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Office Medical

Coastal Eye Surgery Center

128 Bucksport Rd, Ellsworth, ME 04605

Listing Price: $4,375,000

Cap Rate
7.65%
Gross SF
10,082
Rentable SF
10,082
Price/Gross SF
$433.94
Occupancy
100.0%
Year Built
2008
Lot Size
2.11 acres

Investment Overview

Marcus & Millichap is pleased to present the Coastal Eye Surgery Center medical office property located at 128 Bucksport Road in Ellsworth, Maine. The total rentable building area is 10,082 square feet and is situated on 2.11 acres. The property was constructed in 2008 and is 100 percent occupied. The tenants recently extended the absolute net leases for an additional five years, showing commitment to this location. The lease features annual increases the greater of two percent or CPI through the base term. There are currently seven years of lease term remaining and three five-year renewal options.

The Coastal Eye Centers Ambulatory Surgery Center offers cataract surgery, intraocular lens implantation, laser vision correction, glaucoma management and treatment for diabetic eye disease and age-related macular degeneration. There is a Certificate of Need (CON) attached to the ambulatory eye surgery facility. The practice and surgery center pull patients from a 120-mile radius. Covenant Physician Partners, Inc. is an owner and operator of freestanding ambulatory surgery centers, anatomic pathology laboratories, anesthesia entities and physician practices. Covenant operates 88 single or limited-specialty ambulatory surgery centers across 19 states focused on high-volume, lower-risk procedures. Covenant recently purchased the remaining shares of the eye practice and ASC and is now 100% owner of both businesses.
This asset is strategically located one mile from Northern Light Maine Coast Hospital in Ellsworth, a 64-bed facility that provides emergency, primary and specialty care, acute inpatient, diagnostic, and surgical services. The property is located along US Route 1, providing ease of access for patients. Bucksport Road experiences approximately 10,000 vehicles per day.

Ellsworth, Maine is situated two hours north of Portland; there are over 18,000 people with an average household income of $79,000 within a ten-mile radius. Ellsworth was Maine’s fastest growing city from 2000-2010, with a growth rate of nearly 20 percent. With historic buildings and other points of interest, including the nearby Acadia National Park, Ellsworth is popular with tourists.

The Coastal Eye Surgery Center offers an incoming investor a stable investment opportunity. The tenant recently executed lease extensions for both leases and Covenant purchased the remaining shares of the clinical practice and ASC from the physician owner in 2021 showing their long term commitment to this location.

Investment Highlights

  • Recent Five-Year Lease Extension | Seven Years of Term Remaining | Three Five-Year Renewal Options
  • Absolute Net Lease Structures | Tenants Responsible for All Capital Repairs & Replacements
  • Annual Rental Increases the Greater of Two Percent or CPI
  • Certificate of Need (CON) Attached to the Surgery Center| Services Include Ophthalmology Clinic and Ambulatory Surgery Center
  • Covenant Physician Partners is 100 Percent Owner of Both the Eye Practice and ASC Businesses | Covenant is 70% Owned by USPI, which is a Subsidiary of Tenet Health (S&P & Fitch Rating: B+) | The other 30 Percent is Owned by KKR Co. Inc. (S&P & Fitch Rating: A)
  • Close Proximity to Northern Light Maine Coast Hospital (64 Beds)
  • Situated Along US Route 1 (10,000 Vehicles Per Day)
  • Increasing Population Demographics

Exclusively Listed By

Office Medical

Coastal Eye Surgery Center

Listing Price: $4,375,000

Cap Rate
7.65%
Gross SF
10,082
Rentable SF
10,082
Price/Gross SF
$433.94
Occupancy
100.0%
Year Built
2008
Lot Size
2.11 acres

Investment Highlights

  • Recent Five-Year Lease Extension | Seven Years of Term Remaining | Three Five-Year Renewal Options
  • Absolute Net Lease Structures | Tenants Responsible for All Capital Repairs & Replacements
  • Annual Rental Increases the Greater of Two Percent or CPI
  • Certificate of Need (CON) Attached to the Surgery Center| Services Include Ophthalmology Clinic and Ambulatory Surgery Center
  • Covenant Physician Partners is 100 Percent Owner of Both the Eye Practice and ASC Businesses | Covenant is 70% Owned by USPI, which is a Subsidiary of Tenet Health (S&P & Fitch Rating: B+) | The other 30 Percent is Owned by KKR Co. Inc. (S&P & Fitch Rating: A)
  • Close Proximity to Northern Light Maine Coast Hospital (64 Beds)
  • Situated Along US Route 1 (10,000 Vehicles Per Day)
  • Increasing Population Demographics

Investment Overview

Marcus & Millichap is pleased to present the Coastal Eye Surgery Center medical office property located at 128 Bucksport Road in Ellsworth, Maine. The total rentable building area is 10,082 square feet and is situated on 2.11 acres. The property was constructed in 2008 and is 100 percent occupied. The tenants recently extended the absolute net leases for an additional five years, showing commitment to this location. The lease features annual increases the greater of two percent or CPI through the base term. There are currently seven years of lease term remaining and three five-year renewal options. The Coastal Eye Centers Ambulatory Surgery Center offers cataract surgery, intraocular lens implantation, laser vision correction, glaucoma management and treatment for diabetic eye disease and age-related macular degeneration. There is a Certificate of Need (CON) attached to the ambulatory eye surgery facility. The practice and surgery center pull patients from a 120-mile radius. Covenant Physician Partners, Inc. is an owner and operator of freestanding ambulatory surgery centers, anatomic pathology laboratories, anesthesia entities and physician practices. Covenant operates 88 single or limited-specialty ambulatory surgery centers across 19 states focused on high-volume, lower-risk procedures. Covenant recently purchased the remaining shares of the eye practice and ASC and is now 100% owner of both businesses. This asset is strategically located one mile from Northern Light Maine Coast Hospital in Ellsworth, a 64-bed facility that provides emergency, primary and specialty care, acute inpatient, diagnostic, and surgical services. The property is located along US Route 1, providing ease of access for patients. Bucksport Road experiences approximately 10,000 vehicles per day. Ellsworth, Maine is situated two hours north of Portland; there are over 18,000 people with an average household income of $79,000 within a ten-mile radius. Ellsworth was Maine’s fastest growing city from 2000-2010, with a growth rate of nearly 20 percent. With historic buildings and other points of interest, including the nearby Acadia National Park, Ellsworth is popular with tourists. The Coastal Eye Surgery Center offers an incoming investor a stable investment opportunity. The tenant recently executed lease extensions for both leases and Covenant purchased the remaining shares of the clinical practice and ASC from the physician owner in 2021 showing their long term commitment to this location.

Exclusively Listed By

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