PITTSBURGH, PA-Six single-tenant MedExpress Urgent Care health centers with 10-year leases in Pennsylvania, and another in West Virginia, were sold in a portfolio to National Retail Properties for $12.99 million, or $309 per square foot. Marcus & Millichap Real Estate Investment Services represented both the seller and buyer.
“The portfolio generated a lot of attention and interest from private and institutional investors,” says Paul Fedorko, an associate in M & M’s Pittsburgh office, who handled the transaction. “The strength of the medical office and single-tenant property sectors, combined with MedExpress’s unique and attractive business model, make these assets an especially attractive choice for long-term stabilized investment.”
“The portfolio generated a lot of attention and interest from private and institutional investors,” says Fedorko. “The strength of the medical office and single-tenant property sectors, combined with MedExpress’s unique and attractive business model, make these assets an especially attractive choice for long-term stabilized investment.”
“We exclusively marketed the portfolio on behalf of the seller, created a competitive bidding environment and closed the transaction in approximately six weeks,” adds Fedorko.
The properties include:
- 3516 Saw Mill Run Blvd., Pittsburgh, 6,000 square feet
- 1729 East State St., Hermitage, 6,656 square feet
- 1139 Baltimore St., Hanover, 5,747 square feet
- 3876 Route 30, Latrobe, 5,786 square feet
- 6396 State Highway 819 South, Mt. Pleasant, 5,460 square feet
- 630 Fairmont Ave., Fairmont, W.Va., 5,652 square feet
All six facilities were built last year and all have new 10-year absolute-net leases. The tenant is responsible for the roof and structures. All operating expenses, including management fees, are passed through as well.
MedExpress was founded in Morgantown, W.Va., in 2001. Ralph Nash of Old Spruce Realty in Lewisburg, W. Va. is Marcus & Millichap’s West Virginia broker of record.
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