Sanitas - St. Cloud, FL_Property for Sale
Sanitas - St. Cloud, FL_Property for Sale
4980 E Irlo Bronson Memorial Hwy, St. Cloud, FL, 34771, US

Sanitas - St. Cloud, FL

Asset Description

JLL is pleased to offer the opportunity to acquire Sanitas Medical Center – St. Cloud, a new build-to-suit, single-tenant medical center located at 4980 E Irlo Bronson Memorial Hwy, St. Cloud, FL (the “Property” or “Asset”). The Asset is leased to Sanitas Medical Center (the “Tenant”) and is operating on a 10-year net lease with 2.0% annual rent increases, limited landlord responsibilities, and two five-year renewal options.


This center operates as a Sanitas primary care facility, offering family medicine services, walk-in clinic care, diagnostic imaging, lab work, and health programs. Sanitas operates 68 medical centers across Florida, Texas, Tennessee, Connecticut, and New Jersey, catering to over 350,000 patients. Strong partnerships with local health insurance organizations result in a steady stream of referrals from Florida Blue and other local insurers, facilitating rapid expansion and attracting a consistent patient base for Sanitas across its locations. In just under a decade, Sanitas has grown from three medical centers in Miami-Dade County to a network of over 68 locations, leading to a notable increase in revenue, which rose by over 71% from FY2020 to FY2022. Sanitas achieved this growth while incurring little to no debt, and the Tenant generated an impressive EBITDAR margin of 27.9% in FY2022.


The Asset is situated in St. Cloud, located just 20 miles south of downtown Orlando, the 2nd fastest growing large city in the US from 2021 – 2022. St. Cloud is the second fastest-growing town in Florida, experiencing 68% population growth since 2010. The Tenant’s medical practice benefits considerably from being less than 8 miles from Lake Nona Medical City, a 650-acre health and life science park that is home to three major hospitals and a multitude of research and education facilities. The Property is situated in a retail area that is anchored by two grocery tenants, Publix and Winn-Dixie and has direct access to E Irlow Bronson Memorial Highway and S Narcossee Road, which see a combined VPD of over 70K.


This unique opportunity offers investors the ability to acquire a build-to-suit healthcare asset located in a fast-growing location and leading MSA. The asset offers secure, long-term cash flow backed by a leading healthcare tenant.


...

Attributes

Asking price
€5,266,000
Cap rate
6%
Building area net
632 m²
Year built
2024
WAULT
10 years

Media

Investment Highlights

NATIONAL HEALTHCARE NETWORK WITH STRONG PERFORMANCE

  • Founded in 2014, Sanitas has 68 medical centers serving more than 350,000 patients across five states
  • The Tenant has shown impressive growth in recent years, with revenues increasing by 71.3% from FY2020 to FY2022 while maintaining little to no debt on their balance sheet
  • Through partnerships and referrals from Blue Cross & Blue Shield, Sanitas has created a strong funnel to source patients for new and longstanding locations

HIGH GROWTH MARKET WITH STRONG HEALTHCARE PRESENCE

  • St. Cloud’s population has doubled since 2003 and is projected to double again in the next 20 years
  • The surrounding 5-mile radius has rapidly grown since 2010, with the population increasing by 68%
  • The Property is just 8 miles south of the Lake Nona Medical City, a 650-acre healthcare and life science park that is home to three major hospitals
  • The site has direct access to two well-trafficked roads (combined 70K VPD), and the surrounding retail area is anchored by two grocery tenants, Publix and Winn-Dixie
  • Orlando had the 2nd fastest-growing population of all U.S. cities from 2021 to 2022

RAPIDLY GROWING HEALTHCARE SERVICES INDUSTRY

  • The U.S. Healthcare industry is expected to grow at a CAGR of 5.5% from 2022 to 2028
  • Accelerating outpatient care fundamentals where 74% of new outpatient medical construction is off-campus, the highest level on record

LONG-TERM NET LEASE WITH ANNUAL RENT INCREASES

  • The asset is a 2024 build-to-suit with 10 years of term remaining, 2.0% annual rent escalations, and two, five-year extension options, offering secured and growing long-term cash flow with a high likelihood of renewal


Sanitas - St. Cloud, FL 4_Property for Sale

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Last updated
12 Jan 2024