November 27, 2017— Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has completed the sale of a single-tenant corporate MedExpress urgent healthcare center located at the intersection of Columbia Avenue and Capital Avenue in Battle Creek, Michigan. The purchase price was $1,815,000.
Hanley Investment Group Executive Vice President Eric Wohl and Associate Austin Blodgett represented the buyer, a private investor from Los Angeles, and the seller, a publicly-traded REIT.
Built in 2014 as a pad to a Family Fare Supermarket, the 4,716-square-foot building occupied by MedExpress is situated on 0.48 acres at 25 Columbia Avenue East, one of Battle Creek’s main retail corridors. MedExpress has an absolute triple-net, corporate-backed lease requiring little to no landlord responsibility with seven years remaining on the initial lease term with rent increases every five years.
According to Wohl, there are no urgent care centers within a three-mile radius of the property and the nearest hospital, Bronson Battle Creek Hospital, is located approximately three miles from the property. In addition to Family Fare Supermarket, nearby credit tenants include Aldi, Meijer Supermarket, Planet Fitness, OfficeMax, Dollar Tree, KFC, McDonald’s, Long John Silver’s, Taco Bell and Wendy’s. The Kellogg Company, with more than 2,500 employees, is located just five minutes from the property.
“We procured multiple offers within the first week of marketing the property, and selected an all-cash buyer from California,” Blodgett noted. “We closed escrow in 30 days at list price.”
“Single-tenant urgent care centers are a desirable internet-resistant investment,” said Wohl. “MedExpress provides high-quality, convenient, affordable health care 12 hours per day, seven days a week. With a fully-staffed medical team onsite, MedExpress offers a range of services, including urgent care, basic wellness and prevention, and employer health services.”