Two-Tenant Medical Property in Colorado Springs Sells for $10.6M

1910 Lelaray Street in Colorado Springs, courtesy of SRS.

SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $10.6 million sale of a fully occupied, two-tenant medical retail property located at 1910 Lelaray Street in Colorado Springs. Built in 2009 and situated on 2.14 acres, the 19,187-square-foot property is fully occupied by Liberty Dialysis (a subsidiary of Fresenius), and Pikes Peak Nephrology.

SRS NNLG’s First Vice President Stephen Sullivan, and Managing Principals Matthew Mousavi and Patrick Luther represented the seller, a Colorado-based private investor. The buyer was a West Coast-based investor.  The closing cap rate was 5.17% which is a record low for a multi-tenant dialysis anchored asset in Colorado.

“Both tenants have a symbiotic nature with each other, making this asset as a whole greater than the sum of its parts,” said Sullivan.

Mousavi added, “Both institutional capital and private 1031 investors were attracted to the opportunity and we continue to see strong demand for medical net lease assets nationally.”

The property is located adjacent to a Walmart Neighborhood Market and is proximate to a number of residential communities. There are more than 282,000 residents and 165,000 employees within a five-mile radius of the asset.

In 2021, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $3.1 billion in deal volume comprised of 899 transactions in 49 states, and currently has more than $2 billion in property on the market, with nearly 200 properties sold year-to-date in 2022.


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