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5668 Okemos Rd
East Lansing, MI 48823
Retail Property For Sale
Investment Highlights
- Single-tenant NNN ambulatory surgery center (ASC)
- 8,400 SF freestanding facility on 1.24 acres; renovated to current ASC standards in 2017
- Two five-year renewal options at Fair Market Value (mark-to-market upside)
- State-approved Certificate of Need (CON) — strong regulatory barrier to entry
- NNN lease through April 2031 with fixed 3% annual increases
- Prime Okemos Road location near MSU and major regional healthcare infrastructure
Executive Summary
NAI Mid-Michigan is pleased to present a single-tenant, net-leased ambulatory surgery center located at 5668 Okemos Road in Okemos, Michigan, within the Lansing–East Lansing MSA and just minutes from Michigan State University.?
The 8,400 SF freestanding medical facility was originally built in 2002 and fully renovated to the studs in 2017 — purpose-built for surgical use with new interior structure, mechanical, electrical, and life-safety systems built to current ASC standards.? The property sits on a 1.24-acre parcel along Okemos Road, a primary north–south corridor serving the Okemos/Haslett trade area.?
The center operates as Red Cedar Surgery Center under a physician–hospital joint venture, majority-owned (60%) by Tenet Healthcare — a national, multi-billion-dollar healthcare operator with 450+ facilities - alongside local physician partners who maintain equity and referral alignment.? Critically, the facility benefits from a State of Michigan–issued and fully approved Certificate of Need (CON), creating significant regulatory barriers to entry that support long-term operational stability and tenant retention.?
The asset is secured by a triple-net (NNN) lease with fixed 3% annual rent increases, providing predictable income growth, inflation protection, and minimal landlord responsibilities.? The lease runs through April 30, 2031 and includes two five-year renewal options at Fair Market Value, offering long-term income continuity with mark-to-market upside at each reset.?
Offered via Call for Offers — Tuesday, July 14th at 12:00 PM.? A full data room is available upon execution of a Confidentiality Agreement.?
The 8,400 SF freestanding medical facility was originally built in 2002 and fully renovated to the studs in 2017 — purpose-built for surgical use with new interior structure, mechanical, electrical, and life-safety systems built to current ASC standards.? The property sits on a 1.24-acre parcel along Okemos Road, a primary north–south corridor serving the Okemos/Haslett trade area.?
The center operates as Red Cedar Surgery Center under a physician–hospital joint venture, majority-owned (60%) by Tenet Healthcare — a national, multi-billion-dollar healthcare operator with 450+ facilities - alongside local physician partners who maintain equity and referral alignment.? Critically, the facility benefits from a State of Michigan–issued and fully approved Certificate of Need (CON), creating significant regulatory barriers to entry that support long-term operational stability and tenant retention.?
The asset is secured by a triple-net (NNN) lease with fixed 3% annual rent increases, providing predictable income growth, inflation protection, and minimal landlord responsibilities.? The lease runs through April 30, 2031 and includes two five-year renewal options at Fair Market Value, offering long-term income continuity with mark-to-market upside at each reset.?
Offered via Call for Offers — Tuesday, July 14th at 12:00 PM.? A full data room is available upon execution of a Confidentiality Agreement.?
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Day Care Center
Building Size
8,400 SF
Building Class
C
Year Built
2002
Tenancy
Single
Building Height
1 Story
Building FAR
0.16
Lot Size
1.24 AC
Zoning
C-1
Parking
50 Spaces (6.9 Spaces per 1,000 SF Leased)
Frontage
174’ on Okemos Rd
1 of 25
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