August 12, 2019 Comments (0) Views: 372 Chicago News, Midwest News

Indiana DaVita Facility Sells in 1031 Deal

Interra Realty brokered the $2.9-million sale of a 5,891-square-foot DaVita Dialysis Clinic at 816 119th St. in Whiting, IN. The single-tenant net-leased property, completed last year, is in the first year of a 15-year lease and was purchased through a 1031 exchange.

“We continue to see strong demand for net-leased medical facilities, especially those that have long-term leases in place with creditworthy tenants like DaVita,” said Interra’s Colin O’Malley. “It also shows how some owners are using like-kind exchanges to pivot from management-intensive assets, such as an apartment community, to more passive investments that offer steady, predictable returns.”

O’Malley represented the buyer, Talcott Terrace LLC. The seller was Dayton Street Partners, represented by Boulder Group.

“With the need for dialysis services expected to grow in the coming years, centers like this are considered strong investments that are more internet- and recession-resistant than net-leased retail,” O’Malley added.

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