The property was originally purchased for $7 million in June 2014 and sold for $10.5 million.
“We are pleased to announce the successful sale of this well-located medical office building, which marks Capital Square’s fourth DST offering to be taken full cycle in 2019,” said Louis Rogers, founder and chief executive officer of Capital Square 1031.
Capital Square noted that it has taken six DST offerings full cycle in the past 12 months that have resulted in weighted average returns of 14.73 percent annually and 158.16 percent on equity.
Mike Waddell, president of Capital Square 1031, added, “This medical office building was a prime candidate for a DST investment due to its long-term lease to Northwell Health, an investment-grade tenant, and favorable demographics for healthcare-related real estate.”
The two-story medical office building is located within 16 miles of nine area hospitals and includes multiple waiting rooms, 12 examination rooms, five patient consultation rooms, an x-ray room, fluoroscopy suite, MRI suite and six private offices.
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