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DaVita, Princeton, IN

DaVita, Princeton, IN


Investment Summary

Price $1,280,000
Cap Rate
NOI
Lease Term 10 Years With 7+ Years Remaining
Lease Type Absolute NNN Lease, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot
Rental Increases 2% Annual Rental Increases
Year Built 2001
Building Size 4,434 SF
Lot Size 2.0 Acres (87,120 SF)
Status Under Contract
Lead Brokers Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

ABSOLUTE NNN MEDICAL LEASE WITH STRONG CORPORATE GUARANTY
» 10-year absolute NNN corporate lease to DaVita
» Rare 2% annual rental increases throughout term
» Corporate guaranty from DaVita Inc. (NYSE: “DVA), a Fortune 500 company
» Absolute NNN lease requires no landlord management, ideal for an out-of-area investor
» DaVita is one of the largest providers of kidney care services in the U.S. and has been a leader in clinical quality and innovation for more than 20 years (2,776+ locations)

EXCELLENT LOCATION AT THE CONFLUENCE OF MAJOR INDIANA THOROUGHFARES
» High-visibility and easily accessible location near U.S. Highway 41 (13,593 AADT)
» Excellent location near the intersection of U.S. Highway 41 and State Route 64, connecting Princeton’s primary east-west and north-south thoroughfares
» Beneficial proximity to major national tenants such as Walmart Supercenter, Hibbett Sports, Bob Evans, Walgreens, CVS, McDonald’s, Arby’s, Menards, and many more
» Adjacent to Deaconess Gibson Hospital (25 beds, $85 million in total patient revenue)

POPULOUS INDIANA SUBURB WITH GROWING DEMOGRAPHICS
» 45,517 residents live within 15 miles of the property
» High average annual household income of $87,545 within a 15-mile radius of the site, providing a reliable customer base
» Projected income increases within 5-, 10-, and 15-mile radii over the next five years poise DaVita and Princeton for steady concurrent growth
» Property serves as the only DaVita location within a 24-mile radius of the site
» 10 miles from the Indiana/Illinois borderline

Property Description

SOLD

» This DaVita features a high-visibility and easily accessible location near U.S. Highway 41 (13,593 AADT)
» The property is centrally located near the intersection of U.S. Highway 41 and State Route 64, connecting Princeton’s primary east-west and north-south thoroughfares
» Ideally set in a large retail corridor, the property is surrounded by notable tenants such as Walmart Supercenter, Hibbett Sports, Bob Evans, Walgreens, CVS, McDonald’s, Arby’s, Menards, and many more, creating significant crossover shopping
» The site greatly benefits from its proximity adjacent to Deaconess Gibson Hospital (25 beds, $85 million in total patient revenue)
» High average annual household income of$87,545 within a 15-mile radius of the site, providing a reliable customer base
» Projected income increases within 5-, 10-, and 15-mile radii over the next five years poise DaVita and Princeton for steady concurrent growth

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