WellMed Plant City,Florida

$3,813,712
Closed Single-Tenant
Property type:Single-Tenant Net Lease

The space

  • Price: $3,813,712
  • Cap Rate: 6.25%
  • Annual Rent: $238,357
  • Rentable Square Feet: 13,754
  • Price PSF: $277.28
  • Land Area: 1.84 Acres
  • Year Built/Renovated: 1998/2017
  • Lease Type: NN
  • Lease Expiration: 7/31/2030

Description

507 W. Alexander Street
Plant City, FL 33563

Investment Highlights

  • Two, Five Year Tenant Renewal Options with Five Percent Rent Increases Every Five Years in Options
  • At a Substantial Expense to the Tenant, an Additional 4,529 Square Feet was Added to the Building in 2017
  • WellMed is a Multibillion-Dollar Revenue Healthcare Company Serving the Senior Population Primarily in Texas and Florida
  • WellMed is Part of Optum, a UnitedHealth Group Company
  • Major Retail Corridor off James L. Redman Parkway with More Than 29,000 Vehicles Daily
  • Surrounding National Retailers Include Lowe’s, Publix, Aldi, Walmart Supercenter, Staples, Marshalls, Michaels, Ross, Big Lots, PetSmart, Planet Fitness, AutoZone, Chili’s Grill & Bar, Taco Bell, Wendy’s, McDonald’s, Starbucks, Dunkin’ Donuts, CVS, Bank of America and Many More

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire WellMed located in Plant City, Florida, and part of the Tampa MSA. This WellMed offers a recently extended 10-year, double net lease. The tenant has two, five-year renewal options with five percent rent increases in each option. In 2017 at a substantial expense to the tenant, an additional 4,529 square feet was added to the building bringing the new building size to 13,754 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 markets throughout Florida and Texas.

This WellMed is part of a busy retail corridor off James L. Redman Parkway with more than 29,000 vehicles daily. Surrounding national retailers include Lowe’s, Publix, Aldi, Walmart Supercenter, Staples, Marshalls, Michaels, Ross, Big Lots, PetSmart, Planet Fitness, AutoZone, Chili’s Grill & Bar, Taco Bell, Wendy’s, McDonald’s, Starbucks, Dunkin’ Donuts, CVS, Bank of America and many more. The property is also directly across the street from Plant City High School. The surrounding area has strong demographics with the average household income at $77,028 within in one mile of the property, $70,631 in three miles, and $72,209 in five miles.

The Subject Property is three miles from the Plant City Airport, and nine miles from the Lakeland Linder International Airport. As part of the Tampa MSA, WellMed in Plant City is 13 miles from Lakeland, 22 miles from Downtown Tampa, and 66 miles from Orlando. The Tampa metropolitan area contains roughly 3.1 million residents.

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