Armenia Medical Office Building_Property for Sale

509 S. Armenia Ave, Tampa, FL, 33609, US

Armenia Medical Office Building

Asset Description

JLL has been exclusively retained to offer qualified investors the opportunity to acquire the fee simple interest in the Armenia Medical Office Building (the “Property” or the “Armenia MOB”), a 20,000 square foot, Class A outpatient facility located in Tampa Florida. The multi-tenant medical office building is fully leased to two credit rated tenants, the University of South Florida Health (“USF Health”) (Moody’s Aa2) and Tampa General Hospital (“TGH”) (Fitch A). Specialties within the Property include cardiology and cardiovascular physical rehabilitation. The Property was originally constructed in 2004 and was extensively renovated in 2021 and 2022 with over $480,000 in capital improvements. The Property is a strategic outpatient location for both Tenants, less than 1.5 miles from the 1,041 bed Tampa General Hospital, the largest hospital in the exceedingly high barrier entry South Tampa healthcare ecosystem, consisting of world-class hospitals, research institutions, specialty centers, physicians, and staff.

The offering is a rare opportunity to acquire a best-in-class medical office building in one of the nation’s fastest growing metro areas with two market-leading healthcare tenants under long-term triple net leases. The Property is available for acquisition on a fee simple basis and free and clear of debt.

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Attributes

Building area Net

20,000 sf

Occupancy

100.00%

Year built

2004

Land area net

1.00 acres (43,560 sf)

NOI

HK$4,770,000

Media

Investment Highlights

Exceptional, Long-Term Healthcare Investment

Scale in the market with 20,000 square feet
10.5 years of remaining lease term on a triple net basis
Desirable healthcare tenancy with specialties including cardiology and cardiac rehabilitation

Desirable Investment Grade Tenancy

Over $1.6 billion in net patient revenue generated annually by Tampa General Hospital
USF Health is an academic health system in partnership with the University of South Florida
USF Health has more than 900 physicians and other health care professionals, in over 30 specialties, available to treat everything from the most common illness to the most complex disease
TGH is a 1,041-bed non-profit, tertiary, research and academic medical center located on Davis Island in Tampa, Florida, servicing western Florida and the greater Tampa Bay region
Tampa General Hospital is the primary teaching affiliate of the Morsani College of Medicine of University of South Florida

Location within the High Growth Tampa MSA

Situated along Central Florida’s west coast, Tampa is the 18th largest MSA in the United States with nearly 3.2 million residents and is home to five Fortune 500 Headquarters
The Tampa MSA is the second largest in Florida, growing, on average, by 125 people per day and 16.5% from 2010-2020
The Tampa area boasts great schools, healthcare, cultural amenities, and an affordable cost of living and doing business, which is why the area is consistently ranked as one of the top places to live and has recently become a magnet for relocations