Investment Overview

Marcus & Millichap is pleased to present to the market the Franciscan Health Portfolio in Mishawaka, Indiana, an 18,077 square foot office portfolio leased to Franciscan Alliance, a 12-hospital health system with over 150 total locations in their network throughout Indiana and Illinois. The Property consists of three spaces within the Park Place Office Park which has been home to operations within the Franciscan Alliance since 2011 with consistent renewals and expansions since that time including one large expansion that was executed in 2021. The Park Place Office Park is situated in the Edison Lakes submarket of Mishawaka – which serves a tri-county area in the northern part of the State – and is immediately surrounded by amenities such as restaurants, hotels, office buildings, retail, and a few large hospitals serving the ~165,000 residents within five miles of the location as well as the neighboring counties. The Franciscan Alliance is a non-profit healthcare system that was founded over 140 years ago and has grown to be one of the largest healthcare providers within Indiana and Illinois with over 150 locations and over 785 doctors in its network. They have been in this location for over ten years and recently expanded their presence and renewed their lease for an additional five years. Their current spaces that comprise this Offering are spread between three locations within this stabilized garden-style office / medical office park with direct entries into their spaces from the exterior. The Franciscan Health Portfolio in Mishawaka, Indiana is a very stable and strong cash-flowing asset with a brand-new five-year lease signed in 2021 as part of a large expansion of the Tenant at that time. With a very strong and established healthcare tenant with over 140 years of experience and growth in the marketplace coupled with strong real estate fundamentals being in a stabilized, garden-style (single-story) office park within an established, high-demand submarket within Mishawaka, Indiana, the Franciscan Health Portfolio should prove to provide the Investor with strong in-place cash flow, long-term stability with a great tenant that will likely be in the location for a very long time, and low downside risk due to the stability of the market.