Marcus & Millichap closed the sale of Edison Lakes Medical Center (ELMC), a medical office property in Mishawaka, IN. The asset sold for $8,600,000.
Joseph DiSalvo, Forest Bender and Alexander Nulf of Marcus & Millichap’s Indianapolis office marketed the property on behalf of a limited liability company. They also represented the buyer, a Florida-based real estate investment firm.
ELMC is located at 230 E Day Rd in Mishawaka. It’s comprised of 49,536 square feet of medical office condominiums, currently 89% occupied, within an approximately 80,000-square-foot medical community that is anchored by St. Joseph’s Regional Medical Center. The purchaser of the ELMC also controls the majority of the condo units.
“We have seen an influx of new investors chasing yield in markets like Elkhart, South Bend, Mishawaka and surrounding towns due to their strong economic connections with the exodus of some of Chicago’s businesses and residents,” said DiSalvo.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).