For Sale $925,000
Property Type Office
Property Size 8,200 SF
Lot Size 0.92 Acre
Parking Spaces Avail. 50
Property Tenancy Single Tenant
Building Class C
Year Built 1968
Date Updated Apr 25, 2024

-Bradley Company is pleased to present the single tenant net lease lab/flex distribution investment sale at 3006 S. Michigan Street in South Bend, Indiana. The property has been leased to Omnicare, a CVS Health Company since 1994. It is a well maintained brick building with one dock and an interior layout design and updates to address Omnicare’s needs. The property is located on the south side of South Bend near the central business district and with good interstate access via the US 20 and US 31 bypasses. Omnicare, which is the largest Long Term Care pharmacy in the country, services the pharmacy needs of hundreds of long term care, chronic care and rehabilitation facilities in North Central Indiana from this location. Omnicare recently signed its 7th lease extension at this location beginning a new 5 year term on August 1, 2023.

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Highlights

Leased to Omnicare, a CVS Health Company since 1994. (https://www.omnicare.com ) . The tenant recently exercised its seventh extension, a 5-year renewal effective August 1, 2023.
Well maintained brick building that is professionally managed by a third party property management firm.
The interior layout design has been adapted to meet Omnicare’s needs for lab space and pharmaceutical storage and inventory management and receiving and distribution spaces with loading dock access.
Omnicare has a significant investment of lab equipment, information systems, IT room, clean room, cooler and inventory storage which makes it a mission critical facility for this market area
Recent tenant improvements for new flooring, window seals, parking lot stripe and seal and other items totaling approximately $50,000 have been made by the landlord in the past year as part of the current lease term renewal
The area boasts a population of about 254,000 within a 10 mile radius.
$10.24/SF, modified gross rent with 2% annual increases, is at or below market for this type of lab/flex distribution property in the South Bend MSA.