Northmarq brokers $13.5M sale leaseback of outpatient primary care portfolio
NOBLESVILLE, Ind. (Dec. 20, 2024) — Vice President Christian Vaughan of Northmarq’s National Healthcare Group successfully brokered the $13.5 million sale leaseback of two outpatient primary care properties. The seller was Riverview Hospital, and the buyer was Four Corners Property Trust.
The portfolio totals 32,744 sq. ft. and includes Riverview Health’s Noble Creek (205 Noble Creek Drive) and Westfield (865 Westfield Road) locations.
“This was a great seller and buyer match to transact on two essential outpatient facilities, via a long-term sale-leaseback agreement,” said Vaughan. “Strategically located near the hospital, the sites are essential to the tenant, delivering critical care to the local community in which demand for services is rapidly growing. The long-term favorable outlook and critical nature of these medical outpatient buildings present a strong investment for the buyer.”
Riverview Health is a non-profit, community-based health system comprised of two hospitals, freestanding combined ER and urgent care facilities, as well as primary, immediate and specialty care facilities.
The tenant operates on long-term, triple net leases, and the transaction was priced at a 7.3% cap rate.
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