Midway Medical
7456 South State Road, Bedford Park, IL, 60638, US
5.416 m²
Objektbeschreibung
Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to present to qualified investors an opportunity to acquire Pima I & II ("Properties"), a class A stabilized medical outpatient building and an adjacent soon to be vacant mirror image building primed to be leased as outpatient medical and/or office, located in Scottsdale, Arizona. Built in 2008, the Properties are situated at 8415 (“Pima I”) and 8465 (“Pima II”) North Pima Road and total 181,195 rentable square feet, in aggregate.
Diverse, high-quality tenant mix with proven durability
- Pima I is a 91,212 square foot, 92% leased medical outpatient building with 18 unique tenants offering a variety of high-margin medical specialties and a proven track record of high performance with consistent occupancy (over 93% since 2022), high tenant retention with an average tenant tenure of 7.3 years, and consistent average annual rent growth of over 5.0% since 2019
Superb medical submarket fundamentals with substantial mark-to-market opportunity
- Compelling value-add opportunity with average in-place rents at Pima I approximately 15% below market rents, implying potential for substantial revenue growth through strategic lease renewals and new leasing, paving the way for enhanced cash flow and asset appreciation
Highly accessible location providing ideal setting for outpatient care
- The Properties offer terrific accessibility via the 101 freeway, situated less than 1.6 miles from HonorHealth’s Shea Medical Center in a high-growth corridor proximate to active development projects including Banner Health’s North Scottsdale Hospital and the upscale Reverb by Hard Rock Hotel
Located in high-growth, affluent Scottsdale submarket
- Bullseye location within Scottsdale, one of the most desirable and high-growth submarkets in the United States, the Properties benefit from exceptional demographics within 1, 3 and 5-mile radius, including a population of over 160,000, an impressive average household income of $133,000, and a forecasted annual population growth rate of 2.0% annually
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Eigenschaften
Gebäudefläche netto
16.834 m²
Baujahr
2008
Anzahl der Gebäude
2
Medien
Investment-Highlights
- Pima I is comprised of 18 unique tenants and offers a range of services including a two-OR surgery center, fertility clinic, ENT, plastic surgery, a wide array of dental practices, neurology and more
- Pima I has benefitted from high tenant retention with a 7.3 year WATT (“Weighted Average Tenant Tenure”) and historical occupancy of over 93% since 2022 demonstrating the asset’s resilience and long-term income stability
- Compelling value-add opportunity with average in-place rents approximately 15% below the projected market rents, implying potential for substantial revenue growth through strategic lease renewals and new leasing, paving the way for enhanced cash flow and asset appreciation
- Compelling opportunity to acquire premium outpatient medical real estate significantly below replacement cost, which exceeds $600 PSF
- Current Landlord has invested nearly $1,500,000 in capital improvements over the last five years including a new roof, reseal of the parking lot, and a common area refresh
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Pima I & II (0 Objekte)
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Zuletzt aktualisiert
20. März 2025
