January 31, 2020
Stan Johnson Company (SJC) wrapped up the off-market sale of a single-tenant healthcare property in West Des Moines, IA. Completed in 2019, the 9,536-square-foot dialysis facility at 9080 University Ave. is fully leased to Fresenius Kidney Care.
Blaise Bennett and BJ Feller of SJC represented the seller, Hurd Real Estate, a local developer. Midwest Equity Investors, based in Cedar Rapids, Iowa, purchased the asset for $4.1 million.
“The outstanding Class A medical development, coupled with the long-term net lease in a growing West Des Moines market, attracted many investors to the property,” said Bennett “We received multiple offers which achieved a sub-5.50% cap rate, setting a new record for a Fresenius property located in the Midwest.”
The property is located just west of West Des Moines’ multi-hospital medical complex. Fresenius is operating under a long-term net lease with annual rent escalations.
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