Sale Featured a Four Location Dental Sale-leaseback
Mishawaka, IN — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the sale of a four-location dental portfolio in Indiana. The sites were state-of-the-art facilities strategically located in densely populated areas next to national tenants. Three of the locations were in Mishawaka, Indiana, and the fourth site was in Fort Wayne, IN. This deal was a sale-leaseback with 15-year NNN leases and 3.0% annual increases. Senior Associate Seamus O’Brien, AVP and Associate Director Thor St John, FVP and Senior Directors Rahul Chhajed and Michael Moreno handled the transaction.
“One of the toughest challenges we faced was maintaining pricing in one of the most volatile markets in U.S. history,” O’Brien said. “From the day we accepted the LOI, the Federal Reserve hiked up interest rates five times.”
Totaling 65,900 square feet and a sale price of $21,950,000, this was the largest recorded dental transaction of the year. The Fort Wayne site is one of the largest dental offices in the country at 33,000 square feet, with specialty services on each floor.
“By knowing all the top players in the space, we created a competitive environment and added significant value to the seller,” Chhajed said. “With an all-hands-on-deck approach, we were able to get the deal across the finish line for significantly more than the original offer.”
Matthews’ agents sourced the buyer, a healthcare fund they previously closed several deals with.
“We had about a dozen offers on the sites, and one of the most important parts of our job was picking the buyer that was at not only great terms but would close on a complex transaction in a volatile market,” St John said. “Our track record and experience allowed us to make the correct decision and move forward with the best buyer.”
For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.
Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 600 agents and support staff in 20+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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