Intermountain Health Dialysis Center - Logan, UT

JLL is pleased to offer the opportunity to acquire the Intermountain Health Logan Regional Hospital Dialysis Center a single-tenant medical facility located at 480 N 100 E, Logan, UT (the "Property" or "Asset"). The Asset is leased to Intermountain Health Care, Inc. ("Tenant"), a 33-hospital AA+ investment grade rated integrated healthcare system, on a NN lease with 10.8 years of remaining lease term, featuring 2.00% annual rent increases and two, 5-year renewal options.

The state-of-the-art clinic features 17 dialysis treatment stations with dedicated tri-station plumbing infrastructure, private examination and consultation rooms, full laboratory and preparation facilities, and comprehensive patient amenities including separate waiting areas and accessible restrooms. The facility's layout mirrors new construction dialysis clinics with optimized patient flow, staff efficiency zones, and adherence to strict healthcare design standards. All major building systems are less than five old, including a new TPO roof installed in 2021 and warranted through 2041, positioning the Property with minimal capital expenditure requirements for years to come.

The Property serves as the dialysis center for Intermountain Health Logan Regional Hospital, a 148-bed hospital that serves as the primary healthcare hub for Cache Valley and the broader northern Utah region. Intermountain Health has grown to become the largest non-profit healthcare system in the Mountain West, operating 33 hospitals and approximately 414 clinics across seven states, employing over 69,000 people and 5,100+ physicians. Financial stability is supported by Intermountain Health's dominant market position and exceptional credit profile, holding an AA+ credit rating (S&P) and Aa1 rating (Moody's) with $18.5 billion in operating revenue reported in FY2025 and 393 days of cash on hand.

The Asset is strategically positioned approximately one mile from Intermountain Health Logan Regional Hospital's main campus, which recently completed a $136+ million expansion including a new 110,000-square-foot, four-story patient tower in 2024 and the state-of-the-art expansion of the Gossner Cancer Center in 2025, reinforcing the Property's role as an essential component of the hospital system's healthcare infrastructure. Logan has emerged as a key economic and educational hub for northern Utah, anchored by Utah State University and strong sectors in manufacturing, healthcare, and technology, and is undergoing significant development including the transformation of the Cache Valley Mall site into Cache Valley Marketplace.

Situated on a major retail corridor as an outparcel to Smith's, the Property benefits from robust demographics, including 2.3% annual population growth from 2020 to 2025, a population of 136,419, and an average household income of $103,369 — all within a 5-mile radius.

This investment provides the opportunity to acquire a healthcare asset backed by one of the highest-rated healthcare systems in the U.S. nonprofit sector with exceptional credit fundamentals, providing secure, long-term cash flow with 2.00% annual rent escalations and limited landlord expenses in a rapidly expanding and strong medical market.