796 East Wood Street
Decatur, IL 62523 ·
15,000 SF · Office For Sale
DaVita & Sherwin Williams
|Building Size||15,000 SF||Building Class||B|
|Property Sub-type||Office Building||Lot Size||1.02 AC|
|Property Use Type||Investment|
|Listing ID: 18163171||Date Created: 05/09/2013||Last Updated: 12/01/2014|
Marcus & Millichap is pleased to present this multi-tenant medical / retail building in the heart of Decatur, Illinois. The property is comprised of a 7,500 square foot DaVita Dialysis center and a 7,500 square foot Sherwin Williams' s store. This asset is offered at a sale price that brings the investment to an above average return for similar properties, for these national credit tenants.
DaVita recently executed the first of three five-year option periods. DaVita invested heavily to perform their medical build-out at this site. Additionally, this locality was selected by a state mandated Certificate of Need process, which makes it difficult to relocate. The lease includes a corporate guaranty from DaVita, Incorporated.
Sherwin Williams has been at this location since 1967. Sherwin Williams has a Standard & Poor' s "A" rating. Their low rent of $4.44 per square foot strongly increases their renewal probability. They have two, five-year options come 2017 when the term expires.
This property allows an investor the opportunity to own a stabilized multi-tenant facility with two strong credit tenants that can be described as recession proof. This is an excellent value.
Located in the heart of the Midwest.
- Corporate Guarantee by DaVita, Incorporated ($5.26B Sales / $1.73B Net Worth)
- Healthcare Spending Growth has Outpaced GDP Growth in All of the Last Six Recession Periods from 1961-2005
- Rental Increases Throughout Option Periods
- Below Market Rents and a Certificate of Need Location
- Sherwin Williams - Standard & Poor's 'A' Rating
- Very Low Cost per Square Foot at $55.73 - Comparables Above $100
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