Capital Square 1031 LLC, a sponsor of replacement property for Section 1031 exchanges, purchased a newly constructed medical office building in Birmingham, Alabama. The purchase price was not disclosed.
Located at 3671 Roosevelt Blvd., the 8,140-square-foot dialysis clinic was built-to-suit for Fresenius Medical Care Trussville, a wholly owned subsidiary of Fresenius Medical Care AG & Co. The property is 100 percent leased on a triple net basis for a base term of 15 years, plus extensions.
“This medical office building is well-located in a vibrant area within the Birmingham metropolitan region, which has a population of more than 1.1 million, representing nearly 25 percent of the state’s total population,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.
He added, “Capital Square is pleased to add this medical property to our national portfolio of assets under management, which now includes more than 50 properties valued in excess of $511 million, based on investment cost.”
Listed on both the Frankfurt Stock Exchange (FME) and New York Stock Exchange (FMS), Fresenius is the leading provider of products and services for people with chronic kidney failure.
In other Capital Square news, the company recently purchased a San Antonio multifamily community, surpassing $500 million in assets under management with the acquisition.
Capital Square 1031 specializes in the creation and management of commercial real estate investment programs for Section 1031 exchange investors and cash (non-1031) investors using the Delaware statutory trust structure. The company oversees a portfolio of more than 50 real estate assets valued at approximately $511 million (based on investment cost).