Millennium Properties R/E recently sold a 30,000-square-foot medical center in Valparaiso, Ind., for $4.4 million. The Glendale Medical Center is centrally located between Valparaiso University and the Porter Regional Hospital, which was built in 2012.
The medical center consists of two separate buildings, a 21,443-square-foot office that was built in 1985 and an 8,630-square-foot expansion that was completed in 2007.
Much of the original building has been updated and the property was 85-percent occupied at the time of the sale. The property is located in Porter County where population growth has spurred the expansion of the area’s healthcare services.
“Many investors are looking at the tail of the major markets for opportunities where they can purchase properties that have big-name tenants and cash flow while achieving a better return,” said Daniel Hyman, president of Millennium Properties, in a written statement.