SANTA ROSA MEDICAL GROUP - MILTON, FLORIDA (PENSACOLA MSA) Santa Rosa Medical Group | Milton, FL
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
SANTA ROSA MEDICAL GROUP
MILTON, FLORIDA (PENSACOLA MSA)
Santa Rosa Medical Group | Milton, FL | 1
SANTA ROSA MEDICAL GROUP | 4264 AVALON BOULEVARD
TABLE OF CONTENTS
TABLE OF CONTENTS
• INVESTMENT SUMMARY
• INVESTMENT HIGHLIGHTS
• TENANT OVERVIEW
• MAPS
• DEMOGRAPHICS
Andrew Chason, CCIM
First Vice President Investments
National Retail Group
www.marcusmillichap.com TEL (251) 929-7254
FAX (251) 929-7310
Ryan Nee AChason@marcusmillichap.com
Broker of Record, Florida
(954) 245-3400 | FL BK3154667 License: AL: 000079317
Santa Rosa Medical Group | Milton, FL | 2
SANTA ROSA MEDICAL GROUP | 4264 AVALON BOULEVARD
INVESTMENT SUMMARY
Marcus & Millichap, as exclusive advisor to the Seller, is offering for sale the fee simple interest in a freestanding medical office building
located at 4264 Avalon Boulevard in Milton, FL (Pensacola MSA). The 3,490 square foot office was constructed in 2005 as a build to suit
for the current tenant. The office is a family medicine practice and operates as Santa Rosa Medical Group. The tenant, HMA Santa Rosa
Medical Center, LLC, is a wholly owned subsidiary of Community Health Systems, one of the nation’s leading health care operators. The
tenant operates under a 5 year modified net lease with the tenant responsible payment of property taxes, maintenance of the common areas,
interior of the leased premised and HVAC. The Landlord is responsible for structural items including the roof, parking lot and payment of
the property insurance. The lease features annual rent increases of two percent and includes one five year option to renew.
OVERVIEW INVESTMENT HIGHLIGHTS
Purchase Price $835,000 • 4 year modified net lease with minimum landlord responsibilities
Cap Rate 7.15% • Freestanding single tenant medical office constructed in 2005
Base Rent $62,296 • Operated by Community Health Systems, one of the nation’s leading health care operators
Insurance Expense $2,600 • 2% annual rent increases in base term and renewal option
Net Income $59,696 • 16 year operating history at site with multiple term extensions exercised
Rentable SF 3,490 SF • Growing community 23 miles northeast of Pensacola, FL
Lot Size 0.91 Acres
Year Built 2005
Address 4264 Avalon Boulevard, Milton, FL 32583
RENT SCHEDULE
TENANT GLA % OF GLA ANNUAL RENT LEASE EXPIRATION TERM OPTIONS CHANGES ON CHANGES TO
August 1, 2021 $62,296
HMA Santa Rosa August 1, 2022 $63,542
3,490 SF 100% $62,296 07/31/2025 4 Years 1 (5) Year
Medical Center, LLC. August 1, 2023 $64,813
August 1, 2024 $66,109
Santa Rosa Medical Group | Milton, FL | 3
SANTA ROSA MEDICAL GROUP | 4264 AVALON BOULEVARD
SITE PHOTO
Santa Rosa Medical Group | Milton, FL | 4
SANTA ROSA MEDICAL GROUP | 4264 AVALON BOULEVARD
SITE PHOTO
Santa Rosa Medical Group | Milton, FL | 5
SANTA ROSA MEDICAL GROUP | 4264 AVALON BOULEVARD
SITE PHOTO
Santa Rosa Medical Group | Milton, FL | 6
SANTA ROSA MEDICAL GROUP | 4264 AVALON BOULEVARD
SITE PHOTO
Santa Rosa Medical Group | Milton, FL | 7
SANTA ROSA MEDICAL GROUP | 4264 AVALON BOULEVARD
RETAIL AERIAL
Pensacola State College -
Milton Campus
University of Florida -
Milton Campus
Jimmy John’s
McDonald’s
Santa Rosa Medical Group | Milton, FL | 8
SANTA ROSA MEDICAL GROUP | 4264 AVALON BOULEVARD
PARENT COMPANY OVERVIEW
The parent company of the Santa Rosa Medical Group, Community Health Systems, Inc. is one
of the nation’s leading operators of general acute care hospitals. The organization’s affiliates own,
operate or lease 84 hospitals in 16 states with approximately 13,000 licensed beds. Affiliated hospitals
are dedicated to providing quality healthcare for local residents and contribute to the economic
development of their communities. Based on the unique needs of each community served, these
hospitals offer a wide range of diagnostic, medical and surgical services in inpatient and outpatient
settings.
PARENT COMPANY PROFILE
Company: Community Health Systems, Inc.
NYSE Ticker: CYH
Headquarters: Franklin, Tennessee
Founded: 1985
Website: www.chs.net
Santa Rosa Medical Group | Milton, FL | 9
SANTA ROSA MEDICAL GROUP | 4264 AVALON BOULEVARD
TENANT OVERVIEW
Santa Rosa Medical Group is a medical practice representing a variety of medical specialties. Santa
Rosa Medical Group clinics serve the Escambia and Santa Rosa County communities of Milton,
Pace, Navarre, Holley, Gulf Breeze, Midway, Jay, Avalon Beach, Century, Pea Ridge, Pensacola and
Cantonment. They work collaboratively with Santa Rosa Medical Center and other community services
to meet the healthcare needs of their patients and the community.
TENANT PROFILE MEDICAL SPECIALTIES
Company: Santa Rosa Medical Group • Allergy care
Website: www.santarosamedicalgroup.com • Ear, nose and throat
• Family medicine
• General surgery
• Neurology
• Women's health
• Pulmonology
• Walk-in care
• Sleep medicine
• Orthopedics
• Weight loss surgery
Santa Rosa Medical Group | Milton, FL | 10SANTA ROSA MEDICAL GROUP | 4264 AVALON BOULEVARD
LOCATION OVERVIEW
MILTON (PENSACOLA MSA) METRO HIGHLIGHTS
Situated in the western portion of the Florida Panhandle, Warm weather and U.S. NAVY PRESENCE
sandy beaches draw visitors to the region. The Pensacola metro comprises Naval Air Station Pensacola employs at least 16,000 military and more than 7,400 civilian
personnel.
Escambia and Santa Rosa counties. The city of Milton is approximately
70 miles from Mobile, Alabama. The local economy is driven by the military, the TOURIST ATTRACTIONS
defense industry, tourism and healthcare. Although the median income falls Warm climate, sandy beaches, and a host of activities and attractions draw visitors to Pensacola,
adding millions of dollars to the local economy.
behind the national level, a relatively low cost of living contributes to a
homeownership rate that is greater than the national rate. HEALTHCARE EMPLOYMENT
Many hospitals in the metro contribute to a significant number of jobs in the healthcare sector.
ECONOMY
The U.S. Navy has a large presence in the Pensacola metro, driving the local economy. Naval Air Station
Pensacola, Training Center Corry, Naval Air Technical Training Center, Naval Air Station Whiting Field
and the Naval Hospital Pensacola are located here.
Beaches, shopping, restaurants, history and an abundance of activities support a large tourism industry,
contributing to local employment and funneling millions of dollars to businesses in the area.
Health practitioners comprise a large portion of the local workforce at area medical facilities that include
Ascension Sacred Heart Hospital and Baptist Health Care.
DEMOGRAPHICS
2020 2020 2020 2020 MEDIAN
POPULATION: HOUSEHOLDS: MEDIAN AGE: HOUSEHOLD INCOME:
503K 193K 38.4 $56,900
Growth Growth U.S. Median: U.S. Median:
2020-2025*: 2020-2025*:
4.8% 5.5% 38.2 $63,000
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau
Santa Rosa Medical Group | Milton, FL | 11SANTA ROSA MEDICAL GROUP | 4264 AVALON BOULEVARD
REGIONAL MAP
Santa Rosa Medical Group | Milton, FL | 12SANTA ROSA MEDICAL GROUP | 4264 AVALON BOULEVARD
LOCAL MAP
Santa Rosa Medical Group | Milton, FL | 13SANTA ROSA MEDICAL GROUP | 4264 AVALON BOULEVARD
DEMOGRAPHICS
Santa Rosa Medical Group | Milton, FL | 14SANTA ROSA MEDICAL GROUP | 4264 AVALON BOULEVARD
NON-ENDORSEMENT AND DISCLAIMER NOTICE
Confidentiality and Disclaimer
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap
Real Estate Investment Services of Florida, Inc. (“Marcus & Millichap”) and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This
Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property.
The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation,
with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the
presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial
condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has
been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap
conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential
buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.©2018
Marcus & Millichap. All rights reserved.
Non-Endorsement Notice
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name
is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or
commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
Santa Rosa Medical Group | Milton, FL | 15SANTA ROSA MEDICAL GROUP | 4264 AVALON BOULEVARD
NET LEASED DISCLAIMER
Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify
any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or represen-
tation whatsoever about the accuracy or completeness of any information provided.
As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before
completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap
expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.
Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of
this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors.
Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your
satisfaction with the suitability of the property for your needs.
Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and
financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee
of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s pro-
jected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay
the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic,
environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters
affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should
default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property,
and Buyer’s legal ability to make alternate use of the property.
By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, ex-
pense, or liability arising out of your investigation and/or purchase of this net leased property.
Ryan Nee
Broker of Record, Florida
(954) 245-3400 | FL BK3154667
Santa Rosa Medical Group | Milton, FL | 16You can also read
