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2 Prime Medical Centers Sold in Houston and Memphis for Total $5.3M
(ROCHESTER, NY) -- Medical office properties with long-lease-term tenants continue to be in demand by savvy investors like Broadstone Net Lease Inc. of Rochester, NY.
The company purchased structures in Memphis, TN and Houston, TX for a total $5.3 million. The DSI Renal Care office in Memphis was acquired for $3.3 million.
The International EyeCare Laser Center in Houston carried a $2 million tag and a global reputation as a pioneer in the LASIK eye repair procedure. The center's founder, Dr. Charles R. Moore, has completed 40,000 LASIK operations.
International EyeCare's lease runs through 2024. The DSI center's lease runs into 2027. Both leases include annual rent escalations. The International EyeCare transaction was a sale-leaseback.
DSI is a healthcare company that operates dialysis/renal centers nationwide. The acquisition was completed via a tax-deferred UPREIT transaction.
Broadstone Net Lease, Inc. is a private Real Estate Investment Trust (REIT) formed in 2007 to invest in a diversified portfolio of freestanding, single-tenant, net-leased properties located throughout the United States.
BNL is externally managed by Broadstone Real Estate, LLC and Broadstone Asset Management, LLC. The fund sponsors are Norman Leenhouts, Amy Tait and Robert Tait. BNL currently owns 45 properties located in 16 states.
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