The Offering
Offering Price: $5,100,000 ($166/PSF)
Building Size: 30,686 SF
Year Built: 1996
Occupancy: 100% Master Leased
In-Place NOI: $340,610
In-Place Cap Rate: 6.68%
Projected NOI with Market Rental Rate: $578,603
Projected Cap Rate with Market Rental Rate: 11.35%
Projected 5-Year Leveraged IRR: 25.67%
CBRE’s Healthcare Capital Markets Group is pleased to exclusively offer the Hermitage Medical Plaza (the “Property”) for purchase. Hermitage Medical Plaza is a 30,986-square foot medical office building located in the Hermitage neighborhood of Nashville, Tennessee. Built in 1996, the Property is 100% leased by a joint venture between NOL, LLC (Premier Radiology), St. Thomas Health (Ascension Health System) and Murfreesboro Imaging Partners, LLC. Ascension (Moody’s ‘Aa3’ and S&P ‘AA+’) is the largest not-for-profit healthcare system in the U.S. with $20 billion in revenue, operating in 23 states and D.C. The system operates 131 hospitals (including 100 acute care hospitals), provides senior care and home health services, and employs over 5,000 physicians.
The Property is located in a high traffic retail corridor, approximately one mile from Tristar Summit Medical Center (HCA), a 200-bed comprehensive facility offering a full array of acute care services, including cardiology, emergency, oncology, orthopedics/spine, rehabilitation and women’s services.
Investment Highlights
- Investment Grade Health System Tenancy
- Strategic Location
- 100% Leased With Below Market Rent
- Property Offered Fee Simple
- Ample Parking
- Favorable Net-Lease Structure
- Exceptional Demographics
- Appealing Aging Trends
- Delivered Free and Clear of Existing Debt
CBRE INVESTMENT CONTACTS
Morgan Hillenmeyer
CBRE Investment Properties
+1 615 248 5930
morgan.hillenmeyer@cbre.com
Lee Asher
CBRE U.S. Healthcare Capital Markets
+1 404 504 5965
lee.asher@cbre.com
Chris Bodnar
CBRE U.S. Healthcare Capital Markets
+1 303 628 1711
chris.bodnar@cbre.com
Bill McKnight
CBRE Debt & Structured Finance
Vice President
+1 615 248 5941
bill.mcknight@cbre.com
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