By Mandy Witt - Senior Associate of Coldwell Banker Commercial Mcguire Mears & Associates - August 28th, 2024
CHALLENGE
In early 2024, Mercy Health System approached Coldwell Banker Commercial
McGuire Mears & Associates to assist with leasing a new medical office space. The
healthcare provider required a facility that would serve its current needs and offer
potential for future expansion. Additionally, the building needed to be
competitively priced and located in a suitable area for its patients.
ACTION
Senior Associate Mandy Witt began identifying properties that met the client's
criteria, focusing on buildings that provided ample space for medical operations
and future growth. After thorough research and site visits, Witt identified the
property at 1400 E. Inman Pkwy in Beloit, WI, as the ideal location. The building
offered 10,632 square feet of space with an additional 9,000 square feet available
for future use, making it a perfect fit for Mercy Health System's requirements.
RESULTS
• Negotiated Lease Terms: Successfully negotiated a lease
for 10,632 SF at $12.00 PSF on an NNN basis, with
provisions for a 2.5% annual increase
• Expansion Opportunity: Secured a Right of First Refusal
(ROFR) for the additional 9,000 SF, providing Mercy Health
System has the flexibility to expand.
• Tailored Space: Ensured that the property would be
delivered with all necessary attributes, including a key card
access system, well-maintained mechanical systems, and
freshly painted interiors.
• Long-Term Commitment: The lease includes three five-year
renewal options, ensuring long-term stability for
Mercy Health System.
"Mandy Witt's dedication to finding the perfect space for our medical operations was
evident throughout the process. The location at 1400 E. Inman Parkway meets our current
needs and allows for future growth, ensuring we can continue to provide exceptional health care services.”
- Randy Benish, Mercy Health System