Grand Rapids Medical Center

Wyoming, MI

Acquired July 2022

At a Glance

The asset was recently constructed with delivery in 2018.

Investment Rationale

  • It is 100% leased to two tenants, Wolverine Dermatology and Align Orthodontics, who have a combined weighted average lease term of over 14 years and include 2.0% and 2.5% annual rent escalations, respectively.

  • Wolverine Dermatology leases ~80% of the rentable square footage (RSF). The practice offers a variety of dermatology services, with an emphasis on treating skin cancer and other skin diseases. Wolverine Dermatology has 22 members on its staff, and the practice is affiliated with the University of Michigan as well as Mercy Health.

  • Align Orthodontics (20% of RSF) is a dental practice specializing in braces, Invisalign, and sleep care with two locations located in the Grand Rapids market.

  • Wyoming is a southwest suburb of Grand Rapids, Michigan and is the second most populated community in the Grand Rapids metropolitan area. ranks Wyoming as A- for livability and one of the best place to live in Kent County, given the area’s dense but suburban feel, affordability and above-average schools.

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