$17.3MM Senior Care Loans
US - Murfreesboro, TN
SEK 187,004,000 | 9,379 m²
Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the fee-simple interest in the single-tenant Duke Primary Care – Butner Creedmoor (the “Property” or “Asset”) located at 2503 E. Lyon Station Road, Creedmoor, North Carolina. The Property is 100% leased by Duke University Health System (“Duke Health” the “Tenant”) under a NN lease structure with 7.4 years of lease term remaining and 2.50% annual rent bumps, subject to two consecutive 5-year extension options. The asset was a 2010 build-to-suit for Duke Health and sits on a large 3.52 AC parcel.
Duke Health is the world-renowned academic medical center and part of the elite Duke University in Durham, NC, Duke Health has three hospitals with 1,603 beds, supporting 67,000 inpatient stays and 4.7 million outpatient visits annually supported by more than 2,000 physicians, including its large physician faculty staff. The annual revenue generated by the system amounts to $4.2 billion, and it has experienced growth of 33.3% since 2017. Duke Health has one of the highest investment grade ratings at Aa3 by Moody’s and AA- by S&P.
The Property is ideally situated in a dense retail location adjacent to Interstate 85 (36K VPD), which connects the area to downtown Durham. The Asset sits within the Raleigh-Durham market, which has seen exceptional growth with 180% population growth since 2000 as many corporations choose to relocate or expand their operations to the area. This Asset presents the opportunity to acquire a medical office asset with investment-grade tenancy in a highly coveted market.