December 11, 2017
Glen Allen, VA-based Capital Square 1031 acquired a newly-constructed medical office building providing specialty dialysis services near Bakersfield, CA. The property was acquired on an all cash, no debt basis for an undisclosed amount, as part of a Delaware statutory trust offering primarily for investors structuring Section 1031 tax-deferred exchanges.
Located at 711 Valley Blvd. in Tehachapi, CA, the property is 100% leased on a long-term, absolute net basis with yearly rent escalations to Sanderling Renal Services, a healthcare firm specializing in dialysis and nephrology services. The building is conveniently located near the recently completed Adventist Health Tehachapi Valley hospital.
Capital Square 1031’s Louis Rogers says, “Acquisition of the Tehachapi property marks Capital Square’s 20th medical office building under management, and aligns well with our investment strategy of acquiring stable, high quality real estate assets.”
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- On December 11, 2017