Description

Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to offer the opportunity to acquire the fee simple interest in the Chen Dedicated Holdings LLC (“ChenMed” or “Tenant”) medical office building located at 7050 Ulmerton Road, Largo, FL ("Property" or "Asset"). At this location ChenMed operates its Dedicated Senior Medical Center concept. The Property is fully occupied by ChenMed, operating on a long-term, absolute NNN lease with ±19 years of primary term remaining and 2.50% annual escalations.

Dedicated Senior Medical Center, a key part of the national ChenMed family, provides a transformative, physician-led primary care model specifically for seniors. As a comprehensive healthcare destination, it offers a full spectrum of services under one roof, including on-site labs, diagnostics, medication dispensing, and transportation. The center operates on a high-touch, value-based care model, assigning each physician a small patient panel to ensure personalized attention. This proactive approach leads to proven superior outcomes, including 33% fewer hospitalizations for its patients, and has fueled the company's expansion to over 110 centers nationwide.

BROKER OF RECORD

Manny DeZarraga

FL License No. 2025003584

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Attributes

Asking price

SEK 61,510,000

Cap rate

6.25%

Occupancy

100%

WAULT

18.7 years

Media

Investment Highlights

Long-Term Absolute NNN Lease: Approximately 19 years remaining with 2.50% annual rent increases and two 7-year renewal options.

Institutional Healthcare Tenant: Operated by a nationally established healthcare provider specializing in senior-focused primary care services.

Premier Medical Corridor Location: Strategically positioned on Ulmerton Rd with strong visibility and access between US 19 and I-275, near St. Pete–Clearwater International Airport.

Dense Healthcare & Senior Demographics: Located near major regional hospital systems in a market with a large and growing senior population and strong Medicare Advantage penetration.

Strong Tampa Bay Market Fundamentals: Situated in Pinellas County within the 3.4 million-person Tampa Bay MSA, one of Florida’s most densely populated and economically active regions.