MPI Brokers Sale of 30,000 SF Medical Office Complex in Valparaiso

Millennium Properties R/E, a premier boutique brokerage and property management company in Chicago, announced that it recently sold a 30,000 square foot medical center in Valparaiso, Indiana for $4.4 million. The Glendale Medical Center is centrally located between Valparaiso University and the Porter Regional Hospital, which was built in 2012.

 

The medical center consists of two separate buildings, a 21,443 square foot office that was built in 1985 and a 8,630 expansion that was completed in 2007. Much of the original building has been updated and the property was 85% occupied at the time of the sale. The property is located in Porter County where population growth has spurred the expansion of the area’s healthcare services. Connected to thriving business and commercial centers by interstate, highways, rail and air, Valparaiso is an exceptional strategic location, positioned to serve local, national and international customers.

 

“Many investors are looking at the tail of the major markets for opportunities where they can purchase properties that have big-name tenants and cash flow while achieving a better return,” said Daniel J. Hyman, president of Millennium Properties.

 

“This multi-tenant medical office is well-established and occupied by a number of prominent medical groups, including Porter Regional Hospital,” said Chet Evans, vice president of Millennium Properties. “As a result, we were able to draw interest from a variety of investors from around Chicago and throughout the Midwest.”