The Offering presents the opportunity to acquire a stabilized healthcare investment in the affluent and growing West Salem market. Delivered in 2019 by CBTWO Architects, the RE Building was constructed to a top-of-the-line finish, which includes photovoltaic (PV) panels that lower energy consumption and increase operational efficiencies for tenants. The RE Building benefits from its strategic positioning to Oregon Route 22, which connects West Salem to downtown Salem. Additionally, the Property is a 5-minute drive from the Salem Hospital, which recently completed a 200,000+ SF & 150 ICU bed expansion totaling $245M.
The RE Building is 98% leased with a WALT of 5.42 years (as of 11/1/26). All tenants have annual rent increases, with the anchor tenant (87% of GLA) operating under a true NNN lease, providing a hedge to increasing inflation. Salem’s medical office vacancy rate of 3.4% further strengthens the investment’s long-term stability.
The Property is anchored by Therapy Partners Group, who operates 140+ practice locations throughout 7 U.S. states. Their state-of-the-art buildout includes two professional-grade underwater treadmills and a full indoor track, which are utilized by Division 1 collegiate programs and other major sports teams. The tenant recently executed an early lease extension through September 2032, highlighting their long-term commitment to the RE Building.