Historical Office Sale Listing - DaVita & Sherwin Williams

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DaVita & Sherwin Williams

796 East Wood Street, Decatur, IL 62523

N/A

15,000 SF | Office

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Office Property - Off Market

Price:
N/A
Building Size:
15,000 SF
Property Type:
Office
Property Sub-type:
Office Building
Property Use Type:
Investment
Cap Rate:
9.82%
Building Class:
B
Tenancy:
Multiple
Lot Size:
1.02 AC
Listing ID
18163171
Last Updated
20 days ago

Highlights

  • 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

Description

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.

Map of 796 East Wood Street, Decatur, IL 62523 (Macon County)

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