Property details
Single Tenant Medical, Southeast Region
Property Description
Single tenant medical located in a metropoiltan area. Single tenant leased property to DaVita, Inc. (davita.com) the number two medical provider of dialysis services. Seven year single tenant lease with escalations.
Located on is a four lane state highway with a 19,960 vehicle daily traffic count. There are numerous national retailers and the area. The property is one parcel away from the intersection with a second four lane sate highway. In 2008, significant intersection improvements were completed.
The property is on a major road abuts a dynamic neighborhood of featuring a Country Club's championship golf course and permanent home of the PGA's The Tour. The continued revitalization in the Lake area will have along term positive impact on this property and the intersection.
This is an opportunity opportunity to acquire a national credit tenant leased medical property. The lease was renewed for 7 years at $18.96 SF with annual escalations of CPI not to exceed 3%. The landlord pays taxes and insurance. Landlord repair responsibilities are roof, structure and parking lot. This property has operated as a dialysis center since 1987 with interior renovations occurring frequently.
The corporate guarantor, DaVita, Inc. (NYSE: DVA \ www.davita.com) is a leading provider of dialysis services in the U.S. through 1,359 locations and 700 hospitals. For 2007, DaVita revenues were $5.264 billion and net income was $381.8 million. Through June 2008, DaVita reported revenues of $2.752 billion, net income of 181 million and net worth of $1.779 billion.
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Highlights
- Status:
- Sold
- Price:
- $1,595,000
- PSF:
- $206
- Cap Rate:
- 8.33%
- Annual Rent:
- $132,808
- Rent Increases:
- Annual increases on each April 1st equal to the lesser of the change in the CPI or the increase over the base year (1988) operating expenses, but in any event not to exceed 3% (which effectively results in 3% increases).
Property Information
- Building Size:
- 7,750 sq.ft.
- Property Type:
- Medical
- Industry Type:
- Medical - Healthcare
- Units/Spaces:
- 1
- Year Built:
- 1987
- Land Area:
- 0.66 acres
- Purchase Tenure:
- Fee Simple
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.