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Single-Tenant Office Medical

Humana Single-Tenant Medical Retail

449621 US-301, Callahan, FL 32011

Listing Price: $2,198,000

Cap Rate
7.41%
Tenant Name
Humana
Years Remaining On Lease
4.7
Gross SF
8,471
Guarantor
Corporate Guarantee
Rentable SF
7,200
Price/Gross SF
$259.47
Lease Type
Modified Gross
Rent Per Square Feet
$24.75

Investment Overview

Humana's Callahan Location is the premier location for professional medical space in Callahan Florida. This new, solid construction and prime retail frontage give any tenant the first contact with customers. Additionally, this property is located across the street from Callahan Elementary School and West Nassau High School. Humana is a publicly-listed (NYSE: HUM) insurance company based in Louisville, KY. Humana's corporate credit rating is BBB+ (S&P) across senior notes. This company has a long history of financial performance and holds an A- rating from AM Best. The Owner and partial occupant of this building is a local Dental practice that will be moving to a new facility down the street for future growth. Their Dental practice has numerous patients that come from the North and West Jacksonville, Hilliard, and South Georgia communities. Humana is expected to have a complete and final commencement date in early Q4 2022. While the expansion lease for this property has 6 years of initial term with two, three year options, Humana has also executed a parking lease with the adjacent parking lot owner that has three more years of term, plus a five year option. The 65 month base term of this lease is preceded by a construction term that begins on the date of Delivery of the Expansion Premises and will end with the Commencement Date of the Base Term. The Construction Term will last for the shorter of 270 days (9 months) or issuance of a Certificate of Occupancy, during which Tenant will pay a fixed rental rate of $9,288.23 monthly. During this period, the Tenant will build out their expansion space at their expense. Callahan and Nassau County have been traditionally rural markets surrounding Jacksonville. Over the next five years, population is expected to increase significantly as the Wildlight District's residential and commercial developments begin to deliver in 2022 and 2023. This will significantly increase population density along I-95 and SR-200, with additional growth and traffic along HWY-301.

Investment Highlights

  • Top Tier Professional Space available in Callahan, FL.
  • Located directly across the street from an Callahan Elementary School and West Nassau High School.
  • Significant Population Growth and Increased Retail Traffic Expected in Nassau County over the Next Five Years.

Exclusively Listed By

Financing By

Single-Tenant Office Medical

Humana Single-Tenant Medical Retail

Listing Price: $2,198,000

Cap Rate
7.41%
Tenant Name
Humana
Years Remaining On Lease
4.7
Gross SF
8,471
Guarantor
Corporate Guarantee
Rentable SF
7,200
Price/Gross SF
$259.47
Lease Type
Modified Gross
Rent Per Square Feet
$24.75

Investment Highlights

  • Top Tier Professional Space available in Callahan, FL.
  • Located directly across the street from an Callahan Elementary School and West Nassau High School.
  • Significant Population Growth and Increased Retail Traffic Expected in Nassau County over the Next Five Years.

Investment Overview

Humana's Callahan Location is the premier location for professional medical space in Callahan Florida. This new, solid construction and prime retail frontage give any tenant the first contact with customers. Additionally, this property is located across the street from Callahan Elementary School and West Nassau High School. Humana is a publicly-listed (NYSE: HUM) insurance company based in Louisville, KY. Humana's corporate credit rating is BBB+ (S&P) across senior notes. This company has a long history of financial performance and holds an A- rating from AM Best. The Owner and partial occupant of this building is a local Dental practice that will be moving to a new facility down the street for future growth. Their Dental practice has numerous patients that come from the North and West Jacksonville, Hilliard, and South Georgia communities. Humana is expected to have a complete and final commencement date in early Q4 2022. While the expansion lease for this property has 6 years of initial term with two, three year options, Humana has also executed a parking lease with the adjacent parking lot owner that has three more years of term, plus a five year option. The 65 month base term of this lease is preceded by a construction term that begins on the date of Delivery of the Expansion Premises and will end with the Commencement Date of the Base Term. The Construction Term will last for the shorter of 270 days (9 months) or issuance of a Certificate of Occupancy, during which Tenant will pay a fixed rental rate of $9,288.23 monthly. During this period, the Tenant will build out their expansion space at their expense. Callahan and Nassau County have been traditionally rural markets surrounding Jacksonville. Over the next five years, population is expected to increase significantly as the Wildlight District's residential and commercial developments begin to deliver in 2022 and 2023. This will significantly increase population density along I-95 and SR-200, with additional growth and traffic along HWY-301.

Exclusively Listed By

Financing By

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