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Office Medical

Multi-Specialty Anchored Ambulatory Surgery Center

1502 Creighton Rd, Pensacola, FL 32504

Listing Price: Request For Offer

Gross SF
11,144
Rentable SF
11,144
Occupancy
100.0%
Year Built
1999
Lot Size
0.78 acres

Investment Overview

Marcus & Millichap is pleased to present the fee simple ownership of 1502 Creighton Road located in Pensacola, Florida. This property is a fully leased two-tenant medical office building that spans approximately 11,144-square-feet. The subject property was built in 1999, and formerly a retail-oriented building before it went under a full renovation in 2020 converting the space into a state-of-the-art surgical center. The anchor tenant is Panhandle Outpatient Surgery Center (62 percent of RBA) which is a joint venture partnership amongst the surgeons and United Surgical Partners International (‘’USPI”). USPI is part of Tenet Healthcare and operates over 400 ambulatory facilities across 28 states. Panhandle Outpatient Surgery Center signed a brand-new 15-year lease in October of 2021. There are presently six surgeons who utilize the ASC space and the services offered are outpatient vascular and outpatient orthopedic surgeries. The other tenant is Panhandle Vascular Surgical Specialists (38 percent of RBA) which is a private practice founded by Dr. Lincoln Roland in 2018. Panhandle Vascular Surgical Specialists has been a tenant in the building since 2020 will be executing a brand-new lease that will commence at close of escrow and run through until December 31st, 2031. The subject property benefits from high visibility as over 22,000 VPD travel on Creighton Road, synergy with several other medical office developments underway in the area, as well as hundreds of townhomes being constructed near the asset to support the robust population growth. Along with the long-term lease in effect for Panhandle Outpatient Surgery Center, this tenant operates under a highly desirable triple-net lease structure meaning there are close to zero landlord responsibilities. There are also 2.75 percent annual rental escalations throughout the primary lease term until November of 2036 which provides a future investor with a cushion against inflationary pressure. Similarly, Panhandle Vascular Surgical Specialists operates under a triple-net lease structure and includes 3 percent annual rental escalations through December of 2031. These characteristics make this investment opportunity highly-passive and protects a future owner from a sudden rise in operating expenses that would adversely impact their annual cash flow. Ambulatory surgery centers are a highly sought-after subtype within the medical real estate space because of the continued healthcare shift from inpatient to outpatient surgeries. ASC’s can engage patients and deliver preventative care services in a more cost-effective setting and patients can benefit from a convenience of easy access and shorter visit length when compared to a traditional hospital. According to Healthcare Real Estate Insights, “The number of ASCs nationwide has grown to about 5,200 in 2022 from slightly more than 4,000 in 2012, an increase of 21 percent. Annually, about 23 million procedures – out of a total of 57 million at all types of facilities, including hospitals- are performed at ASCs nationwide, accounting for about 40 percent of all U.S. surgeries. Less than 20 percent of all surgeries are performed in inpatient hospitals.” Institutional and private capital continues to target commercial properties located in Florida because there is no state income tax and nearly 330,000 people moved to the state of Florida from April of 2020 to April of 2021. Florida was recognized as the number 1 destination for relocating Americans last year and these demographic tailwinds is one of the main drivers for investor appetite.

Investment Highlights

  • 100 Percent Occupied
  • State-of-the-art surgical center
  • 22,000 VPD travel on Creighton Road

Exclusively Listed By

Broker of Record

  • Ryan Nee

    Senior Vice President/ Division Manager

    (954) 245-3400

    License(s) FL: BK3154667

    Florida

Office Medical

Multi-Specialty Anchored Ambulatory Surgery Center

Listing Price: Request For Offer

Gross SF
11,144
Rentable SF
11,144
Occupancy
100.0%
Year Built
1999
Lot Size
0.78 acres

Investment Highlights

  • 100 Percent Occupied
  • State-of-the-art surgical center
  • 22,000 VPD travel on Creighton Road

Investment Overview

Marcus & Millichap is pleased to present the fee simple ownership of 1502 Creighton Road located in Pensacola, Florida. This property is a fully leased two-tenant medical office building that spans approximately 11,144-square-feet. The subject property was built in 1999, and formerly a retail-oriented building before it went under a full renovation in 2020 converting the space into a state-of-the-art surgical center. The anchor tenant is Panhandle Outpatient Surgery Center (62 percent of RBA) which is a joint venture partnership amongst the surgeons and United Surgical Partners International (‘’USPI”). USPI is part of Tenet Healthcare and operates over 400 ambulatory facilities across 28 states. Panhandle Outpatient Surgery Center signed a brand-new 15-year lease in October of 2021. There are presently six surgeons who utilize the ASC space and the services offered are outpatient vascular and outpatient orthopedic surgeries. The other tenant is Panhandle Vascular Surgical Specialists (38 percent of RBA) which is a private practice founded by Dr. Lincoln Roland in 2018. Panhandle Vascular Surgical Specialists has been a tenant in the building since 2020 will be executing a brand-new lease that will commence at close of escrow and run through until December 31st, 2031. The subject property benefits from high visibility as over 22,000 VPD travel on Creighton Road, synergy with several other medical office developments underway in the area, as well as hundreds of townhomes being constructed near the asset to support the robust population growth. Along with the long-term lease in effect for Panhandle Outpatient Surgery Center, this tenant operates under a highly desirable triple-net lease structure meaning there are close to zero landlord responsibilities. There are also 2.75 percent annual rental escalations throughout the primary lease term until November of 2036 which provides a future investor with a cushion against inflationary pressure. Similarly, Panhandle Vascular Surgical Specialists operates under a triple-net lease structure and includes 3 percent annual rental escalations through December of 2031. These characteristics make this investment opportunity highly-passive and protects a future owner from a sudden rise in operating expenses that would adversely impact their annual cash flow. Ambulatory surgery centers are a highly sought-after subtype within the medical real estate space because of the continued healthcare shift from inpatient to outpatient surgeries. ASC’s can engage patients and deliver preventative care services in a more cost-effective setting and patients can benefit from a convenience of easy access and shorter visit length when compared to a traditional hospital. According to Healthcare Real Estate Insights, “The number of ASCs nationwide has grown to about 5,200 in 2022 from slightly more than 4,000 in 2012, an increase of 21 percent. Annually, about 23 million procedures – out of a total of 57 million at all types of facilities, including hospitals- are performed at ASCs nationwide, accounting for about 40 percent of all U.S. surgeries. Less than 20 percent of all surgeries are performed in inpatient hospitals.” Institutional and private capital continues to target commercial properties located in Florida because there is no state income tax and nearly 330,000 people moved to the state of Florida from April of 2020 to April of 2021. Florida was recognized as the number 1 destination for relocating Americans last year and these demographic tailwinds is one of the main drivers for investor appetite.

Exclusively Listed By

Broker of Record

  • Ryan Nee

    Senior Vice President/ Division Manager

    (954) 245-3400

    License(s): FL: BK3154667

    Florida

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