AQRE Advisors is pleased to offer for sale the property located at 1021 Court St, Pekin, IL (“Property”). The +/-11,404 SF two-tenant building is situated on +/- .37 acres of land and is 100% occupied, with 57% occupied by DaVita (Nasdaq: DVA) and 43% occupied by Kidney and Hypertension of Illinois (“Tenants”). Both Tenants have operating histories of 9+ years at this location and have made significant investments into the buildout of their space. DaVita operates 8 dialysis stations at this location. They run multiple shifts a day and operate six days a week.
This opportunity allows an investor to purchase property that is 100% occupied by medical Tenants. Both Tenants are on NNN leases providing an investor with minimal Landlord responsibilities. DaVita is on an original 15-year lease with 6 years remaining and (3) 5-year options to renew. The Nephrologist who runs Kidney and Hypertension of Illinois also serves as the local medical director to DaVita. There is no deferred maintenance on the property, and a new roof with a 15- year warranty was installed in December 2021.
- DaVita’s rent will increase by 10% in January 2023
- The Property being offered below replacement cost; Tenants have spent approximately $4M in combined buildout costs
- Located .4 miles from Pekin Hospital (Unity Point Health)
- DaVita is #271 in Fortune 500 (2022), had annual revenue of $11.6 billion in 2021
- Long term operating histories showing Tenant’s commitment to the site
- Synergistic relationship between co-Tenants
- Only DaVita in 40-mile radius