Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 4,500-square-foot office property tenanted by Tri-Valley Dental in Hegins, Pa. The asset sold for $1.45 million, according to Sean Beuche, the firm’s regional manager and broker of record in Pennsylvania.
Craig Dunkle and Mher Vartanian, investment specialists in the Dunkle-Vartanian Group of Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, Barry & Heidi Moss, LLC, and secured the buyer, Michael Vance Living Trust.
Located at 1144 E. Main St. in Hegins, Pa., the subject property sits on 1.27 acres of land. It is part of a larger sale-leaseback dental portfolio, which consists of four premier dental office locations with absolute triple-net leases – meaning the tenants are one hundred percent responsible for all expenses, including building structure repairs. Every location in the portfolio has a 15-year base lease term with 1.5 percent annual increases.
“Currently we are seeing long-term medical and dental sale-leasebacks as being highly sought-after assets for the local, regional, and national investment communities,” said Dunkle. “With an overall transaction timeline of 35 days, this sale highlights the competitive nature of such assets,” added Vartanian. “Sale-leasebacks with annual rent bumps have proven to be vital assets that hedge against inflation and market volatility.”
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
