Marcus & Millichap Inc.
10/01/2024 | Press release | Distributed by Public on 10/01/2024 18:02
Marcus & Millichap Arranges the Sale of Two Advanced Dermatology Office Buildings in Fort Collins, CO
Press Releases
Marcus & Millichap Arranges the Sale of Two Advanced Dermatology Office Buildings in Fort Collins, CO
October 01, 2024
LinkedIn Email App
FORT COLLINS, Colo., October 1, 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 two Advanced Dermatology offices, a 4,345-square-foot property and an 11,857-square-foot property both located in Fort Collins, Colorado. The assets sold for $4,417,000.
Cory Gross and Erik Enstad, investment specialists in Marcus & Millichap's Denver office, had the exclusive listings to market the properties on behalf of the seller, a private investor.
The Advanced Dermatology offices are located at 1006 Centre Ave. and 1100 Poudre River Dr. in Fort Collins, Colorado. With the aging population driving industry growth, patients over 60 now account for 40% of revenues. By 2030, the 65+ demographic is projected to double. Located in an affluent area with over 168,000 residents and an average household income of $92,324 within a 5-mile radius, this site is positioned for continued success.
"We marketed the properties individually; however, we ultimately transacted both properties as a portfolio to a family holding company with over $10 billion of equity value based out of Dallas" says Gross. "These properties kicked off their newest fund, investing in a diverse set of tenants operating in the healthcare sector."
Enstad adds, "Advanced Dermatology & Cosmetic Surgery is the nation's largest dermatology practice, with over 160 locations in 14 states. We assisted the ownership group with negotiating long-term leases on their properties, significantly improving the value and salability of the assets. As a result, we received many offers from investors around the country targeting healthcare triple-net real estate."
Cory Gross and Erik Enstad, investment specialists in Marcus & Millichap's Denver office, had the exclusive listings to market the properties on behalf of the seller, a private investor.
The Advanced Dermatology offices are located at 1006 Centre Ave. and 1100 Poudre River Dr. in Fort Collins, Colorado. With the aging population driving industry growth, patients over 60 now account for 40% of revenues. By 2030, the 65+ demographic is projected to double. Located in an affluent area with over 168,000 residents and an average household income of $92,324 within a 5-mile radius, this site is positioned for continued success.
"We marketed the properties individually; however, we ultimately transacted both properties as a portfolio to a family holding company with over $10 billion of equity value based out of Dallas" says Gross. "These properties kicked off their newest fund, investing in a diverse set of tenants operating in the healthcare sector."
Enstad adds, "Advanced Dermatology & Cosmetic Surgery is the nation's largest dermatology practice, with over 160 locations in 14 states. We assisted the ownership group with negotiating long-term leases on their properties, significantly improving the value and salability of the assets. As a result, we received many offers from investors around the country targeting healthcare triple-net real estate."
# # #
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.