WellMed Corpus Christi,Texas

$2,988,683
Available
Property type:Single-Tenant Net Lease

The space

  • Price: $2,988,683
  • Cap Rate: 5.85%
  • Annual Rent: $174,838
  • Land Area: 0.86 Acres
  • Year Built/Renovated: 2007/2016
  • Rentable Square Feet: 9,202
  • Lease Type: NN
  • Option Periods: 2, 5-Year Options
  • Rent Increases: 7% in Option Periods

Description

5846 Wooldridge Road
Corpus Christi, Texas 78414

Investment Highlights

  • Two, Five-Year Tenant Renewal Options; Seven Percent Rent Increases in Each Option Period
  • Renovated in 2016 With a Cost of Approximately $650,000
  • Building was Expanded by 6,644 Square Feet, With New Building Size Totaling 9,202 Square Feet
  • WellMed is a Multibillion-Dollar Revenue Healthcare Company Serving the Senior Population Primarily in Texas and Florida
  • Within Walking Distance to Christus Spohn Hospital Corpus Christi – South With 158 Beds
  • Surrounding National Retailers Include Lowe’s, Target, Walmart Supercenter, The Home Depot, Sam’s Club, Dick’s Sporting Goods, HomeGoods, Marshall’s, Best Buy, Michael’s, Bed Bath & Beyond, Kohl’s, Pet Smart, H-E-B Grocery, Planet Fitness, Olive Garden, Chili’s Grill & Bar, PF Chang’s, Whataburger, Taco Bell, Starbucks, Dunkin Donuts, Walgreens and Many More

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a WellMed in Corpus Christi, Texas. This WellMed offers a recently extended 10-year, double net lease. The tenant has two, five-year renewal options with seven percent rent increases in the option periods. In 2016, the property was renovated with a cost of approximately $650,000 and expanded an additional 6,644 square feet, bringing the total building size to 9,202 square feet.

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 Subject Property is located off South Staples Street with 26,000 vehicles per day, and 1.5 miles from State Highway 358 with more than 154,500 vehicles daily. Highway 358 merges into Interstate 38 in Corpus Christi and connects the area directly to San Antonio. This WellMed is within walking distance to Christus Spohn Hospital Corpus Christi – South with 158 beds, and three miles from Corpus Christi Medical Center Bay Area with more than 630 beds and is recognized as one of America’s 50 Best Hospitals.

Corpus Christi has a strong military presence with the Subject Property less than nine miles from Naval Air Station Corpus Christi, less than five miles from Naval Airport Cabaniss Field, and seven miles from Naval Airport Waldon Field. The population is nearly 200,000 residents in a five-mile radius of WellMed. Just minutes from the property is a major retail corridor, home to several shopping centers and malls. Surrounding national retailers include Lowe’s, Target, Walmart Supercenter, The Home Depot, Sam’s Club, Dick’s Sporting Goods, HomeGoods, Marshall’s, Best Buy, Michael’s, Bed Bath & Beyond, Kohl’s, Pet Smart, H-E-B Grocery, Planet Fitness, Olive Garden, Chili’s Grill & Bar, PF Chang’s, Starbucks, Dunkin Donuts and many more.

Broker of Record

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

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