Brown Gibbons Lang & Company | Real Estate Partners has been retained by ownership to offer qualified investors the exceptional opportunity to acquire Southpoint Surgery Center (the “Property” or “Building”), a premier physician-owned medical office building and outpatient surgery center that is located in Jacksonville, Florida. Consisting of approximately 34,133 rentable square feet over three floors, the Property is located adjacent to the hospital campus of St. Vincent’s Medical Center Southside (the “Hospital”).
The Building is 100% leased and occupied by three tenants, including Southpoint Surgery Center, which anchors the Building, as well as Jacksonville Center for Reproductive Medicine and Nicolitz Eye Institute. Southpoint Surgery Center is a multi-specialty outpatient surgery center that is utilized by twenty-eight (28) surgeons that perform an average of over 10,000 cases annually with annual net revenue in excess of $10 million during each of the past three years.
St. Vincent’s Medical Center Southside is a 311-bed short-term acute care hospital that originally opened in 1984 as Jacksonville’s first private hospital before joining St. Vincent’s Healthcare in 2008, a faith-based, not-for-profit health system that has been serving Jacksonville and surrounding communities since 1916. The Hospital features St. Vincent’s Spine & Brain Institute, St. Vincent’s Center for Orthopedic Excellence, and a birthing center that is Jacksonville’s only neonatal ICU with all-private rooms.
At closing, the three (3) physician-owned practice groups will enter into new long-term leases that will include NNN expense recoveries and fixed annual rental escalations generating an initial Net Operating Income of $1,041,961. This is a unique opportunity to acquire a strategically located fee-simple multi-tenant medical facility that is adjacent and clinically aligned with an Ascension Health hospital.
Offering Highlights
- Supported by long-term triple-net leases with a proposed Year-1 NOI (Net Operating Income) of $1,041,961 and 2% annual escalations.
- Strategically located in an established medical corridor across the street from the 311-bed St. Vincent’s Medical Center Southside, a member of Ascension Health, where many of the physicians are admitting.
- The Property is fee-simple with no use restrictions.
- Located in Jacksonville, Florida, a primary market that is ranked #40 on the top 100 list of Metropolitan Statistical Areas in the country.
- The Property is anchored by the Southpoint ASC, a 12,845 SF ASC that features five (5) Class ‘C’ ORs and three (3) Procedure Rooms that is owned and utilized by the physician tenants at the Property.
- St. Vincent’s Medical Center Southside features a prominent birthing center with the areas only neonatal ICU with all-private rooms.
- The Property will be delivered free and clear of any debt.
Call for Offers: Thursday, April 7, 2017
Submit questions and offers to: Allen Inman | ainman@bglco.com
View the Executive Summary for more information.
Bypass the online summary and directly execute the Confidentiality Agreement
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
Jennifer Stein | Senior Advisor
Brown Gibbons Lang | Real Estate Partners
Direct: 213.446.5366 | jstein@bglco.com
Licensed FL Real Estate Broker # CQ1048764
Andrew R. Larwood | Director
Brown Gibbons Lang| Real Estate Partners
Direct: 312.658.4756 | alarwood@bglco.com
Allen C. Inman | Director
Brown Gibbons Lang | Real Estate Partners
Direct: 312.658.4754 | ainman@bglco.com
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