fresenius merrillville - loopnet...the merrillville fresenius kidney care clinic is a 2019...

O F F E R I N G M E M O R A N D U M

F R E S E N I U S M E R R I L LV I L L E

NET LEASE GROUP

REPRESENTATIVE PHOTO

O F F E R I N G M E M O R A N D U M

F R E S E N I U S M E R R I L LV I L L E5 5 0 - 5 9 0 W . 8 4 T H D R . | M E R R I L LV I L L E , I N

JAY PATELSenior [email protected] #: 01512624

TIMOTHY J. MICHEL, CPACushman & Wakefield of Indiana, Inc.License No. RB14040441

Listed in conjunction with Broker of Records:

NET LEASE GROUP


I N V E S T M E N TO V E R V I E W

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I N V E S T M E N TS U M M A R Y

The Merrillville Fresenius Kidney Care clinic is a 2019 build-to-suit, state-of-the-art medical facility that is 100% leased to

Fresenius via a new 15-year lease term, with rent commencement in March 2018. The lease is corporately guaranteed by

Fresenius Medical Care Holdings which reported a 2016 net worth of 10.144 Billion and includes annual 1.7% rent increases

during the primary term and option periods.

This location provides kidney dialysis services and consists of 11,692 square feet housing 24 patient stations, 1 private station

located in a separate room and 5 home therapy rooms. The clinic features an exceptional location and is ideally located

with excellent access from Interstate 65 and Us Route 30. Interstate 65 connects Chicago, Indianapolis and Louisville. US

Route 30 runs from Astoria, Oregon to Atlantic City, NJ. Furthermore, the clinic is ideally situated less than one mile from

the Methodist Southlake Hospital and is in close proximity to the Vibra Hospital of Northwestern Indiana and The Pinnacle

Hospital Crown Point.

The clinic is surrounded by, national retailers, medical and general office buildings and is in close proximity to the Southlake

Mall which is a 1.3M SF mall owned and operated by Starwood Retail Partners. Retailers include Kohls, Macy, Dicks Sporting

Goods and JC Penny. Other national retailers near the clinic include Costco, Meijer, Home Depot, Walmart, Lowes, & Target.

Furthermore, the population within a 5-mile radius of the facility exceeds 97,000 residents and average household income

exceeds $78k. Merrillville is a part of the Chicago MSA which is the 3rd largest MSA in the United States. Chicago is one

of the world’s largest and most diversified economies, with more than four million employees and home to more than 400

major corporate headquarters, including 31 in the Fortune 500.

L E A S ES U M M A R Y

Tenant | FRESENIUS KIDNEY CARE

Ownership Type | FEE SIMPLEYear Built | 2019Lease Commencement | MARCH 30, 2019Lease Expiration | APRIL 30, 2034Term Remaining | 15 YEARSRenewal Options | THREE 5-YEAR OPTIONSRent Increases | 1.7% ANNUAL INCREASES

$5,275,162 PURCHASE PRICE

5.50% CAP RATE

11,692 SF RENTABLE BUILDING AREA

NNN (roof & structure)LEASE TYPE

15 YEARS LEASE TERM

2.61 ACRESLOT SIZE

$290,133.93 NOI

B A S E R E N TS C H E D U L E

PERIOD ANNUAL BASE RENT MONTHLY BASE RENT ANNUAL INCREASE

Year 1 $290,133.93 $24,177.83 1.70%

Year 2 $295,066.21 $24,588.85 1.70%

Year 3 $300,082.33 $25,006.86 1.70%

Year 4 $305,183.73 $25,431.98 1.70%

Year 5 $310,371.86 $25,864.32 1.70%

Year 6 $315,648.18 $26,304.01 1.70%

Year 7 $321,014.20 $26,751.18 1.70%

Year 8 $326,471.44 $27,205.95 1.70%

Year 9 $332,021.45 $27,668.45 1.70%

Year 10 $337,665.82 $28,138.82 1.70%

Year 11 $343,406.14 $28,617.18 1.70%

Year 12 $349,244.04 $29,103.67 1.70%

Year 13 $355,181.19 $29,598.43 1.70%

Year 14 $361,219.27 $30,101.61 1.70%

Year 15 $367,360.00 $30,613.33 1.70%


I N V E S T M E N TH I G H L I G H T SNEW 15 YEAR LEASE

2019 BUILD-TO-SUIT FOR FRESENIUS KIDNEY CARE Brand new, state-of-the-art dialysis clinic. The clinic features 24 patient stations, 1 private station in a separate room and 5 home therapy rooms.

CLOSE PROXIMITY TO MULTIPLE HOSPITALS The clinic is located less than one mile from the Methodist Southlake Hospital and is in close proximity to the Vibra Hospital of Northwestern Indiana and the Pinnacle Hospital Crown Point.

INVESTMENT GRADE TENANTFresenius Kidney Care has an S&P investment grade rating of BBB- and has a net worth of $10.144 Billion.

HEDGE AGAINST E-COMMERCEGiven the nature of the product, healthcare related real estate have been the lease affected by the emergence of E-commerce.

GOVERNMENT FUNDINGThe government has provided healthcare coverage for end stage renal disease (ESRD) since 1972 under the Medicare ESRD Program.

SCHEDULED RENT INCREASES1.7% Annual increases providing attractive rent growth during the lease term.

SUPERIOR LOCATIONSurrounded by national retailers which include Costco, Meijer, Home Depot, Walmart, Lowes, & Target and near the 1.3M SF Southlake Mall. The clinic features an exceptional location and is ideally located with excellent access from Interstate 65 (Traffic Count: 144,000 VPD) and Us Route 30.

STRONG DEMOGRAPHICS Over 97K residents and an average household income exceeding $78K within a five-mile radius. Merrillville is a part of the Chicago MSA which is the 3rd largest MSA in the United States. Chicago is one of the world’s largest and most diversified economies, with more than four million employees and home to more than 400 major corporate headquarters, including 31 in the Fortune 500.

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These drawings, as instruments of service, remain the property of the Architect or Engineer.Any changes, publication, or use of any kind is prohibited unless expressly authorized by said party. Copyright 2018.

Drafted By:APG

Checked By:EAH

Date Drafted:05/11/2018

Project #:16091-02

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12. CONTRACTOR SHALL PLACE METAL STUD WALLS ON CONTINUOUS ICE AND WATER BARRIER WHERE RESINOUS FLOORING AND/OR NRP PANELING OCCURS. WRAP BARRIER UP FACE OF STUDS AT MINIMUM 7" PRIOR TO INSTALLING GYPSUM BOARD.

1. CONTRACTOR SHALL VERIFY ALL DIMENSIONS IN THE FIELD AND REPORT ANY DISCREPANCIES TO THE ARCHITECT. DIMENSIONS ARE FACE TO FACE (NOMINAL) OF FINISH MATERIAL, UNLESS NOTED OTHERWISE.

2. CONTRACTOR SHALL BE RESPONSIBLE FOR THE REMOVAL AND RECYCLING / DISPOSAL OF ALL CONSTRUCTION DEBRIS. (PER ALL LOCAL CODES AND REGULATIONS)

13. PROVIDE BULLETIN BOARDS, MARKER BOARDS AND PPE HOOKS AS SHOWN ON PLAN, SEE SPEC SECTION 06402 AND 10100.

3. CONTRACTOR SHALL BE RESPONSIBLE FOR COORDINATING ALL CONSTRUCTION ACTIVITIES. 14. GENERAL CONTRACTOR SHALL COORDINATE LOCATION

AND INSTALLATION OF ALL MILLWORK (CABINETS, SHELVING, BACK SPLASHES, ETC). GENERAL CONTRACTOR TO VERIFY INTEGRATION OF ALL ELECTRICAL AND COMMUNICATIONS BOXES. REFERENCE ELECTRICAL DRAWINGS FOR QUANTITY AND LOCATION OF WORK FOR BIDDING AND FIELD COORDINATION PURPOSES. COORDINATE INSTALLATION OF MILLWORK WITH ALL OTHER TRADES AS REQUIRED. ENSURE THAT MILLWORK ONCE COMPLETED AND INSTALLED IS LOCATED IN SUCH A MANNER TO MEET ALL APPLICABLE CODES AND MINIMUM WORKING CLEARANCES.

4. ALL WALL PARTITIONS SHALL BE PARTITION TYPE 'B' UNLESS NOTED OTHERWISE. SEE SYMBOL LEGEND FOR WALL TYPE SYMBOL AND LS2.0 FOR PARTITION TYPE DETAILS.

5. ALL INTERIOR DOOR FRAMES SHALL BE SET 3" FROM PERPENDICULAR WALL AT HINGE SIDE OF DOOR UNLESS NOTED OTHERWISE.

6. PROVIDE BLOCKING FOR ALL WALL HUNG ITEMS INCLUDING BULLETIN BOARDS, FMC ULTRACARE SCOREBOARDS, PPE HOOKS, STAFF LOUNGE TV, ETC. 15. CONTRACTOR SHALL PROVIDE NEW 5/8" TYPE X' GYPSUM

BOARD (DENS ARMOR PLUS WHERE REQUIRED OVER A CLASS 1 (<0.1 PERM RATING) POLY VAPOR BARRIER EQUAL OR BETTER THAN GRIFFOLYN TR-55, SEE EXTERIOR WALL SECTION ON SHEET LS2.0 FOR MORE INFORMATION.

7. ALL WALL SCONCES WITHIN TENANT SPACE SHALL BE 6'-6" AFF TO TOP OF LIGHT.

8. ALL SMOKE PARTITIONS, FIRE BARRIERS, AND FIRE/SMOKE BARRIERS (WHEN APPLICABLE) SHALL RECEIVE WALL STENCIL, SEE DETAIL #10 ON SHEET LS2.0.

16. MODIFY EXISTING PARTITIONS AS REQUIRED TO CREATE SMOKE PARTITIONS, FIRE/SMOKE BARRIERS, AND FIRE RATED BARRIERS (WHERE APPLICABLE).

9. FULL HEIGHT DENS ARMOR PLUS WALLBOARD SHALL BE USED IN WET AREAS INCLUDING BEHIND ALL NRP PANELING, PLYWOOD, AND THROUGHOUT ALL TOILET ROOMS (INCLUDING BEHIND PORCELAIN TILE) AS WELL AS WHERE NOTED ELSEWHERE ON PLANS. DENS ARMOR WALLBOARD SHALL BE USED UP TO 48" AFF AT DIALYSIS COUNTERS AND SINKS.

17. FURR-OUT EXISTING COLUMNS WITH 1-LAYER 5/8" TYPE 'X' GYPSUM BOARD (DENS ARMOR PLUS WHERE REQUIRED) OVER 1-5/8" 20 GA. STEEL FRAMING, UNLESS NOTED OTHERWISE ON PLANS. MINIMIZE OUTSIDE DIMENSIONS OF COLUMN FURRING ENCLOSURE, HOLDING CONSTRUCTION TIGHT AROUND COLUMN AS MUCH AS POSSIBLE - VERIFY EXISTING COLUMN SIZES IN FIELD.

10. CONTRACTOR SHALL PROVIDE NEW ROLLER SHADES AT EXTERIOR WINDOWS AND WHERE SHOWN ON PLAN. USE COLOR AND STYLE AS SHOWN ON SHEET A2.8 - SEE SPECIFICATION SECTION 12494 FOR MORE INFORMATION.

18. WALL MOUNTED WATER HEATERS SHALLL BE MOUNTED TO MAXIMIZE HEIGHT BENEATH UNITS WHILE MAINTAINING 6" MIN CLEARANCE FROM BOTTOM OF STRUCTURE ABOVE TO TOP OF WATER HEATER PIPING ASSEMBLY, SEE PLUMBING DRAWINGS FOR MORE INFORMATION, PROVIDE ADDITIONAL STRUCTURAL SUPPORT PER DETAIL #12 ON SHEET A7.2

11. CONTRACTOR SHALL LOCATE AND INSTALL ALL FIREEXTINGUISHERS REQUIRED BY APPLICABLE CODES AT ALL EXITS AND NEAR NURSE STATION. COORDINATE LOCATION WITH OWNER AND VERIFY WITH LOCAL FIRE MARSHAL OR AUTHORITY HAVING JURISDICTION (AHJ).

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Fresenius Medical Care AG & Co. KGaA, a kidney dialysis company, provides dialysis care services related to the dialysis treatment a patient receives with end stage renal disease (ESRD); and other health care services. It offers dialysis treatment, and related laboratory and diagnostic services through a network of 3,579 outpatient dialysis clinics in approximately 45 countries worldwide; materials, training, and patient support services comprising clinical monitoring, follow-up assistance, and arranging for delivery of the supplies to the patient’s residence; and dialysis services under contract to hospitals in the United States for the hospitalized ESRD patients and for patients suffering from acute kidney failure.

The company also provides pharmacy services, such as delivery and supply of renal medications to patients at homes or to dialysis clinics directly; vascular, cardiovascular, and endovascular specialty services; and offers products for the treatment of ESRD.

In addition, it offers laboratory services that include blood, urine, and other bodily fluid testing services; and hemodialysis (HD) machines, modular components for dialysis machines, polysulfone dialyzers, bloodlines, HD solutions and concentrates, needles, connectors, machines for water treatment, data administration systems, dialysis chairs, phosphate binders, iron products, and other renal drug products.

Further, the company provides peritoneal dialysis systems and solutions for continuous ambulatory peritoneal dialysis and automated peritoneal dialysis; and adsorbers, which are filters used in other extracorporeal therapies; and distributes specific instruments for vascular access, as well as other supplies, such as bandages, clamps, and injections.

The company sells its products to clinics, hospitals, and specialized treatment clinics through local sales forces, independent distributors, dealers, and sales agents. The company was founded in 1996 and is headquartered in Bad Homburg, Germany.

Market Cap$25B$18B

2016 Annual Revenues/

306,366 PATIENTS SERVED

108,851 EMPLOYEES

3,579 CLINICS

45M TREATMENTS

37PRODUCTION

SITES

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I N D I A N A

Merrillville is a town in Lake County, Indiana. Lake County lies in the very top left corner of the sate if looking at a map and is a part of the Chicago-Naperville-Elgin MSA. Downtown Chicago is approximately 39 miles north of Merrillville. With an estimated population of 36,196 in 2018, Merrillville is a small community, and is why it’s still considered a town opposed to a city. Although, Merrillville is currently the most populated town in Indiana, making it a possibility to be converted to a city in the future.

POPULATIONMerrillville has 15,263 housing units with 61.1% of houses occupied by owners and 31.8% being occupied by renters. The median home value in 2018 was $138,745. In the next five years, median home value is expected to increase by 8.1%. The average household income $65,365, with 33.2% of the community making $75,000 or higher per year. By 2023, Merrillville household income is expected to grow by 16.7% to $76,277, with 40.9% of the community making $75,000 or higher per year. These numbers show that Merrillville incomes will not only increase over the next five years, but the share of the population making a large salary will also grow substantially.

TRANSPORTATIONThere are 4 interstate highways in Lake County, as well as an Amtrak service. Gary Public Transportation Corporation provides a bus service throughout the county. The closest airports are the Griffith-Merrillville Airport in Griffith and the Gary/Chicago International Airport in Gary.

ECONOMYMerrillville is considered a hub for retail trade in northwest India. Ameriplex is an industrial technology park located in the town and operated by the Purdue Research Foundation. The economy in Lake County is powered by steelmaking and petroleum refining. The town is home to Indiana’s largest privately owned bank Centier Bank, as well as the Fortune 500 energy company NiSource.

EDUCATIONThe public school system in the town is run by the Merrillville Community School Corporation. There are 5 elementary schools, 2 middle schools and 1 high school. Of residents 25 and older, 92.1% have a high school diploma and 24.3% have a bachelor’s degree or higher.

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C H I C A G O

Chicago-Naperville-Elgin, IL-IN-WI is the 3rd largest MSA in the United States. The region is composed of 15 counties, with the largest ones being Cook County, DeKalb County, and DuPage County. Chicago is located in northern Illinois on Lake Michigan and has a skyline filled with skyscrapers. The most famous building is the Willis Tower (formerly known as the Sears Tower) which was the world’s tallest building until 1998. With an estimated population of 9,643,624, Chicago is a much sought after location.

POPULATIONThe Chicago-Naperville-Elgin MSA has 3,894,446 housing units with 61.8% of houses occupied by owners and 33.0% being occupied by renters. The median home value in 2018 was $248,910. In the next 5 years, median home value is expected to increase by 12.0%. The average household income is $94,165 with 45.9% of the community making $75,000 or higher per year. By 2023, Chicago household income is expected to grow by 11.7% to $105,178 with 49.9% of the community making $75,000 or higher per year. These numbers show that Chicago incomes will not only increase over the next five years, but the share of the population making a large salary will also grow substantially.

TRANSPORTATIONThe MSA has 5 international airports with the largest being the O’Hare International Airport. O’Hare is the 6th busiest airport in the world. There are two commercial ports, the Port of Chicago and the Port of Indiana-Burns Harbor.

Within the MSA there are multiple rail and transit systems, as well as 12 interstate highways. In 2016, Bicycling Magazine ranked Chicago out all major cities as the most bike-friendly city in the country.

ECONOMYThe Chicago MSA has the 3rd largest GDP in the Unites States, behind New York and Los Angeles. The city has multiple financial and future exchanges including the Chicago Stock Exchange. The city is considered a major world financial center due to its 17 Financial Times 500 companies. The MSA is home to the headquarters of 57 Fortune 1000 companies, including McDonald’s, Boeing, Motorola and Walgreens. These powerhouse companies are part of the reason the Chicago MSA has the 3rd largest labor pool in the United States. There are also several medical product and service companies located in Chicago such as Baxter International and Abbott Laborites. Other sectors that play a large role in the city’s economy are manufacturing, printing, publishing, and retail.

EDUCATIONChicago has a variety of higher institutions of learning. Some of the most prominent schools in the area are University of Chicago, Loyola University Chicago and Illinois Institute of Technology. Of residents 25 and older, 88.5% have a high school diploma and 37.8% have a bachelor’s degree or higher.

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M E R R I L LV I L L EM A R K E T A E R I A L

DATA IS FROM SOURCES DEEMED RELIABLE BUT MAY BE SUBJECT TO ERRORS, OMISSIONS, OR MODIFICATIONS. THE INFORMATION HEREIN IS PROVIDED WITHOUT REPRESENTATION OR WARRANTY.

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Denmark College

OVER 97,000 RESIDENTS AND AN AVERAGE HOUSEHOLD INCOME EXCEEDING $78K WITHIN A FIVE-MILE RADIUS



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M E R R I L LV I L L ED E M O G R A P H I C S

POPULATION 1 Mile 3 Miles 5 MilesTotal Population 5,087 40,451 97,591

Median Age 37.5 38.1 39.0

HOUSING 1 Mile 3 Miles 5 MilesTotal Housing Units 2,637 17,442 40,896

Occupied Housing Units 90.2% 91.1% 90.8%

Vacant Housing Units 9.8% 8.9% 9.2%

INCOME 1 Mile 3 Miles 5 MilesAverage Household Income $63,732 $71,559 $78,311

WITHIN A 5-MILE RADIUSOF THE PROPERTY

AVERAGE INCOME

POPULATION

97,591

$78,311

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POPULATION 1 Mile 3 Miles 5 MilesTotal Population 6,110 43,947 104,564

Median Age 38.0 38.5 39.6

HOUSING 1 Mile 3 Miles 5 MilesTotal Housing Units 3,165 19,459 44,627

Occupied Housing Units 91.1% 91.1% 90.8%

Vacant Housing Units 8.9% 8.9% 9.2%

INCOME 1 Mile 3 Miles 5 MilesAverage Household Income $71,786 $80,586 $88,758

WITHIN A 5-MILE RADIUSOF THE PROPERTY

AVERAGE INCOME

POPULATION

104,564

$88,758

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STATEMENT OF CONFIDENTIALITY & DISCLAIMERThis Offering Memorandum is confidential and is furnished to prospective purchasers of the Property described herein subject to the terms of the Confidentiality Agreement previously provided to and executed by such prospective purchasers. This Memorandum is intended solely to assist prospective purchasers in their evaluation of the Property and their consideration of whether to purchase the Property. It is not to be used for any other purpose or made available to any other person without the prior written consent of the Seller of the Property.

This Memorandum was prepared on the basis of information available to the Seller and to Cushman & Wakefield, Inc., the Seller’s exclusive agent in connection with the sale of the Property. It contains pertinent information about the Property and the surrounding area but it does not contain all the information necessary for a complete evaluation of the Property. The projected cash flow and other financial information contained herein are for reference only.

Although the information contained in this Memorandum is believed to be accurate and reliable, neither the Seller nor its exclusive agent guarantees its accuracy or completeness. Because of the foregoing and because the Property will be sold on an “as is” basis, prospective purchasers should make their own independent assessments, investigations, and projections regarding the Property. Although additional material, which may include engineering, environmental, or other reports, may be provided to certain prospective purchasers as appropriate, such parties should confer with their own engineering and environmental experts, counsel, accountants and other advisors.

The Seller expressly reserves the right, in its sole discretion, to reject any offer to purchase the Property or to terminate any negotiations with any party at any time, with or without notice. The Seller shall have no legal commitment or obligation to any prospective purchaser unless and until a written Purchase and Sale Agreement has been fully executed and delivered and any and all conditions to the Seller’s obligations thereunder have been fully satisfied or waived.

The Owner is responsible for any commission due its agent in connection with a sale of the Property. The Seller shall not be responsible for any commission claimed by any other agent or broker in connection with a sale of the Property. No other party, including the Seller’s exclusive agent, is authorized to make any representation agreement on behalf of the Seller. This Memorandum remains the property of the Seller and its exclusive agent and may be used only by parties approved by the Seller and its exclusive agent. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone except as provided herein and as permitted by the express terms of the Confidentiality Agreement.

JAY PATELSenior [email protected] #: 01512624

TIMOTHY J. MICHEL, CPACushman & Wakefield of Indiana, Inc.License No. RB14040441

Listed in conjunction with Broker of Records:

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