Principal Scott Niedergang and JDS Real Estate Services, Inc. represented both the seller, a physician partnership, and the buyer, a publicly registered real estate investment trust focused on acquiring a diversified portfolio of healthcare real estate.
Bone & Joint Specialists, P.C., which occupies 100% of the 15,504 square foot facility, has been providing care at this location since 2008. Of the practice’s four locations, the subject property receives the largest percentage of patient volume and acts as the headquarters for the practice.
Located less than an hour from Chicago, the subject property is adjacent to the 319-bed Methodist Hospitals Southlake Campus and just north of a new 190,000 square foot Amazon Delivery facility. Other healthcare providers in the immediate market area include the Adam Benjamin, Jr. Veterans’ Administration Outpatient Clinic, Neurobehavioral Hospital, and Pinnacle Hospital Crown Point.
“It used to be the case that most institutional healthcare real estate investors would only pursue assets at a price north of $10 million,” said Niedergang. “High demand for the asset class combined with a lack of quality inventory has influenced buyers to pursue and acquire assets below their historical price thresholds.”
About Physical Real Estate Capital Advisors, LLC:
Physician Real Estate Capital Advisors, LLC (“PRECAP”) provides sale-leaseback and investment sale healthcare real estate advisory services to physicians, private equity sponsors, investors, and developers. Company principals have executed more than $1.1 billion of transactions throughout the United States. Learn more by visiting www.precap.us.
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