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Single-Tenant Office Medical

MUSC Health- Investment Grade Credit Health System- Recent Extension

1102 Roberts St, Camden, SC 29020

Listing Price: $1,228,000

Cap Rate
6.75%
Tenant Name
MUSC Gastroenterology
Years Remaining On Lease
8.4
Gross SF
5,648
Guarantor
Corporate Guarantee
Rentable SF
5,648
Price/Gross SF
$217.42
Lease Type
Double Net
Rent Per Square Feet
$14.91

Investment Overview

Marcus & Millichap is pleased to present the fee-simple ownership interest in 1102 Roberts St, Camden, South Carolina. This 5,614-square foot medical office facility is tenanted by Medical University South Carolina (MUSC). MUSC is the oldest medical school in South Carolina, founded in 1824, and the state’s only integrated academic health sciences center, providing education, research, and patient care. The clinical health system is comprised of 8 hospitals, some 1,600 beds, more than 100 outreach sites, the MUSC College of Medicine, the physicians’ practice plan, and nearly 275 telehealth location. MUSC and its affiliates have collective annual budgets of $3.2 billion. The more than 17,000 MUSC team members Include world-class faculty, physicians, specialty providers and scientists who deliver groundbreaking education, research, technology, and patient care. In 2017, Moody’s assigned MSUC a credit rating of “A1” (investment grade). We can confirm that this lease agreement is bound by the parent entity, Medical University of South Carolina Authority. The subject property will also be packaged up with the adjacent parcel (1104 Roberts Street) that serves as a parking lot for patients as well as the parcel immediately behind the subject property at 1102A Roberts Street which serves as a parking lot reserved for MUSC staff members. The 3 lots are approximately 1.55 total acres. The site operates as a gastroenterology and surgical associates office with six exam rooms and two procedure rooms. The tenant’s primary lease term was until June of 2024 but ownership has successfully agreed to an early 7-year lease extension with MUSC. The expiration date is now June 18, 2031 which means there is over 8.5 years of lease term remaining for a future investor. It is rare to see health systems renew at an outpatient location two years in advance which we believe underscores the tenant’s commitment and success at this site. In return for the early 7-year renewal, ownership paid over $15k to replace the flooring in the waiting room, professionally painted the interior and exterior of the building, removed certain shrubbery, and restriped the parking lot along with making minor repairs to the parking area. In addition to having cash flow guaranteed by an investment grade health system for nearly ten years, the lease structure is a desirable “NN” where the tenant is responsible for real estate taxes, CAM, and property insurance expenses. This lease structure protects an investor’s cash flow if operating Expenses were to rise in the future. The property boasts strategic positioning along major thoroughfare, Jefferson Davis Highway, which sees 17,300 vehicles per day. Additionally, it is a quarter mile south of the MUSC Health Kershaw Medical Center, a 119-bed facility and the second largest employer within a ten-mile radius. Camden, South Carolina is just thirty minutes from the state capital and University of South Carolina, Columbia.

Investment Highlights

  • Corporately guaranteed by the largest health system in South Carolina (bound by parent entity: Medical University of South Carolina Authority- investment grade credit ("A1" Moody's)
  • MUSC just renewed early for 7-years until June 18, 2031 – clear indication of commitment and success at the subject property
  • Quarter mile from the MUSC Health Kershaw Medical Center – synergies between this outpatient location and hospital

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Vice President/Regional Manager

    (843) 952-2300

    License(s) SC: 86628

    South Carolina

Financing By

Single-Tenant Office Medical

MUSC Health- Investment Grade Credit Health System- Recent Extension

Listing Price: $1,228,000

Cap Rate
6.75%
Tenant Name
MUSC Gastroenterology
Years Remaining On Lease
8.4
Gross SF
5,648
Guarantor
Corporate Guarantee
Rentable SF
5,648
Price/Gross SF
$217.42
Lease Type
Double Net
Rent Per Square Feet
$14.91

Investment Highlights

  • Corporately guaranteed by the largest health system in South Carolina (bound by parent entity: Medical University of South Carolina Authority- investment grade credit ("A1" Moody's)
  • MUSC just renewed early for 7-years until June 18, 2031 – clear indication of commitment and success at the subject property
  • Quarter mile from the MUSC Health Kershaw Medical Center – synergies between this outpatient location and hospital

Investment Overview

Marcus & Millichap is pleased to present the fee-simple ownership interest in 1102 Roberts St, Camden, South Carolina. This 5,614-square foot medical office facility is tenanted by Medical University South Carolina (MUSC). MUSC is the oldest medical school in South Carolina, founded in 1824, and the state’s only integrated academic health sciences center, providing education, research, and patient care. The clinical health system is comprised of 8 hospitals, some 1,600 beds, more than 100 outreach sites, the MUSC College of Medicine, the physicians’ practice plan, and nearly 275 telehealth location. MUSC and its affiliates have collective annual budgets of $3.2 billion. The more than 17,000 MUSC team members Include world-class faculty, physicians, specialty providers and scientists who deliver groundbreaking education, research, technology, and patient care. In 2017, Moody’s assigned MSUC a credit rating of “A1” (investment grade). We can confirm that this lease agreement is bound by the parent entity, Medical University of South Carolina Authority. The subject property will also be packaged up with the adjacent parcel (1104 Roberts Street) that serves as a parking lot for patients as well as the parcel immediately behind the subject property at 1102A Roberts Street which serves as a parking lot reserved for MUSC staff members. The 3 lots are approximately 1.55 total acres. The site operates as a gastroenterology and surgical associates office with six exam rooms and two procedure rooms. The tenant’s primary lease term was until June of 2024 but ownership has successfully agreed to an early 7-year lease extension with MUSC. The expiration date is now June 18, 2031 which means there is over 8.5 years of lease term remaining for a future investor. It is rare to see health systems renew at an outpatient location two years in advance which we believe underscores the tenant’s commitment and success at this site. In return for the early 7-year renewal, ownership paid over $15k to replace the flooring in the waiting room, professionally painted the interior and exterior of the building, removed certain shrubbery, and restriped the parking lot along with making minor repairs to the parking area. In addition to having cash flow guaranteed by an investment grade health system for nearly ten years, the lease structure is a desirable “NN” where the tenant is responsible for real estate taxes, CAM, and property insurance expenses. This lease structure protects an investor’s cash flow if operating Expenses were to rise in the future. The property boasts strategic positioning along major thoroughfare, Jefferson Davis Highway, which sees 17,300 vehicles per day. Additionally, it is a quarter mile south of the MUSC Health Kershaw Medical Center, a 119-bed facility and the second largest employer within a ten-mile radius. Camden, South Carolina is just thirty minutes from the state capital and University of South Carolina, Columbia.

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Vice President/Regional Manager

    (843) 952-2300

    License(s): SC: 86628

    South Carolina

Financing By

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