Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 15,030-square-foot healthcare facility leased to Coastal Kids Dental and Braces. The property is located at 996 Tanner Ford Boulevard in Hanahan, South Carolina, a northern suburb of Charleston. Northmarq’s Jeff Enck and Teresa Lovely represented the seller, a locally based private investor. The asset was purchased by a group of 1031 exchange investors from California. The property traded for approximately $8.2 million reflecting a 5.84 percent cap rate.
“We were able to procure multiple offers on the property and ultimately closed with a West Coast 1031 exchange buyer who purchased the asset all-cash,” said Enck, Associate Director in Northmarq’s Atlanta, Georgia office. “Medical net lease properties, particularly those with rental increases, continue to be in favor with investors as inflation rises.”
The two-story property was built in 2017 and is situated on 1.52 acres. The flagship location houses the tenant’s dental and orthodontic practice as well as its office support and executive staff.