202 Inverness Center Dr, Birmingham, AL 35242
Marcus & Millichap is pleased to present the opportunity to acquire the Inverness Dental & Medical Plaza (The Property), located in the very affluent Birmingham, Alabama submarket of Hoover. Built in 2001, the property is a Class A, 20,019-squarefoot medical office building featuring advanced technology dental suites supported by well-appointed common areas with luxury finishes. The building is 100 percent occupied by three well-known dental practices who have all be occupants of the building since it was originally constructed in 2001, including Inverness Family and Cosmetic Dentistry, Birmingham
Endodontics and Great Smiles Orthodontics. All three tenants specialize in a different sector of the dental industry, resulting in cross synergies between them. The three tenants consistently refer business to each other, and aside from a brief state stay at home order in April, have operated continuously throughout the pandemic.
All three tenants executed new 12-year NNN leases with 2% annual rent increases and personal guarantees in February 2019. These lease structures provide investors with stable cash from original tenants who have invested significantly in their dental practices and suites.
Conveniently positioned on Highway 280 in Hoover, Alabama, The Property is located two miles from Grandview Medical Center, a 372-bed hospital that provides comprehensive healthcare services to patients in Birmingham and surrounding communities. The Property is surrounded by high-end residential homes and apartments, new hotels, senior housing and, credit tenant commercial properties. Within a three mile radius of The Property, average household income exceeds $125,000.
Marcus & Millichap is pleased to present the opportunity to acquire the Inverness Dental & Medical Plaza (The Property), located in the very affluent Birmingham, Alabama submarket of Hoover. Built in 2001, the property is a Class A, 20,019-squarefoot medical office building featuring advanced technology dental suites supported by well-appointed common areas with luxury finishes. The building is 100 percent occupied by three well-known dental practices who have all be occupants of the building since it was originally constructed in 2001, including Inverness Family and Cosmetic Dentistry, Birmingham
Endodontics and Great Smiles Orthodontics. All three tenants specialize in a different sector of the dental industry, resulting in cross synergies between them. The three tenants consistently refer business to each other, and aside from a brief state stay at home order in April, have operated continuously throughout the pandemic.
All three tenants executed new 12-year NNN leases with 2% annual rent increases and personal guarantees in February 2019. These lease structures provide investors with stable cash from original tenants who have invested significantly in their dental practices and suites.
Conveniently positioned on Highway 280 in Hoover, Alabama, The Property is located two miles from Grandview Medical Center, a 372-bed hospital that provides comprehensive healthcare services to patients in Birmingham and surrounding communities. The Property is surrounded by high-end residential homes and apartments, new hotels, senior housing and, credit tenant commercial properties. Within a three mile radius of The Property, average household income exceeds $125,000.
