Fresenius Medical Care
11,317 SF | Office Building | Pasadena, TX 77502 | $3,815,929 ($337/SF) | 5.65% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,815,929
- Property Type
-
Office
- Square Feet
- 11,317 SF
- Price / Square Foot
- $337
Listing Contacts
Scott Briggs
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Kelly Largent
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Jake Schooley
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David Read
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Sarah Martin
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- Property Info
Property Overview
Northmarq is pleased to offer for sale to qualified investors the opportunity to acquire the fee simple interest in the building of a single-tenant medical office facility located in Pasadena, Texas (the "Property" or the "Offering").
The Property consists of 2.30 acres and a one-story, 11,317-square-foot medical office building that was retrofit-to-suit in 2015 to the exact specifications of the Tenant. The Property is located with frontage on Southmore Avenue (23k VPD) between Pasadena Boulevard (18k VPD) and Strawberry Road (13k VPD). Pasadena is an affluent suburb southeast of Houston and is a part of the fourth most populous MSA in the US. There are approximately 260,000 in population in a five-mile radius with an average household income in excess of $75,000 annually.
The Tenant recently completed a comprehensive retrofit-to-suit to the exact standards of its desired clinic type that is at the top end of the kidney care industry from a patient quality and care perspective. The initial term of the lease is for fifteen (15) years and will feature three (3), five (5) year renewal options. The lease is the Tenant’s standard form it uses across the majority of its 4,100 locations, a highly passive net lease that is landlord friendly, offering minimal expense exposure given the new renovations. The lease also provides for rental increases in the amount of ten percent (10%) every five (5) years throughout the primary lease term with fair market value rental increases in the option periods. Notably, the contractual rents are well below a regional and national average for prevailing market rates for similar product.
In Association With: Brian Corriston - TX Lic. #516241
The Property consists of 2.30 acres and a one-story, 11,317-square-foot medical office building that was retrofit-to-suit in 2015 to the exact specifications of the Tenant. The Property is located with frontage on Southmore Avenue (23k VPD) between Pasadena Boulevard (18k VPD) and Strawberry Road (13k VPD). Pasadena is an affluent suburb southeast of Houston and is a part of the fourth most populous MSA in the US. There are approximately 260,000 in population in a five-mile radius with an average household income in excess of $75,000 annually.
The Tenant recently completed a comprehensive retrofit-to-suit to the exact standards of its desired clinic type that is at the top end of the kidney care industry from a patient quality and care perspective. The initial term of the lease is for fifteen (15) years and will feature three (3), five (5) year renewal options. The lease is the Tenant’s standard form it uses across the majority of its 4,100 locations, a highly passive net lease that is landlord friendly, offering minimal expense exposure given the new renovations. The lease also provides for rental increases in the amount of ten percent (10%) every five (5) years throughout the primary lease term with fair market value rental increases in the option periods. Notably, the contractual rents are well below a regional and national average for prevailing market rates for similar product.
In Association With: Brian Corriston - TX Lic. #516241
Property Details
- Class
- C
- Year Built/Renovated
- 1980/2015
- Stories
- 1
- Property Subtype
- Medical
- Lot Size (sq. ft)
- 100,188 SF
Highlights
- Leading Operator with Investment-Grade Credit | Fresenius Medical Care Holdings, Inc., S&P: BBB-, $19.55B Revenue
- Growing Industry Insulated from Macroeconomic Changes
- Long-Term Lease with Rent Growth and Passive Expense Structure
- Below Market Rents
- Top MSA | Houston
- Densely Populated Area | 260K population, $75K average HHI (5 miles)
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