Webster Bank - $17.3MM Senior Care Loans
US - Murfreesboro, TN
NZ$28,570,000 | 9,379 m²
Jones Lang LaSalle Americas, Inc is pleased to offer for sale the US Renal Care dialysis clinic (the “Property” or the “USRC Space”). The USRC Space is located in downtown Logan and comprises a condominium interest in Suites 100 and 110 of the four suites (Suites 100, 110, 120, and 130), giving the owner a 70.67% pro rata share of the entire building. Comprising ±10,601 square feet of high-end medical office space located at 480 North 100 East, the Property was a strategic renovation-to-suit in 2022 for the majority condominium tenant, US Renal Care (“USRC” or “Tenant”). USRC is the fastest growing operator in the dialysis industry and the world’s third largest provider of dialysis products and services. The remaining third of the ground level and the entire basement level (Suites 120 and 130) will be occupied by Cache Theatre Company, a performing arts organization, on a five-year lease by the first quarter of 2023.
The Property is near the intersection of East 400 North and North Main Street (62,400+ vehicles per day) and strategically proximate to the Intermountain Logan Regional Hospital, a 148-bed healthcare facility serving four local counties and approximately 150,000 residents, as well as Utah State University’s 28,000 enrolled students. The hospital has recently implemented expansion plans, including a cancer center, ambulatory surgical center, and patient tower – signaling an increasing need for medical services in the region. Located within downtown Logan, the Property sits on a dense government and commercial corridor, with notable retailers surrounding the Property such as: Macey’s, Smith’s, Dollar Tree, Ross Dress for Less, Subway, In-n-Out Burger, Sherman Williams, 7-Eleven, and Walmart. The clinic also benefits from favorable nearby demographics with over 91,000 residents within a 5-mile radius of the Property, and a population in the area expected to grow over the coming 5-years (per Esri).
Investors have the exceptional opportunity to invest in a recession-resistant medical office asset in a high-growth market, supported by 1.7% annual base rent escalators and minimal landlord responsibilities.
RECESSION AND INTERNET-RESISTANT INDUSTRY WITH POSITIVE OUTLOOK
NEW RENOVATION-TO-SUIT DIALYSIS CLINIC WITH STRONG ANNUAL RENT GROWTH
STRATEGIC LOCATION WITHIN HIGH-TRAFFIC CORRIDOR