Tulsa, Oklahoma, February 13, 2019 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a free-standing 3,800-square-foot healthcare building occupied by St. Vincent Medical Group. At 602 North 5th Street in Middletown, Indiana, the facility is strategically located 15 miles southwest of Muncie, Indiana and only one hour from Indianapolis.
The property was sold by an unnamed private investor, which was represented by Senior Directors Toby Scrivner and Jeff Matulis, and Becca Kirby in Stan Johnson Company’s Tulsa office.
“This was a bit of a challenging sale,” said Kirby. “Given the short-term lease remaining, some buyers were slightly uncomfortable assuming that risk, but with the absolute triple net lease structure, as well as the affiliation with Ascension Health (Moody’s: Aa2), we were able to reassure the right buyer of its long-term viability relative to the hospital’s needs in the market, which yielded an unprecedented cap rate for the seller.”
The buyer was a Nevada-based private investor, and the transaction closed on February 1, 2019 for an undisclosed sum.