Northmarq brokers $13.5M sale leaseback of outpatient primary care portfolio

Riverview Health Portfolio

Investment Sales - Commercial

Single-Tenant

NOBLESVILLE, Ind. (Dec. 20, 2024) — Vice President Christian Vaughan of Northmarq’s National Healthcare Group successfully brokered the $13.5 million sale leaseback of two outpatient primary care properties. The seller was Riverview Hospital, and the buyer was Four Corners Property Trust.

The portfolio totals 32,744 sq. ft. and includes Riverview Health’s Noble Creek (205 Noble Creek Drive) and Westfield (865 Westfield Road) locations.

“This was a great seller and buyer match to transact on two essential outpatient facilities, via a long-term sale-leaseback agreement,” said Vaughan. “Strategically located near the hospital, the sites are essential to the tenant, delivering critical care to the local community in which demand for services is rapidly growing. The long-term favorable outlook and critical nature of these medical outpatient buildings present a strong investment for the buyer.”

Riverview Health is a non-profit, community-based health system comprised of two hospitals, freestanding combined ER and urgent care facilities, as well as primary, immediate and specialty care facilities.

The tenant operates on long-term, triple net leases, and the transaction was priced at a 7.3% cap rate.

View Available Healthcare Listings

About Northmarq

Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.