3425 Executive Pky
Toledo, OH 43606
Credit Medical | 8% CAP & Extended Leases · Office Property For Sale

The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in the Executive Medical Complex, a 2 building, 100% occupied medical asset anchored by Bon Secours Mercy Health. The asset is being offered for $4,990,000, representing a highly attractive 8.00% CAP Rate for a recession proof medical investment. In 2018, Bon Secours Health System and Mercy Health (Moody’s “A2”) combined to become the United States’ fifth largest Catholic health care ministry and one of the nation’s 20 largest health care systems. The system has an $8 billion net operating revenue with 43 hospitals and more than 1,000 care sites, more than 57,000 employees and 2,100 physicians. Bon Secours Mercy Health occupies the entire North Building of the property and recently executed an extension with annual rental increases taking them through 2024, providing both long-term stability to the asset, along with built-in upside. Further proving their commitment, Bon Secours Mercy Health self-funded approximately $1.2 million in improvements into their space. Additionally, The Toledo Clinic corporately guarantees three separate units in the South Building accounting for over 10% of the total square footage. The Toledo Clinic system of doctors has grown to 62 locations with approximately 160 independent physicians in more than 35 different specialties. With the variety of medical users that have been at the property for years, along with the recently leasing traction, the tenants have proven their desire and commitment to the building/market. The property has prominent monument signage and sits with multiple points of ingress/egress. Just off Secor Road, which has direct access to I-475 (0.5 miles) and traffic counts of 109,000 VPD, Secor Road also offers employees and patients of the office complex many amenities. Nearby shopping and restaurants include: Franklin Park Mall and its retail corridor, newly developed Secor Square, Holiday Inn & Suites, Hampton Inn & Suites, Home Depot, Piada, Starbucks, Chipotle, Costco, UPS and many more are just seconds away. Mercy Health is Toledo’s second largest employer with 8,827 employees and whose St. Anne Hospital is located just 1 mile north of the property. Furthermore, the medical complex is positioned in a growing medical mecca. The healthcare industry is the city's biggest employment sector with the University of Toledo operating a 450-acre Health Science campus, also known as the University of Toledo Medical Center, along with ProMedica Health Systems, Toledo’s largest employer with approximately 14,500 employees. In fact, the ProMedica Toledo Hospital is just 2 miles from the Executive Medical Complex and is in partnership with the Toledo Clinic physicians. In 2018 and 2019 the ProMedica Toledo Hospital was named a Healthgrades 50 Best Hospital. HCR Manor Care is part of the ProMedica/Welltower system and is headquartered in Toledo with 1,845 employees. Overall, the area boasts a strong employment base with The University of Toledo (2 miles away), which enrolls 23,085 students and an employs 6,662 people, making it the city’s third largest employer. The vast employment base continues with the Whirpool Corporation, who employs 6,182, FCA US with 6,159 employees, General Motors Powertrain (1,971 employees) and the Dana Corporation adding 1,571 employees. Fifth-Third Bank's Northwest Ohio headquarters is also located in Downtown Toledo with an additional 550 employees. The Executive Medical Complex is located in a strong residential community with average household incomes over $75,000 within 1-mile and has direct access to a large population base being positioned just outside of Downtown Toledo and the extremely close proximity to the University of Toledo. Toledo is the county seat of Lucas County but attracts people from as far south as Bowling Green, as far east as Fremont, and as far west as Defiance, Ohio. The Toledo service area also reaches north into Monroe and Adrian, Michigan. The metro trade area offers best-in-class retailers and steady high volumes of traffic in the corridor, making this asset a destination point for all the surrounding communities. With the strategic placement, solid construction, quality tenants and proximity to employees and residents; the asset is positioned to thrive well into the future.