Glen Allen, Virginia-based investment management firm Capital Square 1031 recently announced that it has acquired a newly constructed, 8,140-square-foot medical office building in Birmingham, Alabama. The building, a dialysis clinic, is currently 100% leased to Fresenius Medical Care Trussville.

The building was built-to-suit for Fresenius (NYSE: FMS), a wholly owned subsidiary of Fresenius Medical Care AG & Co. KGaA. Additionally, the building is leased on a triple net basis for a 15-year base term, plus extensions, according to a press release from Capital Square 1031.

“This medical office building is well-located in a vibrant area within the Birmingham metropolitan region, which has a population of more than 1.1 million, representing nearly 25% of the state’s total population,” Louis Rogers, founder and chief executive officer of Capital Square 1031, said in a press release. “The tenant’s parent company is the world leader in dialysis care and reported a net revenue of approximately $16.7 billion for fiscal year 2015. Capital Square is pleased to add this medical property to our national portfolio of assets under management, which now includes more than 50 properties valued in excess of $511 million, based on investment cost.”

Fresenius, a provider of services and products for patients with chronic kidney failure, is mainly engaged in providing kidney dialysis services and clinical laboratory testing; distributing and manufacturing equipment and products for kidney dialysis treatment; and providing additional medical ancillary services. In 2015, Fresenius cared for more than 294,000 dialysis patients in 3,418 proprietary clinics located in more than 45 countries around the world.

Written by Mary Kate Nelson