
Florida Investor Snags Indiana MOB
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.
- ◦Sale/Acquisition