WellMed El Paso,Texas

$4,085,966
Closed Single-Tenant
Property type:Single-Tenant Net Lease

The space

  • Price: $4,085,966
  • Cap Rate: 6.00%
  • Annual Rent: $245,158
  • Rentable Square Feet: 13,087
  • Price PSF: $312.22
  • Land Area: 1.37 Acres
  • Year Built/Renovated: 1988/2018
  • Lease Type: NN
  • Lease Expiration: 10/31/2030

Description

501 N. Yarbrough, Building B
El Paso, TX 79915

Investment Highlights

  • Two, Five-Year Tenant Renewal Options with One Percent Annual Rent Increases
  • Subject Property Renovated and Expanded in 2018 with a Cost in Excess of $800,000
  • WellMed is a Multibillion-Dollar Revenue Healthcare Company Serving the Senior Population Primarily in Texas and Florida
  • Two Miles from Del Sol Medical Center, a 350-Bed Hospital and Newly Renovated 32-Bed Rehabilitation Hospital
  • Population Nearly 250,000 Within a Five-Mile Radius
  • Other Surrounding Retailers Include Walmart Supercenter, Walmart Neighborhood Market, Sam’s Club, Hobby Lobby, Ross, Dollar Tree, AtHome, La Z Boy Furniture, Walgreens, Wing Stop, McDonald’s, Olive Garden, Red Lobster and Others

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a newly renovated WellMed in El Paso, Texas. This WellMed offers a recently extended 10-year, double net lease. The tenant has two, five-year renewal options with one percent annual rent increases. In 2018, the property was renovated and expanded with a cost in excess of $800,000.

WellMed is a multibillion-dollar revenue healthcare company serving the senior population and working hard to keep older adults healthy. Today, WellMed is a network of doctors, specialists and other medical professionals that specialize in providing care for more than 700,000 adults with over 16,000 doctors’ offices in Texas and Florida.

The immediate and surrounding area has very strong traffic counts and demographics with a population nearly 250,000 within a five-mile radius. The Subject Property is located on North Yarbrough Drive with a daily traffic count of 26,000 vehicles, and 1.5 miles from Interstate 10, which is a major roadway in the area with more than 155,000 vehicles daily. With direct access on I-10, this WellMed is just minutes from a major retail area. The property is four miles from Cielo Vista Mall, El Paso’s main shopping destination anchored by Dillards, Macy’s and Sears, and four miles from The Fountains Mall, an outdoor retail complex with national tenants including Best Buy, Five Below, HomeGoods, TJ Maxx, Ulta Beauty, Nordstrom Rack, Mattress Firm, Chipotle, Ruth’s Chris Steakhouse, Starbucks, PF Changes and many more.

El Paso has a strong military presence, with the Subject Property only 11 miles from Fort Bliss, the largest installation in U.S. Army Forces Command and second largest in the Army overall, home to over 20,000 military personnel and 7,200 civilians. WellMed in El Paso is two miles from Del Sol Medical Center, a 350-bed hospital and newly renovated 32-bed rehabilitation hospital, and two miles from El Paso Community College with a total enrollment of nearly 29,000 students across five campuses.

Tim Speck
Broker of Record
P: (972) 755-5200
Lic #: 9002994

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