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Office Medical

SENIOR CARE PARTNERS P.A.C.E.

800 E Milham Ave, Portage, MI 49002

Listing Price: $5,000,000

Cap Rate
6.00%
Gross SF
21,480
Rentable SF
21,480
Price/Gross SF
$232.77
Occupancy
100.0%
Year Built
1992
Lot Size
1.98 acres

Investment Overview

Marcus & Millichap has been retained as the exclusive advisor for the marketing and disposition of 800 E Milham Avenue in Portage, Michigan. This well located Brick Two Story Medical Office Building is 100% NNN Leased to two tenants. Senior Care Partners P.A.C.E. has expanded in the building and now occupies 91% of the Gross Leasable Area with a lease through 12/31/2033 - over 12 years remaining with (1) ten year optional renewal and annual rental increases based on the Consumer Product Index (CPI). Restorative Therapy, complimentary to Senior Care Partners P.A.C.E. occupies the remaining Leased space with 5 years remaining on the current lease term and (2) Five Year Optional Renewals.. Senior Care Partners P.A.C.E. (Program of All-Inclusive Care for the Elderly) was formed in 2008 in compliance with state and federal regulations, as well as in conjunction with the National PACE Association. The subject property serves participants 55 and over and provides Administrative Offices. Nationally there are over 272 PACE Centers in 30 states (March 2021). Ninety percent of Participants are dually eligible for Medicaid and Medicare. The asset is located near a core retail corridor with over 12 Million Square Feet of Retail shopping within 5 Miles. Regional Shopping Centers include Southland Mall anchored by Kohl's, Petco, and TJ Maxx; and The Crossroads Mall anchored by Macy's, JCPenny and Sears. In addition freestanding National retailers including Meijer, ALDI, Lowe's Home Improvement and Target are all in the same corridor. The property is located just 5 Miles from the Western Michigan University campus, a national research university, (24,000 Student Enrollment). Kalamazoo is less than seven miles from the subject property. Portage, Michigan features excellent demographics with over 342,000 residents and an Average Household Income of $73,500 within a Five Mile Radius. Portage benefits from its location between Chicago and Detroit situated along Interstate I-94. The city's largest employers are Pfizer Pharmaceuticals and Stryker Instruments, leaders in the life sciences industry and the local economy. Over 200 regional health science companies and more than 3 dozen successful life-science startups since 2003 have created a tremendous healthcare industry. In addition, more than 100 Million people live within overnight delivery capability. The Portage/Kalamazoo area supports a wide range of logistics and manufacturing operations including: Bosch, Zoetis, Thermo Scientific, ConAgra Foods, Minute Maid, Monsanto, Post Foods, General Mills, Kellogg's and Welch's. 800 E Milham offers an investor a stabilized asset with minimal Landlord responsibilities, in a highly sought after market with ease of Interstate access, and a thriving economy.

Investment Highlights

  • 100% Occupied | NNN Leased Medical Office | Built in 1992; Renovated 2018 on ~1.98 Acre Lot
  • Senior Care Partners P.A.C.E. (90% GLA) 15 Year NNN Lease with 12+ Years Lease Term Remaining; One (10) Year Renewal; Restorative Therapy 5 Year Lease with (2) Five Year Renewal Options
  • Ease of Access to I-94 and Westnedge Road Interchange; Westnedge Road is a core Retail Corridor with over 12 Million Square Feet of Retail shopping within 5 Miles.
  • Average Household Income within 5 Miles: $73,500
  • Within Five Miles of Western Michigan University (24,000 Student Enrollment)

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s) MI: 6502387903

    Michigan

Financing By

Office Medical

SENIOR CARE PARTNERS P.A.C.E.

Listing Price: $5,000,000

Cap Rate
6.00%
Gross SF
21,480
Rentable SF
21,480
Price/Gross SF
$232.77
Occupancy
100.0%
Year Built
1992
Lot Size
1.98 acres

Investment Highlights

  • 100% Occupied | NNN Leased Medical Office | Built in 1992; Renovated 2018 on ~1.98 Acre Lot
  • Senior Care Partners P.A.C.E. (90% GLA) 15 Year NNN Lease with 12+ Years Lease Term Remaining; One (10) Year Renewal; Restorative Therapy 5 Year Lease with (2) Five Year Renewal Options
  • Ease of Access to I-94 and Westnedge Road Interchange; Westnedge Road is a core Retail Corridor with over 12 Million Square Feet of Retail shopping within 5 Miles.
  • Average Household Income within 5 Miles: $73,500
  • Within Five Miles of Western Michigan University (24,000 Student Enrollment)

Investment Overview

Marcus & Millichap has been retained as the exclusive advisor for the marketing and disposition of 800 E Milham Avenue in Portage, Michigan. This well located Brick Two Story Medical Office Building is 100% NNN Leased to two tenants. Senior Care Partners P.A.C.E. has expanded in the building and now occupies 91% of the Gross Leasable Area with a lease through 12/31/2033 - over 12 years remaining with (1) ten year optional renewal and annual rental increases based on the Consumer Product Index (CPI). Restorative Therapy, complimentary to Senior Care Partners P.A.C.E. occupies the remaining Leased space with 5 years remaining on the current lease term and (2) Five Year Optional Renewals.. Senior Care Partners P.A.C.E. (Program of All-Inclusive Care for the Elderly) was formed in 2008 in compliance with state and federal regulations, as well as in conjunction with the National PACE Association. The subject property serves participants 55 and over and provides Administrative Offices. Nationally there are over 272 PACE Centers in 30 states (March 2021). Ninety percent of Participants are dually eligible for Medicaid and Medicare. The asset is located near a core retail corridor with over 12 Million Square Feet of Retail shopping within 5 Miles. Regional Shopping Centers include Southland Mall anchored by Kohl's, Petco, and TJ Maxx; and The Crossroads Mall anchored by Macy's, JCPenny and Sears. In addition freestanding National retailers including Meijer, ALDI, Lowe's Home Improvement and Target are all in the same corridor. The property is located just 5 Miles from the Western Michigan University campus, a national research university, (24,000 Student Enrollment). Kalamazoo is less than seven miles from the subject property. Portage, Michigan features excellent demographics with over 342,000 residents and an Average Household Income of $73,500 within a Five Mile Radius. Portage benefits from its location between Chicago and Detroit situated along Interstate I-94. The city's largest employers are Pfizer Pharmaceuticals and Stryker Instruments, leaders in the life sciences industry and the local economy. Over 200 regional health science companies and more than 3 dozen successful life-science startups since 2003 have created a tremendous healthcare industry. In addition, more than 100 Million people live within overnight delivery capability. The Portage/Kalamazoo area supports a wide range of logistics and manufacturing operations including: Bosch, Zoetis, Thermo Scientific, ConAgra Foods, Minute Maid, Monsanto, Post Foods, General Mills, Kellogg's and Welch's. 800 E Milham offers an investor a stabilized asset with minimal Landlord responsibilities, in a highly sought after market with ease of Interstate access, and a thriving economy.

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s): MI: 6502387903

    Michigan

Financing By

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