Sanitas - St. Cloud, FL

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.