DaVita Dialysis MOB at Walmart Supercenter & Lowe's Power Center (Fountain Place)
300 Prosperity Lane
Logan, WV 25601
- Three Tenants Executed Lease Extensions in 2018: DaVita Signed a 5-Year Lease Extension Subject to Annual 2% Rental Increases, Logan Pediatrics Signed a 10-Year Lease Extension Subject to 1% Annual Increases, and Southern WV Nephrology Signed a 5-Year Extension
- Major High Barriers Location with Extremely High Cost to Produce Flat Land Due to Local Land Development & Mining Laws in Resource-rich, Mountainous Region
- Next Closest Walmart is 1-2 Hours in Any Direction with Zero Competition
- Anchored by Super Walmart, Lowe's , McDonald's, Captain D's, Dollar Tree, and Many More
Marcus & Millichap is pleased to exclusively present for sale, Fountain Place Medical Office Building located at 300 Prosperity Lane, Logan, West Virginia 25601. The subject is a 26,000 square-foot multi-tenant medical office building situated on 0.72-acre parcel of land. Built in 2008, the building is currently 100 percent leased by six tenants, anchored by Davita Incorporated and Logan Pediatrics, whom occupy 50 percent of the gross leasable area (GLA). All tenants have multiple years left on their leases as well as options to renew plus many include 5-year extension options providing for increases, which hedge the investor against inflation.
The presented subject asset is located in a retail trade corridor with other tenants including: Arby’s, Bob Evans, Captain D’s, Lowe’s, McDonald’s, Burger King, Marathon Gas, Holiday Inn Express & Suites, KFC, Subway, The UPS Store, US Social Security Administration, Verizon, and Walmart, among many others. The subject additionally benefits from strong traffic counts of about 12,400 vehicles per day along Highway 119. This ideally placed medical office building, situated only feet from Walmart’s entrance, provides
an investor with the opportunity to buy a quality asset in a market with extremely high geographic barriers to entry, making it extremely unlikely similar medical office space will come to the market to compete. The sheer lack of inventory affords the owner of the only medical office building in the immediate area as well as a very low vacancy rate.
The subject includes newly located tenant Logan Mingo Area Mental Health, occupying 25% of the building. Recently renewed, expiring June 2021, Beckley Dermatology utilizes 11% of the building, and an additional 59% of current tenants: DaVita Dialysis, Southern WV Nephrology, and Logan Pediatrics have all indicated intentions of extending their leases for at least five additional years, or more. Finally, Manuel Medical Clinic has been a long time tenant, and is currently on a month-to-month gross lease.
Marcus & Millichap in association, with Broker of Record: Old Spruce Realty, Ralph Nash, BOR, Lewisburg, WV, Phone #: 215-531-7000, WV License: WV0008718
High Barriers to Entry Location Surrounded by Protected Mountains and Parks - Infill Location within Booming Commerce Hub. Logan is a small mining town in the county seat of Logan County, West Virginia, with a population of approximately 1,800 people. The town is the trading center for the large mining and logging industries of West Virginia. Logging of the area’s popular cherry and white oak timber started in 1850, whereas the development of coal mining began in 1904 with the introduction of the railroad. The county was founded in 1824 in the Southwest region of West Virginia. Logan County is known for its bituminous coal, natural gas, timber, livestock, and tobacco farms.