Office Medical

McLaren Central

2853 Health Pkwy, Mount Pleasant, MI 48858

Listing Price: $1,800,000

Cap Rate
8.07%
Gross SF
9,796
Rentable SF
19,592
Price/Gross SF
$183.75
Year Built
2013
Lot Size
0.83 acres

Investment Overview

Marcus & Millichap is pleased to present McLaren Central Family Medicine located in Mount Pleasant, Michigan and is less than half a mile away from the McLaren Central Michigan Hospital. This property was built to suit as a multi-tenant Medical Office property. The property is currently leased to McLaren Health Care, central Michigans main healthcare provider. This opportunity is being offered at $1,800,000 at an 8.07% cap rate. Currently operating under a NNN lease, this opportunity offers a great passive investment.

This property functions as a single tenant property despite having two leases currently signed to McLaren. Both spaces have identical leases with the same rental rates, tenant and landlord responsibilities and terms. McLaren singed a ten-year lease before construction and currently has just over 3 years of lease term remaining. McLaren has two, five-year options remaining.

McLaren Health Care is one of the predominant healthcare providers in central Michigan. McLaren Health Care is assigned AA- (Fitch), high-grade investment credit. The property is located just east of McLaren Central Michigan hospital and is positioned in the Central Michigan Health Park. Mount Pleasant, is home to Central Michigan University which has over 16,000 students on its Mount Pleasant campus annually. Additionally, Mount Pleasant is considered one of the safest walkable cities in Michigan. It is truly a beautiful city surrounded by lakes, rivers, forests, and farmland.

Investment Highlights

  • Triple Net (NNN)
  • Build to Suit: 2013
  • Tenant responsible for Roof (maintenance, repairs and replacement)
  • Features Two Percent Rental Escalations Every Two Years (Next: November 2021)
  • Tenant Has Two Five-Year Options
  • High-grade Investment Credit AA- (Fitch)

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    License(s): MI: 6502387903

    Michigan

Listing Price: $1,800,000

Cap Rate
8.07%
Gross SF
9,796
Rentable SF
19,592
Price/Gross SF
$183.75
Year Built
2013
Lot Size
0.83 acres

Investment Highlights

  • Triple Net (NNN)
  • Build to Suit: 2013
  • Tenant responsible for Roof (maintenance, repairs and replacement)
  • Features Two Percent Rental Escalations Every Two Years (Next: November 2021)
  • Tenant Has Two Five-Year Options
  • High-grade Investment Credit AA- (Fitch)

Investment Overview

Marcus & Millichap is pleased to present McLaren Central Family Medicine located in Mount Pleasant, Michigan and is less than half a mile away from the McLaren Central Michigan Hospital. This property was built to suit as a multi-tenant Medical Office property. The property is currently leased to McLaren Health Care, central Michigans main healthcare provider. This opportunity is being offered at $1,800,000 at an 8.07% cap rate. Currently operating under a NNN lease, this opportunity offers a great passive investment.

This property functions as a single tenant property despite having two leases currently signed to McLaren. Both spaces have identical leases with the same rental rates, tenant and landlord responsibilities and terms. McLaren singed a ten-year lease before construction and currently has just over 3 years of lease term remaining. McLaren has two, five-year options remaining.

McLaren Health Care is one of the predominant healthcare providers in central Michigan. McLaren Health Care is assigned AA- (Fitch), high-grade investment credit. The property is located just east of McLaren Central Michigan hospital and is positioned in the Central Michigan Health Park. Mount Pleasant, is home to Central Michigan University which has over 16,000 students on its Mount Pleasant campus annually. Additionally, Mount Pleasant is considered one of the safest walkable cities in Michigan. It is truly a beautiful city surrounded by lakes, rivers, forests, and farmland.

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    License(s): MI: 6502387903

    Michigan

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