Hanley Investment Group Real Estate Advisors completed the sale of two single-tenant corporate MedExpress urgent healthcare centers in an off-market transaction. The properties are located in Bentonville, Arkansas, and Jackson, Michigan.
The purchase price for the two locations was $4.45 million, representing a blended cap rate of 6.33 percent.
Hanley Investment Group Associate Austin Blodgett and Executive Vice President Eric Wohl represented the buyer, a private investor from Los Angeles and the seller, a national real estate investment trust. The single-tenant properties totaling 9,799 square feet were built in 2014 and had an absolute triple-net, corporate-backed leases with more than seven years remaining on the initial lease term with rent increases every five years.
Late last year, Blodgett and Wohl arranged the sale of a 4,716-square-foot building single-tenant MedExpress located on 0.48 acres along one of Battle Creek’s main retail corridors in Battle Creek, Michigan. The purchase price was more than $1.8 million.