Marcus & Millichap recently facilitated the sale of MedMark Medical Center, a 12,750-square-foot medical office in Lafayette, Indiana. The property was sold for $2.6 million at a 6.6 percent cap rate and has three and a half years remaining on its NN lease term with an optional five-year renewal.
According to Julia Evinger, first vice president investments at Marcus & Millichap’s Indianapolis office, the investment’s passive nature and prime location along I-65 attracted multiple buyers. The successful buyer acquired the property as a covered land play for current income and potential redevelopment opportunities in the future.
Evinger exclusively marketed the property on behalf of the seller -a regional private investor- while also procuring regional hospitality group as buyer.
Occupying 3.48 acres at 4705 Meijer Court in Lafayette -home to Purdue University-, MedMark Medical Center is strategically situated within a bustling retail corridor featuring national retailers and hotels.
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