Capital Square acquires medical building in Winchester

Capital Square 1031 has acquired a fully leased medical office building in Winchester for an undisclosed price.

According to Capital Square, based in Henrico County, the building is fully leased to Bio-Medical Applications of Virginia, doing business as Fresenius Medical Care Holdings Inc.

Located at 38 W. Jubal Early Drive, the 9,503-square-foot, single-story condominium unit was recently built-to-suit for Fresenius, a subsidiary of Fresenius Medical Car AG & Co. KGaA.

“This is a recently-constructed, high-quality medical office building on a long-term, triple-net lease to a subsidiary of the world’s leading provider of dialysis products and services. Its parent company had a net revenue of approximately $15.8 billion for the fiscal year 2014,” Louis Rogers, founder and CEO of Capital Square 1031, said in a statement.

Listed on both the Frankfurt Stock Exchange (FME) and New York Stock Exchange (FMS), Fresenius is a major provider of products and services for people with chronic kidney failure. The company is primarily engaged in providing kidney dialysis services and clinical laboratory testing, manufacturing and distributing products and equipment for kidney dialysis treatment.

Capital Square 1031 specializes in the creation and management of commercial real estate investment programs for Section 1031 exchange investors and cash (non-1031) investors using the Delaware Statutory Trust structure. As of Dec. 31, 2015, the company said its national portfolio included 39 real estate assets valued at about $370 million.

Earlier this month, it announced the formation of a new team to assist with the restructuring, management, refinancing and sale of challenged real estate, including real estate owned by tenant-in-common programs.  The team will be led by Mike Waddell, Capital Square's head of asset and property management.