Greenstone Partners is pleased to announce the successful sale of 6200 Central Avenue, a 4,700 SF single-tenant medical office building in Portage, IN. The property sold for $1,675,000, representing 96% of list price.
The property is 100% occupied by Northwest Medical Group, a dominant regional healthcare provider and wholly owned subsidiary of Community Health Systems (NYSE: CYH), a 76-hospital healthcare system spanning 13 states. The investment is secured by a long-term 10-year net lease, with the tenant responsiblefor CAM, Insurance, and Real Estate Taxes. In 2020, the building underwent a redevelopment to the tenant’s exact specifications at a cost of approximately $842,000.
Strategically located in Portage, Indiana, just 40-miles southeast of Downtown Chicago, the property sits in the largest city in Porter County and is less than 1-mile from Interstate 80/90 (Indiana Tollway), providing excellent regional connectivity throughout Indiana, Illinois, Michigan, and Ohio.
Greenstone Partners’ Jason St. John and AJ Patel exclusively represented the seller, a prominent regional developer. The buyer, a California-based private investor, was represented by an outside broker.
The transaction closed in just nine days from contract execution to closing, demonstrating the strength of the buyer, seller, and transaction team in executing an efficient closing process.
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