Net Lease Medical Property For Sale

The Boulder Group is pleased to exclusively market for sale a fully leased two-tenant net lease medical property located in Belvidere, Illinois, approximately ten miles east of downtown Rockford. The property is a net leased investment occupied by Rockford Health Physicians and Athletico Physical Therapy.  Rockford Health is a subsidiary of MercyRockford Health System, an investment grade rated company (Moody’s: A3).

The 10,042 square foot net lease medical building was constructed in 2015 to accommodate the two tenants.  The property is located on Henry Luckow Lane just northwest of the signalized intersection of State Street and Appleton Road, two primary thoroughfares in the area that experience traffic counts in excess of 34,000 VPD.  State Street, which turns into US-20, gives direct access to downtown Rockford.  The property is located in a heavily populated area with over 28,000 people living within a three mile radius.  Retailers located in the immediate trade area include NAPA Auto Parts, Shopko, BMO Harris Bank, Arby’s, Culver’s, Pizza Hut, McDonald’s AutoZone and O’Reilly Auto Parts.

Rockford Health recently executed a 10 year lease that features two 5-year renewal options and 2.5% annual rental escalations in the primary and renewal periods.  Athletico recently executed a 7 year lease that features two 5-year renewal options and 2% annual rental escalations in the primary and renewal periods.

The Rockford Health System, located in Rockford, Illinois, is the largest health system serving northern Illinois and southern Wisconsin.  Their physicians and health care professionals exceed national benchmarks for quality patient care in such areas as childhood and adult immunizations, diabetes care, prenatal and postnatal care, and breast and cervical cancer screenings.  This location is focused on providing primary care physicians, a variety of specialists and same-day/walk-in appointment options.  As of December 16, 2014, Rockford Health Systems, Inc. operates as a subsidiary of MercyRockford Health, an investment grade rated company (Moody’s: A3).

Athletico Physical Therapy is in the field of physical therapy, orthopedic rehabilitation, sports medicine and athletic training. Athletico began in Chicago in 1991 and today has over 330 facilities throughout Arizona, Illinois, Indiana, Iowa, Michigan, Missouri, Ohio, South Dakota and Wisconsin, and employs over 4,000 clinical and administrative staff, and offers more than 40 specialty rehabilitation, outreach, and fitness services.

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