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Office Medical

Dustin Medical Plaza | ProMedica Anchored MOB

3156 Dustin Rd, Oregon, OH 43616

Listing Price: $1,945,832

Cap Rate
7.50%
Gross SF
15,615
Rentable SF
14,053
Price/Gross SF
$124.61
Occupancy
97.6%
Year Built
1989
Lot Size
2.92 acres

Investment Overview

Marcus & Millichap is pleased to present the fee simple ownership of 3156 Dustin Road, Oregon, Ohio. The subject property is a 14,053 square foot, multi-unit, medical office building situated on a 2.92-acre lot. There are eight units occupied by six tenants anchored by ProMedica Laboratories (32% GLA) and Center for Vein Restoration (28% GLA). The Endocrine Specialists also have a significant footprint in the site at 19.2%. The total weighted average lease term is four years. ProMedica is in two units after a recent expansion of nearly 1,000 additional square feet. There is potential for additional expansion in the event of tenant rollover. ProMedica is not-for-profit healthcare organization with divisions in hospitals, senior care, health plans through Medicare Advantage and Medicaid managed care. ProMedica carries a BBB- credit rating from Fitch. The combined units have four years of weighted average lease term both with attractive renewal options. Center for Vein Restoration has been improving lives through safe, personalized, and positive treatment options for vein disease. With over 60 practicing doctors and 100 plus locations, they are the nation’s leader in varicose and spider vein care. They currently have lease term through March of 2026 with two, three-year renewal options, both providing rent increases. The site is conveniently located just five miles from downtown Toledo. Toledo is situated at the western end of Lake Erie and bordering southern Michigan, it is just an hour south of Detroit and two hours east of Cleveland. The metro is composed of Lucas, Wood and Fulton counties. Three key interstate highways run through Toledo — I-75, the Ohio Turnpike, and I-475 — benefiting the local economy. Universities and hospital systems drive Toledo’s employment growth. ProMedica, the University of Toledo, MercyHealth and Bowling Green State University are the metro’s largest employers. Additionally, within one mile of the site is a Kroger, United States Postal Service, Cardinal Stritch Catholic High School, ProMedica Urgent Care, and Oregon Pediatric Dentistry

Investment Highlights

  • 97.62 Percent Occupied Medical Office Building
  • WALT (4 Years as of 6/1/2022)
  • ProMedica(32.7 percent GLA) Carries BBB- Credit Rating
  • Five Miles from Downtown Toledo
  • Surrounded by excellent retail, school, government, and medical real estate
  • Roof & HVAC Replaced In Past Year - All Units Renovated in Past 24-Months

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s) OH: BRK.2007005898

    Ohio

Financing By

Office Medical

Dustin Medical Plaza | ProMedica Anchored MOB

Listing Price: $1,945,832

Cap Rate
7.50%
Gross SF
15,615
Rentable SF
14,053
Price/Gross SF
$124.61
Occupancy
97.6%
Year Built
1989
Lot Size
2.92 acres

Investment Highlights

  • 97.62 Percent Occupied Medical Office Building
  • WALT (4 Years as of 6/1/2022)
  • ProMedica(32.7 percent GLA) Carries BBB- Credit Rating
  • Five Miles from Downtown Toledo
  • Surrounded by excellent retail, school, government, and medical real estate
  • Roof & HVAC Replaced In Past Year - All Units Renovated in Past 24-Months

Investment Overview

Marcus & Millichap is pleased to present the fee simple ownership of 3156 Dustin Road, Oregon, Ohio. The subject property is a 14,053 square foot, multi-unit, medical office building situated on a 2.92-acre lot. There are eight units occupied by six tenants anchored by ProMedica Laboratories (32% GLA) and Center for Vein Restoration (28% GLA). The Endocrine Specialists also have a significant footprint in the site at 19.2%. The total weighted average lease term is four years. ProMedica is in two units after a recent expansion of nearly 1,000 additional square feet. There is potential for additional expansion in the event of tenant rollover. ProMedica is not-for-profit healthcare organization with divisions in hospitals, senior care, health plans through Medicare Advantage and Medicaid managed care. ProMedica carries a BBB- credit rating from Fitch. The combined units have four years of weighted average lease term both with attractive renewal options. Center for Vein Restoration has been improving lives through safe, personalized, and positive treatment options for vein disease. With over 60 practicing doctors and 100 plus locations, they are the nation’s leader in varicose and spider vein care. They currently have lease term through March of 2026 with two, three-year renewal options, both providing rent increases. The site is conveniently located just five miles from downtown Toledo. Toledo is situated at the western end of Lake Erie and bordering southern Michigan, it is just an hour south of Detroit and two hours east of Cleveland. The metro is composed of Lucas, Wood and Fulton counties. Three key interstate highways run through Toledo — I-75, the Ohio Turnpike, and I-475 — benefiting the local economy. Universities and hospital systems drive Toledo’s employment growth. ProMedica, the University of Toledo, MercyHealth and Bowling Green State University are the metro’s largest employers. Additionally, within one mile of the site is a Kroger, United States Postal Service, Cardinal Stritch Catholic High School, ProMedica Urgent Care, and Oregon Pediatric Dentistry

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s): OH: BRK.2007005898

    Ohio

Financing By

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