413 E Broadway St
Toledo, OH 43605

The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in the newly leased, single-tenant DaVita Kidney Care location in Toledo, Ohio. The property is being offered for $1,605,000, representing a 6.00% CAP Rate, and just opened for business (first quarter 2019) after a complete renovation. DaVita is the leading kidney care provider with over 2,664 outpatient dialysis centers in the United States, 241 outpatient dialysis centers in nine countries across the world and serves over 203,000 patients. The company’s continued growth can be evidenced by the company generating $1.8 billion in consolidated operating cash flow in 2018 and reinvestment of $663 million in acquisitions and development in their kidney care businesses. The company has a market cap of over $9.5 billion and in 2019 is ranked #188 in Fortune 500. DaVita opened for business in March of 2019 on a brand-new 15-year lease with a multiple rental increase. The lease also offers 10% rental increases in each option period, providing future income growth. Further, the lease is structured with automatic common area maintenance reimbursement increases, which can be additional upside to a new owner. The asset is strategically positioned on at the corner of E. Broadway and Starr Avenue (36,000 VPD through the intersection). The building is surrounded by residential and has direct access to a large population base of over 170,000 residents within 5 miles, which doesn't include the students at the University of Toledo (5 miles, 23,000+ students). Prior to becoming DaVita, the location was home to a Family Dollar, who did exceptionally well ($2.2+MM store). Family Dollar relocated to a larger store 3 blocks south and this location was then redeveloped into its current medical form. The complete redevelopment consisted of the tenant self-funding approximately $1.74MM, proving their commitment and dedication to the location and market, resulting in an attractive price far below replacement cost. The property also comes with a 20-year transferable roof warranty. The kidney care facility is positioned in a growing medical mecca. Mercy Health is Toledo’s second largest employer with 8,827 employees with St. Charles Hospital located just 1.5 miles east of the property, but the hospital system additionally offers eight hospitals across the Toledo region. The healthcare industry is the city's biggest employment sector with the University of Toledo operating a 450-acre Health Science campus, also known as the University of Toledo Medical Center (7 miles). ProMedica Health, Toledo’s largest employer with approximately 14,500 employees has its hospital stationed just 5 miles from the featured DaVita. In 2018 and 2019 the ProMedica Toledo Hospital was named a Healthgrades 50 Best Hospital. Additionally, HCR Manor Care (1 mile) is part of the ProMedica/Welltower system and is headquartered in Toledo with 1,845 employees. Toledo is the county seat of Lucas County but attracts people from as far south as Bowling Green, as far east as Fremont, and as far west as Defiance, Ohio. The Toledo service area also reaches north into Monroe and Adrian, Michigan. The metro trade area offers best-in-class retailers and steady high volumes of traffic, making this asset a destination point for all the surrounding communities. Overall, the area boasts a strong employment base with The University of Toledo (5 miles), which employs 6,662 people, making it the city’s third largest employer. The vast employment base continues with the Whirlpool Corporation, who employs 6,182, FCA US with 6,159 employees, General Motors Powertrain (1,971 employees) and the Dana Corporation adding 1,571 employees. Fifth-Third Bank's Northwest Ohio headquarters is also located in Downtown Toledo with an additional 550 employees. With the strategic placement near other complimentary healthcare providers, solid new construction, quality tenant and ideal location in a densely populated residential area; the asset is positioned to thrive well into the future.