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Single-Tenant Office

Press Ganey

1173 Ignition Dr S, South Bend, IN 46601

Listing Price: $18,086,000

Cap Rate
6.30%
Gross SF
77,264
Rentable SF
77,264
Price/Gross SF
$234.08
Lot Size
6.91 acres
Year Built
2020

Investment Overview

The DiSalvo Group of Marcus & Millichap is pleased to present to the market the Press Ganey HQ in South Bend, Indiana -a brand new, 2021 single-tenant office build-to-suit located just south of Notre Dame in South Bend, Indiana. The Subject Property is located in the growing Ignition Technology Park, a 140-acre site just south of downtown South Bend, and is adjacent to Notre Dame's Turbomachinery Facility, the nation's top turbine engine component research and development facility.

The Press Ganey HQ build-to-suit was designed and built as a consolidation and relocation of Press Ganey's headquarter presence in South Bend, where it was founded over 30 years ago by two Notre Dame professors. Press Ganey is a leading provider of performance measurement and improvement services to over 41,000 U.S. healthcare providers including hospitals, medical practices and alternate site providers and operates primarily through five product lines - patient experience, clinical excellence, workforce engagement, consulting and safety. The company was purchased by private equity sponsors in July of 2019 for $4.3 billion. The company generated approximately $457 million in revenue for the LTM period ending December 31, 2020 and the pro forma for the acquisition revenue is expected to be over $500 million.

Press Ganey was founded by two Notre Dame professors in South Bend and has always been headquartered in this market since its founding in 1984. This new build-to-suit for the company is sign of their long-term commitment to the market and the property boasts incredibly strong financial metrics with annual rental escalations and a triple-net structure to the lease with all operating costs being on the Tenant. With a $4B+ tenant behind a brand new 12-year triple-net lease in a brand-new facility in its hometown, the Press Ganey Headquarters Build-to-Suit should prove to be a safe and lucrative investment for any Investor.

Investment Highlights

  • Brand New Class "A" 77,264 Square Foot Build-to-Suit Office Building
  • Brand New 12-Year NNN Lease with Annual Rent Bumps to Multi-Billion Dollar Company
  • Press Ganey is a $4B+ Company - serves over 41,000 Health Care Facilities Nationwide
  • Strategically Located in South Bend, Indiana - Home of Notre Dame University
  • Situated in the Ignition Technology Park, a 140-Acre Site and Neighbors Notre Dame
  • Turbomachinery Facility

Exclusively Listed By

Listing Price: $18,086,000

Cap Rate
6.30%
Gross SF
77,264
Rentable SF
77,264
Price/Gross SF
$234.08
Lot Size
6.91 acres
Year Built
2020

Investment Highlights

  • Brand New Class "A" 77,264 Square Foot Build-to-Suit Office Building
  • Brand New 12-Year NNN Lease with Annual Rent Bumps to Multi-Billion Dollar Company
  • Press Ganey is a $4B+ Company - serves over 41,000 Health Care Facilities Nationwide
  • Strategically Located in South Bend, Indiana - Home of Notre Dame University
  • Situated in the Ignition Technology Park, a 140-Acre Site and Neighbors Notre Dame
  • Turbomachinery Facility

Investment Overview

The DiSalvo Group of Marcus & Millichap is pleased to present to the market the Press Ganey HQ in South Bend, Indiana -a brand new, 2021 single-tenant office build-to-suit located just south of Notre Dame in South Bend, Indiana. The Subject Property is located in the growing Ignition Technology Park, a 140-acre site just south of downtown South Bend, and is adjacent to Notre Dame's Turbomachinery Facility, the nation's top turbine engine component research and development facility.

The Press Ganey HQ build-to-suit was designed and built as a consolidation and relocation of Press Ganey's headquarter presence in South Bend, where it was founded over 30 years ago by two Notre Dame professors. Press Ganey is a leading provider of performance measurement and improvement services to over 41,000 U.S. healthcare providers including hospitals, medical practices and alternate site providers and operates primarily through five product lines - patient experience, clinical excellence, workforce engagement, consulting and safety. The company was purchased by private equity sponsors in July of 2019 for $4.3 billion. The company generated approximately $457 million in revenue for the LTM period ending December 31, 2020 and the pro forma for the acquisition revenue is expected to be over $500 million.

Press Ganey was founded by two Notre Dame professors in South Bend and has always been headquartered in this market since its founding in 1984. This new build-to-suit for the company is sign of their long-term commitment to the market and the property boasts incredibly strong financial metrics with annual rental escalations and a triple-net structure to the lease with all operating costs being on the Tenant. With a $4B+ tenant behind a brand new 12-year triple-net lease in a brand-new facility in its hometown, the Press Ganey Headquarters Build-to-Suit should prove to be a safe and lucrative investment for any Investor.

Exclusively Listed By

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