Office

The Edison Lakes Portfolio

Listing Price: $21,400,000

Cap Rate
7.82%
Gross SF
188,039
Rentable SF
188,039
Price/Gross SF
$113.81
Lot Size
25.82 acres
Year Built
2005

Investment Overview

Marcus & Millichap is pleased to present to the market the Edison Lakes Portfolio, an eleven-building medical and professional building portfolio comprised of 188,039 square feet of space within one half-mile of each other in the heart of the Edison Lakes Corporate Park development in Mishawaka, Indiana. The master development is located just south of Interstate 90 in northern Indiana and is strategically situated between South Bend (home of Notre Dame University) and Elkhart (high millionaires per capita in the State of Indiana) along Day Road and is surrounded by ample amenities such as restaurants, hotels, shopping centers, and hospitals. Mishawaka, Indiana is located within three hours of Detroit (167 miles), Milwaukee (131 miles), Indianapolis (131 miles), Fort Wayne (65 miles), and Chicago (77 miles). The Edison Lakes Portfolio consists of three distinct assets – the Edison Lakes Office Buildings II & III, the Edison Lakes Medical Center, and the Park Place Medical Offices. All three primary parts of the portfolio are within one half-mile of one another in one of the most successful corporate park developments in Northern Indiana. The Edison Lakes Office Buildings II & III is comprised of two similar three-story office buildings that total 79,308 square feet and are currently 89 percent occupied with a diverse rent roll comprised of financial institutions, law firms, State-funded agencies, and other professional services tenants that have a long history in the properties. The Buildings are situated directly on the hard corner of Day Road – the main thoroughfare connecting Mishawaka to Elkhart – and the Edison Lakes Parkway, one of the most heavily trafficked signalized intersections in the MSA. The Edison Lakes Medical Center (“ELMC”) is located directly west and adjacent along Day Road from the Edison Lakes Office Building III and is comprised of 49,535 square feet of medical office condominiums within an approximately 80,000 square foot medical community that also features St. Joseph’s Regional Medical Center as the anchor tenant that occupies 22,600 square feet in the front-center of the project. The purchaser of the ELMC also controls the majority of the condominium units and thus the managing interest in the condominium development. The ELMC is currently 76 percent occupied with a mix of regional and national credit medical providers and offers extremely attractive upside potential in the lease-up of the vacant spaces and potential roll-up of the condominium community into one ownership entity as well as extremely attractive in-place cash flow for medical office space. The Park Place Medical Offices (“PPMO”) is an eight-building garden-style medical / professional park located just south from the Edison Lakes Office Buildings and Medical Center that is also part of a condominium community comprised of twelve total buildings leased to a variety of medical and professional uses. The PPMO is currently 72 percent occupied due to a large tenant leaving the complex in 2019 but has historically been over 85 percent occupied for most of its use to this point. The park offers direct entry to your suite and each of the buildings is designed to hold between one and four tenants and can be easily reconfigured depending on market demand. The current asking price of $3,650,000 for the PPMO is reflective of over a 7 percent CAP rate on in-place occupancy of only 72 percent and is well-below replacement costs at only $62 per square foot, offering great upside to the Investor. The Edison Lakes Portfolio is an excellent opportunity for an Investor to acquire a sizable presence in a strong submarket with both strong in-place income as well as tremendous upside potential in lease-up and rolling up of condominium communities over time. At $21,400,000 the asking price for the Edison Lakes Portfolio reflects a 7.82% CAP rate on in-place income with about 20 percent vacancy upside to capitalize on and numerous lucrative exit strategies due to the diversity of the portfolio size and product types. With strong in-place income, upside potential in vacancy lease-up, and an excellent location in a strong market in northern Indiana, the Edison Lakes Portfolio should prove to be an excellent investment for the savvy Investor.

Investment Highlights

  • Eleven-Building, 188,039 Square Foot Medical / Professional Portfolio
  • Strong In-Place Cash Flow with Tremendous Upside Potential in Vacancy Lease-Up
  • Portfolio Consists of Two Three-Story Office Buildings and Nine Single-Story Medical Buildings
  • Excellent Location in Mishawaka, Indiana just East of Notre Dame University
  • Tremendous Real Estate Fundamentals with Great Access and Ample Immediate Amenities

Exclusively Listed By

Listing Price: $21,400,000

Cap Rate
7.82%
Gross SF
188,039
Rentable SF
188,039
Price/Gross SF
$113.81
Lot Size
25.82 acres
Year Built
2005

Investment Highlights

  • Eleven-Building, 188,039 Square Foot Medical / Professional Portfolio
  • Strong In-Place Cash Flow with Tremendous Upside Potential in Vacancy Lease-Up
  • Portfolio Consists of Two Three-Story Office Buildings and Nine Single-Story Medical Buildings
  • Excellent Location in Mishawaka, Indiana just East of Notre Dame University
  • Tremendous Real Estate Fundamentals with Great Access and Ample Immediate Amenities

Investment Overview

Marcus & Millichap is pleased to present to the market the Edison Lakes Portfolio, an eleven-building medical and professional building portfolio comprised of 188,039 square feet of space within one half-mile of each other in the heart of the Edison Lakes Corporate Park development in Mishawaka, Indiana. The master development is located just south of Interstate 90 in northern Indiana and is strategically situated between South Bend (home of Notre Dame University) and Elkhart (high millionaires per capita in the State of Indiana) along Day Road and is surrounded by ample amenities such as restaurants, hotels, shopping centers, and hospitals. Mishawaka, Indiana is located within three hours of Detroit (167 miles), Milwaukee (131 miles), Indianapolis (131 miles), Fort Wayne (65 miles), and Chicago (77 miles). The Edison Lakes Portfolio consists of three distinct assets – the Edison Lakes Office Buildings II & III, the Edison Lakes Medical Center, and the Park Place Medical Offices. All three primary parts of the portfolio are within one half-mile of one another in one of the most successful corporate park developments in Northern Indiana. The Edison Lakes Office Buildings II & III is comprised of two similar three-story office buildings that total 79,308 square feet and are currently 89 percent occupied with a diverse rent roll comprised of financial institutions, law firms, State-funded agencies, and other professional services tenants that have a long history in the properties. The Buildings are situated directly on the hard corner of Day Road – the main thoroughfare connecting Mishawaka to Elkhart – and the Edison Lakes Parkway, one of the most heavily trafficked signalized intersections in the MSA. The Edison Lakes Medical Center (“ELMC”) is located directly west and adjacent along Day Road from the Edison Lakes Office Building III and is comprised of 49,535 square feet of medical office condominiums within an approximately 80,000 square foot medical community that also features St. Joseph’s Regional Medical Center as the anchor tenant that occupies 22,600 square feet in the front-center of the project. The purchaser of the ELMC also controls the majority of the condominium units and thus the managing interest in the condominium development. The ELMC is currently 76 percent occupied with a mix of regional and national credit medical providers and offers extremely attractive upside potential in the lease-up of the vacant spaces and potential roll-up of the condominium community into one ownership entity as well as extremely attractive in-place cash flow for medical office space. The Park Place Medical Offices (“PPMO”) is an eight-building garden-style medical / professional park located just south from the Edison Lakes Office Buildings and Medical Center that is also part of a condominium community comprised of twelve total buildings leased to a variety of medical and professional uses. The PPMO is currently 72 percent occupied due to a large tenant leaving the complex in 2019 but has historically been over 85 percent occupied for most of its use to this point. The park offers direct entry to your suite and each of the buildings is designed to hold between one and four tenants and can be easily reconfigured depending on market demand. The current asking price of $3,650,000 for the PPMO is reflective of over a 7 percent CAP rate on in-place occupancy of only 72 percent and is well-below replacement costs at only $62 per square foot, offering great upside to the Investor. The Edison Lakes Portfolio is an excellent opportunity for an Investor to acquire a sizable presence in a strong submarket with both strong in-place income as well as tremendous upside potential in lease-up and rolling up of condominium communities over time. At $21,400,000 the asking price for the Edison Lakes Portfolio reflects a 7.82% CAP rate on in-place income with about 20 percent vacancy upside to capitalize on and numerous lucrative exit strategies due to the diversity of the portfolio size and product types. With strong in-place income, upside potential in vacancy lease-up, and an excellent location in a strong market in northern Indiana, the Edison Lakes Portfolio should prove to be an excellent investment for the savvy Investor.

Exclusively Listed By

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