Office Medical

Sanford/Altru Medical Campus

625 Demers Ave, East Grand Forks, MN 56721

Listing Price: $10,500,000

Cap Rate
6.71%
Gross SF
61,995
Rentable SF
61,995
Price/Gross SF
$169.37
Occupancy
76.00%
Year Built
2001
Lot Size
5.10 acres

Investment Overview

Marcus & Millichap is pleased to present the Sanford/Altru Medical Campus, located in Northwestern Minnesota where the state borders North Dakota. The multi-tenant NNN leased property is approximately seventy-six percent occupied by two credited medical health systems, with leases extended until 2027 and each tenant having one, five year renewal option remaining. The asset provides the new investor the opportunity to own approximately 61,995 square feet of medical office space sitting on five acres of land and across three parcels, which can easily be converted to one at the time of sale. As mentioned, the property is currently leased to two credited health systems, both of which consisting of numerous offices throughout the United States. Sanford Health stands as one of the largest health systems within the US having centers in over 26 states and a Moody’s Rating of A2. Altru is a member of the Mayo Clinic Care Network and greatly benefits from its resources and occupational knowledge. It is expected for both Sanford Health and Altru to continue occupying more space within the building until it is one hundred percent occupied . The property sits in East Grand Forks, Minnesota, a direct suburb of Grand Forks, North Dakota, which positively effects the property due to is close proximity. In addition, the property’s location has a positive demographic profile, with an average household income of approximately $68,065 and the average age of residents being 29.4 within five miles of the property.

Investment Highlights

  • The Location Where the Property Sits has Experienced Continuous Population Growth Coupled with a Median Age of 29.4 and an Average Household Income of Approximately $68,065 within Five Miles of the Property (Estimated 2019)
  • Sanford Health Offers Patients Comprehensive Medical Services; Including Walk-In Clinic, Cardiology, General Surgery, Heart Care, Weight Loss Surgery, Physical Therapy, and Dermatology
  • Altru Medical Services Include a Walk-In Clinic, Laboratory Services, Radiology, and Multiple Types of Therapies
  • Leases Extend Out Until 2027 with Each Tenant Expecting to Occupy More Space Until the Property is One Hundred Percent Leased

Exclusively Listed By

Office Medical

Sanford/Altru Medical Campus

Listing Price: $10,500,000

Cap Rate
6.71%
Gross SF
61,995
Rentable SF
61,995
Price/Gross SF
$169.37
Occupancy
76.00%
Year Built
2001
Lot Size
5.10 acres

Investment Highlights

  • The Location Where the Property Sits has Experienced Continuous Population Growth Coupled with a Median Age of 29.4 and an Average Household Income of Approximately $68,065 within Five Miles of the Property (Estimated 2019)
  • Sanford Health Offers Patients Comprehensive Medical Services; Including Walk-In Clinic, Cardiology, General Surgery, Heart Care, Weight Loss Surgery, Physical Therapy, and Dermatology
  • Altru Medical Services Include a Walk-In Clinic, Laboratory Services, Radiology, and Multiple Types of Therapies
  • Leases Extend Out Until 2027 with Each Tenant Expecting to Occupy More Space Until the Property is One Hundred Percent Leased

Investment Overview

Marcus & Millichap is pleased to present the Sanford/Altru Medical Campus, located in Northwestern Minnesota where the state borders North Dakota. The multi-tenant NNN leased property is approximately seventy-six percent occupied by two credited medical health systems, with leases extended until 2027 and each tenant having one, five year renewal option remaining. The asset provides the new investor the opportunity to own approximately 61,995 square feet of medical office space sitting on five acres of land and across three parcels, which can easily be converted to one at the time of sale. As mentioned, the property is currently leased to two credited health systems, both of which consisting of numerous offices throughout the United States. Sanford Health stands as one of the largest health systems within the US having centers in over 26 states and a Moody’s Rating of A2. Altru is a member of the Mayo Clinic Care Network and greatly benefits from its resources and occupational knowledge. It is expected for both Sanford Health and Altru to continue occupying more space within the building until it is one hundred percent occupied . The property sits in East Grand Forks, Minnesota, a direct suburb of Grand Forks, North Dakota, which positively effects the property due to is close proximity. In addition, the property’s location has a positive demographic profile, with an average household income of approximately $68,065 and the average age of residents being 29.4 within five miles of the property.

Exclusively Listed By

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