Physician Real Estate Capital Advisors closed the $16.4 million sale of the two-property UnityPoint Health Portfolio at 2413 W. Ridgeway and 419 Donald St. in Waterloo, Iowa.
PRECAP Managing Principal Scott Niedergang and JDS Real Estate Services, Inc. represented both the seller, a physician partnership, and the all-cash buyer, a net leased fund structured as a Delaware Statutory Trust.
The 30,235-square-foot portfolio is 100% occupied by Allen Memorial Hospital, a subsidiary of UnityPoint Health. Prior to sale, Allen Memorial Hospital acquired the Cedar Valley Cardiovascular Center operations at the Donald Street location. PRECAP consulted the physician real estate ownership on the negotiation of new 12-year NNN leases with annual rent escalations based on the consumer price index.
The Donald Street location is utilized as a cardiovascular center and is adjacent to the 204-bed UnityPoint Health – Allen Hospital. The hospital includes a “Top 50 Cardiovascular Hospital in the USA” and is the only facility of its kind within an eight-county region. Physicians utilizing the subject property have an exclusive agreement to perform heart procedures at the hospital.
