Progressive Real Estate Partners recently facilitated the sale of a single-tenant medical property in Indio, California. The property, which is home to a DaVita Dialysis clinic, was sold for $4.45 million in a 1031 exchange transaction with an impressive cap rate of 5.66%.
Leading the deal was SVP of investment sales Greg Bedell who exclusively marketed the property and represented the seller – a private investor based in Los Angeles. Representing the buyer were Abel Mehrabi and Karl Markarian from JohnHart Real Estate.
Prior to listing, Bedell worked closely with the seller to negotiate a corporate-backed lease renewal through April 2033 with DaVita – significantly increasing its value as an investment opportunity.
According to Bedell, “The strong credit backing from DaVita for their long-term lease renewal made this property highly attractive to buyers.” He also noted other appealing factors such as significant medical improvements made by DaVita on-site and its prime location at a high traffic retail intersection surrounded by affluent communities.
This successful transaction showcases Progressive Real Estate Partners’ expertise in facilitating deals that benefit both sellers and buyers alike within Southern California’s competitive real estate market.
