By Laura Calugar
Raleigh, N.C.—Capital Square 1031 recently announced that it has acquired a newly built, 8,200-square-foot medical office building in the Raleigh suburb of Louisburg, N.C. At the time of purchase, the property was 100 percent leased to an affiliate of Fresenius Medical Care, a provider of dialysis products and services. The asset was purchased on an all-cash basis as part of a Delaware statutory trust program.
Located at 935 North Main St., about 20 miles from the I-85, the single-story building was built-to-suit for Fresenius as a dialysis clinic. The company leases the property on a double-net basis for a base term of 15 years, plus renewal options, after occupying it in October 2016.
“We are pleased to add this medical office building to our growing portfolio of assets under management, which now includes 17 medical office buildings and has a total value of approximately $571 million, based on investment cost. These clinics are operated by a strong tenant, whose parent company, Fresenius Medical Care AG & Co., reported a net revenue of approximately $16.7 billion for fiscal year 2015,” said Louis Rogers, founder & CEO of Capital Square 1031, in prepared remarks.
This is Capital Square’s 36th DST offering and the third all-cash, no-debt DST offering.
Image courtesy of Capital Square 1031