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Single-Tenant DaVita Dialysis Location Trades in 1031 Deal
Progressive Real Estate Partners arranged the sale of a single-tenant DaVita Dialysis clinic located at 82900 Ave. 42 in Indio. The property sold for $4,450,000 in a 1031 exchange transaction and traded at a 5.66% cap rate.
SVP of investment sales Greg Bedell exclusively marketed the property and represented the seller, a private Los Angeles-based investor. Abel Mehrabi and Karl Markarian of JohnHart Real Estate represented the buyer, also a Los Angeles-based private Investor.
Before listing the property, Bedell worked with the seller to negotiate a corporate-backed, 10-year lease renewal through April 2033 with DaVita. The renewal significantly increased the property value.
Bedell said, “The buyer was attracted to the strong DaVita credit backing the lease, the significant medical improvements invested by DaVita into the space making relocation less likely, the high traffic retail intersection and the high average incomes surrounding the site.”
- ◦Sale/Acquisition
