Healthcare

The Keith Corporation Medical Office Portfolio

Charlotte, Matthews, Marion, North Carolina United States
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Attributes

Building Area

Property Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale, on behalf of The Keith Corporation, three medical office buildings totaling 72,499 rentable square feet in the desirable Charlotte, North Carolina area. The portfolio is 97 percent occupied under long-term net leases with weighted average remaining lease term of 12.8 years. 87 percent of the rentable area features market leading health systems and multi specialty medical groups including Mission Health (HCA), western North Carolina’s dominant health care provider, Novant Health (Moody’s: Aa3), Tryon Medical Partners and Charlotte Radiology. Two properties are single tenant, with one on-campus subject to a favorable long-term ground lease and an absolute net lease. Collectively, the properties feature durable long-term income with contractual rent growth. One multi-tenant building offers growth in income from modest lease up activity. The three properties were recently constructed or renovated by The Keith Corporation, a renowned Charlotte-based industrial, healthcare, office and retail property developer. The properties offer state-of-the-art medical facilities and functionality, while minimizing capital outlay by owners for building requirements and leasing. High value practice areas with substantial upfit, such as a surgery center and advanced diagnostics, are supported by North Carolina Certificate of Need and should lead to a high probability of tenant renewal of leases. The Portfolio is offered in whole or in part; The Keith Corporation requests interested parties to submit individual offer prices to JLL for each discrete property.

Investment Highlights

WELL-OCCUPIED, NEW CONSTRUCTION MEDICAL OFFICE BUILDINGS

  • Scale with three new construction medical office buildings totaling 72,499 RSF in the Charlotte, North Carolina area
  • 97% occupied, including 87% by leading area healthcare providers such as Novant, Mission Health (HCA), Tryon MedicalPartners and Charlotte Radiology
  • 12.8 years weighted average lease term offers durable income to investors
  • Two single tenant buildings, including one on-campus, connected to hospital
  • High upfit areas such as hospital surgical suite, advanced imaging, urgent care, including North Carolina Certificate of Need in two of three buildings
  • Growth in net operating income estimated at 2.3% from contractual escalations and modest lease-up opportunity

FOOTHOLD WITH SCALE IN DESIRABLE CHARLOTTE, NORTH CAROLINA

  • Portfolio offers scale in North Carolina, centered in high population growth Charlotte submarkets, featuring highly sought after employed, commercial payor population
  • High growth in demand for healthcare services in Mecklenburg County (Charlotte) with population growth of 20 percent, 2010 – 2019, and high growth in portfolio submarkets at 3.9% annually
  • More than $1 billion in new hospital facility construction in Charlotte area drives need for outpatient growth
Last Updated Date: 06 May 2021
Mindy Berman
Mindy Berman
Senior Managing Director, Healthcare Group Leader
Brannan Knott
Brannan Knott
Senior Director, Capital Markets

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Last Updated Date: 06 May 2021

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