Marcus & Millichap Inc.
07/17/2024 | Press release | Archived content
Marcus & Millichap Arranges Sale of Medical Treatment Center in Indiana
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Marcus & Millichap Arranges Sale of Medical Treatment Center in Indiana
July 17, 2024
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LAFAYETTE, Ind., July 17, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of MedMark Medical Center, a 12,750-square-foot medical office located in Lafayette, Indiana. The property sold for $2,600,000 with a 6.6 percent cap rate. Three and a half years remain on the NN lease term with one additional five-year optional renewal.
"MedMark, operated by BayMark Health Services, Inc., is the leading provider for opioid use disorders in the United States. The passive nature of the investment as well as the irreplaceable location with frontage along I-65 appealed to multiple buyers," said Julia Evinger, first vice president investments. "The successful buyer purchased the property as a covered land play for today's income and land value for potential redevelopment in the future."
Evinger, investment specialist in Marcus & Millichap's Indianapolis office, had the exclusive listing to market the property on behalf of the seller, a regional private investor, and procured the buyer, a regional hospitality group.
MedMark Medical Center, located at 4705 Meijer Court, occupies a 3.48-acre lot in Lafayette, Indiana, home to Purdue University. Built in 2005 and renovated in 2018, the property features approximately 560 linear feet of frontage along Interstate 65. It is strategically positioned within a dense retail corridor that includes national retailers and hotels.
"MedMark, operated by BayMark Health Services, Inc., is the leading provider for opioid use disorders in the United States. The passive nature of the investment as well as the irreplaceable location with frontage along I-65 appealed to multiple buyers," said Julia Evinger, first vice president investments. "The successful buyer purchased the property as a covered land play for today's income and land value for potential redevelopment in the future."
Evinger, investment specialist in Marcus & Millichap's Indianapolis office, had the exclusive listing to market the property on behalf of the seller, a regional private investor, and procured the buyer, a regional hospitality group.
MedMark Medical Center, located at 4705 Meijer Court, occupies a 3.48-acre lot in Lafayette, Indiana, home to Purdue University. Built in 2005 and renovated in 2018, the property features approximately 560 linear feet of frontage along Interstate 65. It is strategically positioned within a dense retail corridor that includes national retailers and hotels.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.