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JLL is pleased to offer for sale the fee simple interest in Saint Anne’s Hospital Corporation’s (“Saint Anne’s Hospital”) single-tenant, 10,211 square-foot urgent care facility strategically located directly off Interstate-195 (70,000 VPD) in New Bedford, Massachusetts (the “Property” or “Asset” or “Saint Anne’s – AFC Urgent Care”). The Property is subject to a NN lease from Steward Saint Anne’s Hospital Corporation (the “Tenant” or “AFC Urgent Care”) with 2.50 percent annual rental escalations and over 18 years of primary lease term remaining. Operating in the community for the past 115 years, Saint Anne’s Hospital employs the region’s largest medical staff and offers a comprehensive array of inpatient and outpatient services across its award-winning hospital and satellite locations. American Family Care (“AFC”) is the hospital affiliated operating partner at the facility. AFC operates over 200 facilities across 26 states and treats nearly three million patients per year. The Property’s strong real-estate fundamentals and long-term medical tenancy allow investors the opportunity to acquire a long-term, essential real estate investment within the dynamic New Bedford market.
ESSENTIAL SERVICE ORIENTED TENANCY WITH CORPORATE GUARANTY
- Saint Anne’s – AFC Urgent Care has and will continue to operate throughout the COVID-19 pandemic.
- AFC is the largest urgent care provider in New England.
- The Tenant is owned by Steward Health Care, the largest private, tax-paying, physician-led health care network in the United States.
- Services offered at the Property include on-site labs, x-rays, and vaccinations.
EXCELLENT VISIBILITY + ACCESSIBILITY NEAR INTERSTATE-195
- Saint Anne’s – AFC Urgent Care is located directly off Interstate-195 (70,000 VPD) on Coggeshall Street (17,000 VPD), providing patients with quick and convenient access throughout the New England area.
- The Property benefits from a prime out-parcel location next to Market Basket Grocery, 7-Eleven, Popeyes, Taco Bell, and McDonald’s.
LONG-TERM NET LEASE STRUCTURE WITH MINIMAL LANDLORD RESPONSIBILITIES
- Over 18 years of primary lease term remaining with 2.50% annual rental escalations.
- Recent 2014 construction and situated on 1.13 AC parcel.
- Tenant operates on a double-net lease structure with minimal landlord responsibilities.
- Two, ten-year options.