Description

JLL is pleased to offer the opportunity to acquire Florida Eye Microsurgical Institute, a single-tenant ophthalmology clinic and ambulatory surgery center located at 1717 W Woolbright Rd, Boynton Beach, FL (the "Property" or "Asset"). The Asset is leased to EyeSouth Partners and guaranteed by as EyeSouth Eye Care Holdco, LLC (the "Tenant" or "EyeSouth") on an absolute NNN lease with 7.0 years of remaining lease term, annual rent increases of the lesser of 2.00% or 1.25x CPI and four, 5-year renewal options.

The Property serves as the flagship clinic and surgical center for Florida Eye Microsurgical Institute, a comprehensive ophthalmology practice founded in 1975 offering cataract, cornea, glaucoma, retina, LASIK and pediatric eye care that affiliated with EyeSouth Partners in 2018. The attached Boynton Beach ASC, an AAAHC-accredited, Medicare-certified, ophthalmology-only surgery center operating on site for more than 20 years, features three dedicated ophthalmic operating rooms, a post-anesthesia recovery area and a direct connection to the clinic. Headquartered in Atlanta and backed by Olympus Partners, EyeSouth is the largest surgically-focused ophthalmology network in the country with 70 affiliated practices, 400+ doctors and 285+ locations across 16 states.

The Asset is strategically positioned at the I-95 (218K VPD) / Woolbright Road (51K VPD) interchange within Palm Beach County's healthcare corridor, two miles from Bethesda Hospital East (401 beds, Baptist Health South Florida) and within five miles of Delray Medical Center (536 beds) and HCA Florida JFK Hospital (516 beds). Palm Beach County is Florida's third most populous county with 1.5+ million residents, and healthcare is its largest employment sector.

Situated on a 1.73-acre parcel, the 14,326 SF facility is surrounded by dense, established residential communities and benefits from Boynton Beach's mature demographic profile (median age of 42.5 years), a key driver of demand for cataract and other ophthalmic procedures.

This investment provides the opportunity to acquire a healthcare asset backed by a leading national ophthalmology platform, providing long-term cash flow with no landlord responsibilities and annual rent escalations in one of the most affluent markets in the Southeast.

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