Marcus & Millichap arranges the sale of a 7,080 square foot medical office building

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Tammy A. Saia, an investment specialist in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, also a limited liability company, was secured and represented by Saia as well. Shelbyville Medical Center is a single-tenant medical office located at 401 N Cedar St in Shelbyville, IL. This property features a rare, brand new corporate guaranteed 20-year triple-net (NNN) with a remaining term of 19 years, lease secured by Decatur Memorial Hospital, a 36-unit medical complex. The lease features an attractive six percent increase every three years following the first lease year and continuing through the four, five-year options. Decatur Memorial Hospital has recently seen tremendous growth over the past years. In 2013, its revenue totaled $272 million. By 2015 this regional, nonprofit, private hospital’s revenue increased by more than 200% totaling just under $1 billion. The new Shelby Medical Center is the latest addition to Decatur Memorial Hospital’s complex medical system. It will bring more access to quality healthcare for Shelby County by offering seven practices, as well as laboratory services, physical therapy, occupational therapy, computer tomography (CT), x-ray, 4D ultrasound, mammography, tomosynthesis, lung cancer screening, and other medical services provided by Decatur Memorial Hospital.