Single-Tenant Office Medical
Steward Medical Group
3540 N Pine Island Rd, Sunrise, FL 33351
Listing Price: $7,865,000
Investment Overview
Marcus & Millichap is pleased to present the fee simple ownership of 3540 North Pine Island Road in Sunrise, Florida. The subject property is 100 percent leased to Steward Medical Group – Advanced Neuroscience Institute and there will be five years of lease term remaining at close of escrow. Steward Healthcare System is headquartered out of Dallas, Texas and is the largest physician-owned healthcare network which includes over 5,500 providers, 43,000 healthcare professionals, and cares for more than 12.3 million patients per year. It is a global network of hospitals, urgent care centers, skilled nursing facilities, behavioral health services, and multi-specialty physician practices. In August of 2021, it was announced that Steward Health Care, “successfully completed the acquisition of five hospitals in South Florida from Tenet Healthcare Corporation (NYSE: THC) including North Shore Medical Center, Coral Gables Hospital, Hialeah Hospital, and Palmetto General Hospital in Miami Dade County, and Florida Medical Center in Broward County. Under the terms of the agreement, Steward will purchase these five hospitals and their associated physician practices from Tenet for approximately $1.1 billion.” Even though the lessee is Steward Medical Group, the guarantor on both leases is Tenet Florida, Inc. Tenet Healthcare is a Fortune 500 Company and according to their 2Q 2023 Earnings Report, the FY 2023 adjusted EBITDA outlook is going to be in the range of $3.310-$3.460 billion.
Steward Medical Group
Investment Highlights
- Absolute NNN Lease | 5 Years Remaining at Close of Escrow
- Annual Rent Escalations… Hedge Against Inflation
- 16,801 Square Feet | 1995 Construction with Renovations in 2022
- Roof and Parking Lot Upgrades in 2022/2023
- Steward Health Care System | Largest Physician-Owned Healthcare Network in the United States
- Located Near Signalized Intersection of Pine Island Rd and Oakland Park Blvd | Combined 75,000 VPD
- In-Fill Location | Dense Demographics with Daytime Population of 359,761 People in 5-Mile Radius
- Sunrise, FL | Miami MSA
Listing Price: $7,865,000
Investment Highlights
- Absolute NNN Lease | 5 Years Remaining at Close of Escrow
- Annual Rent Escalations… Hedge Against Inflation
- 16,801 Square Feet | 1995 Construction with Renovations in 2022
- Roof and Parking Lot Upgrades in 2022/2023
- Steward Health Care System | Largest Physician-Owned Healthcare Network in the United States
- Located Near Signalized Intersection of Pine Island Rd and Oakland Park Blvd | Combined 75,000 VPD
- In-Fill Location | Dense Demographics with Daytime Population of 359,761 People in 5-Mile Radius
- Sunrise, FL | Miami MSA
Investment Overview
Marcus & Millichap is pleased to present the fee simple ownership of 3540 North Pine Island Road in Sunrise, Florida. The subject property is 100 percent leased to Steward Medical Group – Advanced Neuroscience Institute and there will be five years of lease term remaining at close of escrow. Steward Healthcare System is headquartered out of Dallas, Texas and is the largest physician-owned healthcare network which includes over 5,500 providers, 43,000 healthcare professionals, and cares for more than 12.3 million patients per year. It is a global network of hospitals, urgent care centers, skilled nursing facilities, behavioral health services, and multi-specialty physician practices. In August of 2021, it was announced that Steward Health Care, “successfully completed the acquisition of five hospitals in South Florida from Tenet Healthcare Corporation (NYSE: THC) including North Shore Medical Center, Coral Gables Hospital, Hialeah Hospital, and Palmetto General Hospital in Miami Dade County, and Florida Medical Center in Broward County. Under the terms of the agreement, Steward will purchase these five hospitals and their associated physician practices from Tenet for approximately $1.1 billion.” Even though the lessee is Steward Medical Group, the guarantor on both leases is Tenet Florida, Inc. Tenet Healthcare is a Fortune 500 Company and according to their 2Q 2023 Earnings Report, the FY 2023 adjusted EBITDA outlook is going to be in the range of $3.310-$3.460 billion.
