Capital Square 1031 LLC, a sponsor of 1031 Delaware statutory trusts offerings, acquired a medical office building in Winchester, Virginia. The purchase price was not disclosed.
The 9,503-square-foot, single-story property is 100 percent leased to Bio-Medical Applications of Virginia, doing business as Fresenius Medical Care Holdings Inc. It was recently built-to-suit for Fresenius, a wholly-owned subsidiary of Fresenius Medical Car AG & Co. KGaA.
“This is a recently-constructed, high quality medical office building on a long-term triple net lease to a subsidiary of the world’s leading provider of dialysis products and services. Its parent company had a net revenue of approximately $15.8 billion for the fiscal year 2014,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.
According to Rogers, “Capital Square 1031 acquires medical properties throughout the nation because this desirable asset class is in great demand as a result of the ageing of the Baby Boomer generation.”
Fresenius is the world’s leading provider of products and services for people with chronic kidney failure. The company is primarily engaged in providing kidney dialysis services and clinical laboratory testing; manufacturing and distributing products and equipment for kidney dialysis treatment; and providing other medical ancillary services.
In other Capital Square 1031 news, The DI Wire reported last week that the company compiled a new team to assist with the restructuring, management, refinancing and sale of challenged real estate, including real estate owned by tenant-in-common programs.
Capital Square 1031 specializes in the creation and management of commercial real estate investment programs for Section 1031 exchange investors and cash investors using the Delaware Statutory Trust structure. The company oversees a growing national portfolio of 39 real estate assets valued at approximately $370 million, based on investment cost.