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M&M Arranges Sale of Medical Office Building in Indiana
Marcus & Millichap closed the sale of MedMark Medical Center, a 12,750-square-foot medical office located in Lafayette, Indiana.
The property sold for $2.6 million with a 6.6 percent cap rate. Three and a half years remain on the NN lease term with one additional five-year optional renewal. “The passive nature of the investment as well as the irreplaceable location with frontage along I-65 appealed to multiple buyers,” said Julia Evinger, first vice president investments. “The successful buyer purchased the property as a covered land play for today’s income and land value for potential redevelopment in the future.”
Evinger, an investment specialist in Marcus & Millichap’s Indianapolis office, had the exclusive listing to market the property on behalf of the seller, a regional private investor, and procured the buyer, a regional hospitality group.
MedMark Medical Center, located at 4705 Meijer Court, occupies a 3.48-acre lot in Lafayette, Indiana, home to Purdue University. It is strategically positioned within a dense retail corridor that includes national retailers and hotels.
