Brown, Gibbons, Lang & Company | Real Estate Partners has been retained by ownership to offer qualified investors the exceptional opportunity to acquire Silverstein Institute (the “Property” or “Building”). The Property, totaling approximately 27,119 rentable square feet, is located in Sarasota, FL, one of the largest and most affluent markets in Florida. The location of Silverstein Institute provides exceptional patient access and convenience as the Property is highly visible and easily accessible from U.S. 41 and is located adjacent to 819-bed Sarasota Memorial Hospital, the 2nd largest acute care public hospital in Florida (the “Hospital”).
Sarasota Memorial Hospital is the largest health care provider in the Bradenton-Sarasota-Venice MSA and employs approximately 4,000 staff members, 800 physicians, and over 1,000 volunteers. The Hospital, among the 20 largest public hospitals in the United States, provides many specialty care services including heart and vascular, cancer, neuroscience, orthopedic, outpatient, and home care among others. The Hospital is the only provider of obstetrical services in Sarasota county and has the only Level III Neonatal Intensive Care Unit. The Hospital is also ranked among Florida’s top 5 hospitals and is the topperformer for overall care in the Bradenton-Sarasota region
The investment has a projected Year-1 Net Operating Income of $653,069 with annual rent escalations of over 2.5%. This is a unique opportunity to acquire a multi-tenant investment anchored by an established and world renowned ENT practice that has been providing comprehensive care to Sarasota and surrounding communities for over 30 years.
Silverstein Institute is an internationally renowned physicians’ practice dedicated to diseases of the ears, nose, and throat using the latest innovations in technology. One of the four divisions of Silverstein Institute, Florida Ear and Sinus Center, is located in the Building. Many surgeries of the ears, nose, and throat are performed at Florida Ear and Sinus Center, and care is provided specifically for Meniere’s disease, tinnitus, hearing and balance disorders, nasal and sinus disease, voice disorders, and a number of other conditions. With its location adjacent to Sarasota Memorial Hospital and Silverstein Institute’s admitting privileges at the Hospital, the Property enjoys a strong inpatient and outpatient referral network.
Opportunity Highlights
- The majority of the Property’s leases (74%) are NNN leases and enhanced by physician guaranties with a weighted average remaining lease term of nearly 9 years.
- The Property has a Year-1 NOI of $653,069 with average annual rent escalations of over 2.5%.
- 100% leased multi-tenant medical office building with well established multispecialty providers.
- The Building was re-measured at 27,119 RSF, providing the opportunity to increase NOI when leases expire.
- The Property is located adjacent to Sarasota Memorial Hospital, the 2nd largest hospital in Florida, which provides a significant and stable regional cross-referral network for the tenants.
- The Property is anchored by Florida Ear and Sinus Center, one of the world’s leading otolaryngology treatment centers.
View the Executive Summary for more information.
Bypass the online summary and directly execute the Confidentiality Agreement
Reminder Call for Offers Date: Tuesday, September 1st, 2015
Submit Offers to: Christopher L. Stai | cstai@bglco.com
Contact Information
Christopher L. Stai, CPA
Managing Director
Brown Gibbons Lang | Real Estate Partners
Direct: 949.936.2665 | cstai@bglco.com
Clinton J. Parker
Managing Director
Brown Gibbons Lang | Real Estate Partners
Direct: 210.352.5832 | cparker@bglco.com
Andrew R. Larwood
Senior Associate
Brown Gibbons Lang | Real Estate Partners
Direct: 312 658 4756 | alarwood@bglco.com
Allen C. Inman
Senior Associate
Brown Gibbons Lang | Real Estate Partners
Direct: 404 550 7897 | ainman@bglco.com
Jeff Ashby
Broker of Record
FL Broker License #: CQ1048764
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