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MEDICAL ARTSBUILDING
OFFERING MEMORANDUM AVAILABLE FOR SALE
2950 SYCAMORE DRIVE, SIMI VALLEY
2 3
2950 SYCAMORE SIMI VALLEY
TABLE OF CONTENTS
Property Highlights 05
Tenant Overview 08
Area Overview 10
Lease Comparables 16
Financial Overview 18
EXECUTIVE SUMMARY
JLL Capital Markets, as exclusive advisor, is pleased
to present a value-add opportunity to acquire the fee
simple interest in 2950 Sycamore Drive located in Simi
Valley, CA. This dynamic 28,053 square foot medical
office building is directly adjacent to the Adventist
Health Simi Valley Hospital, has 6:1,000 parking and sits
on 1.37 acres of land.
The building is currently 34.5% leased providing the
investor with an exciting acquisition that offers strong
in-place cash flow from reliable tenants and significant
upside through the leasing of the vacant spaces.
Large healthcare users already in the Simi Valley
market include Adventist Health, UCLA Health, Kaiser
Permanente and DaVita Kidney Care.
The property, with its large blocks of contiguous
available space, is being offered at $6,750,000.
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PROPERTY HIGHLIGHTS
ADDRESS: 2950 Sycamore Drive, Simi Valley
ASKING PRICE: $6,750,000
BUILDING SIZE: 28,093 SF
OCCUPANCY: 34.5%
YEAR BUILT: 1985
LAND AREA: 1.37 AC (59,677 SF)
PARKING: 170 Spaces (6.2 / 1,000 SF)
STORIES: 3
INVESTMENT HIGHLIGHTS
• 2950 Sycamore is adjacent to Adventist Health Simi Valley Hospital, a 144 bed hospital that is part of Adventist Health. Adventist Health currently has more than 20 hospitals, 250 clinics and 4,500 providers across California, Hawaii, Oregon and Washington.
• The building has two large contiguous blocks of space that are well suited for a credit healthcare user, giving the investor a significant opportunity to add value.
• The building is being offered as a low price per square foot investment.
• The property has 170 parking stalls, a 6:1,000 ratio which is well above the city’s required 5:1,000 ratio for medical use.
• Rents are currently below market, giving the investor an additional opportunity to drive value upon lease expirations.
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PROXIMITY TO ADVENTIST HEALTH HOSPITAL
MEDICAL ARTSBUILDING
PARCEL MAP
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Tapo Pharmacy – Suite 101, 1,600 SFTapo Pharmacy has been serving the Simi Valley community for over 50 years. Tapo Pharmacy is a full service pharmacy that also specializes in health care screenings, immunizations and diabetic care services.
They accept all insurance plans and are open every day of the week except for Sunday.
Dr. Chaffee – Suite 103, 1,440 SFDr. Ted Chaffee is a dentist who has been
practicing general dentistry in Simi Valley for over twenty years. Dr. Chaffee practices general
dentistry including cleanings, fillings and root canals. He also practices cosmetic dentistry.
Dr. Chaffee received his Doctor of Dental Surgery degree from Loma Linda University.
Simi Pediatrics – Suite 200, 2,000 SFSemi Pediatrics specializes in delivering care
to children of all ages. Simi Pediatrics has been in business for over 38 years and is now part of the Children’s Hospital of Los Angeles
(CHLA) Health Network. Led by doctors Brooks, Doberne and Tashman, Simi Pediatrics works
hard provide for the bright futures of the children of the Simi Valley community.
Calabassas Behavioral Health – Suite 203, 665 SFCalabassas Behavioral Health (CBH) provides
compassionate behavioral health for the entire family. CBH has grown to three locations,
with the other two located in Calabassas and Thousand Oaks. CBH is led by Dr. Werner-Crohn who completed her undergraduate degree at Harvard University and attended
UC San Francisco for medical school.
Coastal Vascular Center – Suite 301, 1,964 SFCoastal Vascular Center has the most
experienced vascular surgeons in Ventura County. They pride themselves in offering the most comprehensive program to treat venous
reflux and varicose veins. Coastal Vascular Center’s growing practice has expanded to a total of three locations, with other
offices located in Oxnard and Camarillo.
Regatta Health – Suite 302, 2,022 SFRegatta Health is a hematology and oncology
medical group with three practices across Southern California. Regatta Health’s other two locations are both located in in West
Hills. Regatta Health is led by Dr. Benjamin who graduated from the Tulane University School of Medicine. The Simi Valley office is
primarily staffed by Dr. Bassa Ghanem, who is affiliated with Adventist Health Simi Valley.
TENANT OVERVIEW
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SIMI VALLEY OVERVIEW
Simi Valley is a city northwest of Los Angeles with a 2017 population of 129,219 and a median age of 40 years. Simi Valley is the third largest city in Ventura county and is regularly voted one of the safest cities in the Country. Simi Valley is home to the Ronald Reagan Presidential Library which sees over 250,000 visitors per year and attracts tourists from all over the country.
Simi Valley is an affluent suburb; average household income is over $127,000 and 16% of the households earn over $200,000. The median home value is $568,000, and about three quarters of homes are owner occupied, suggesting strong long-term population growth. The city is home to 21 elementary schools and 3 high schools and has an annual K-12 enrollment of 16,476.
Simi Valley also boasts strong healthcare demographics and state of the art healthcare facilities, anchored by the 144 bed Adventist Health Simi Valley Hospital. Other large healthcare tenants in Simi Valley include DaVita Kidney Care and UCLA Health.
Ronald Reagan Presidential Library Adventist Health Simi Valley HospitalSimi Valley City Limits
AREA OVERVIEW
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82.5%TOTAL INSURED
COMMERCIAL INSURANCE 59.0%
MEDICARE 17.5%
MEDICADE 6.0%
UNINSURED 17.5%
INSURANCECOVERAGE
SIMI VALLEY INSURANCE COVERAGE
DEMOGRAPHICS
TOTAL POPULATION
MEDIAN HOME VALUE
MEDIAN HOUSEHOLD INCOME
POPULATION AGE 65+
82,096
$530,841
$96,962
13%
126,965
$565,994
$100,619
14%
3 MILE 5 MILE
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MAJOR HEALTHCARE OCCUPIERS
MEDICAL ARTSBUILDING
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LEASE COMPARABLESADDRESS: 3605 Alamo St
CITY: Simi Valley
TENANT: Taylor Pediatrics
SF: 3,292
RATE: $2.50 FSG
TI: $41
TERM: 72 Months
LCD: 12/10/2018
ADDRESS: 1445 E Los Angeles Ave
CITY: Simi Valley
TENANT: Dr. Proussaefs DDS
SF: 1,266
RATE: $2.87 FSG
TI: $0
TERM: 60 Months
LCD: 8/20/2017
ADDRESS: 3695 Alamo Street
CITY: Simi Valley
TENANT: Dr. Muradian DDS
SF: 1,357
RATE: $2.68 FSG
TI: $10
TERM: 60 Months
LCD: 1/4/2016
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FINANCIAL OVERVIEW
Medical Arts Building5-Year Hold Period
EXECUTIVE SUMMARY
PROPERTY DESCRIPTION
Property Type Office Size of Improvements 28,093 SFProperty Address 2950 Sycamore Drive Currently Vacant as of 2/1/19 18,402 SF
Simi Valley / CA Current Occupancy as of 2/1/19 34.50%Projected Occupancy as of 1/1/19 34.50%
ACQUISITION AND RESIDUAL SUMMARY LEVERAGE SUMMARY [1]
Purchase Price as of January 1, 2019 $240 PSF $6,750,000
Year 1 Year 2 Year 3Capitalization Rate 1.39% 2.16% 4.67%Cash Return -0.04% -0.43% -0.14%
3 Year 4 Year 5 YearAverage Capitalization Rate 2.74% 3.65% 4.96% Initial Debt YieldAverage Cash Return -0.20% 0.14% 2.13%
Net Residual Value as of December 31, 2023 $11,000,000 Purchase Price as of January 1, 2019 $6,750,000Net Residual Per Square Foot $392 Total Initial Loan Principal 0Residual Capitalization Rate 6.25% Total Initial Loan Fees 0Residual Cost of Sale 2.00% Holdbacks and Escrows 0
Initial Equity $6,750,000
ALL CASH IRR 11.65% LEVERAGED IRR 11.65%ALL CASH EQUITY MULTIPLE 1.74X LEVERAGED EQUITY MULTIPLE 1.74X
[1] No leverage assumptions are modeled in this analysis.
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof. The data contained herein is provided under professional standards. This publication does not constitute an offer to sell, or the solicitation of an offer to buy, and is subject to correction, completion and amendment w ithout notice. This publication is not an appraisal. JLL specifically disclaims all warranties, expressed or implied, with respect to the use of this information or any results with respect thereto. In addition, the information contained herein shall in no way be construed to constitute a recommendation by JLL. By accepting receipt of this publication, the recipient agrees not to distribute, offer or sell this publication or copies of it and agrees not to make use of the publication other than for its own general information purposes. JLL does not undertake and is under no obligation to update or keep current the information or content contained in this publication for future events. JLL does not accept any liability in negligence o r otherwise for any loss or damage suffered by any party resulting from reliance on this report/publication.
1/30/2019 9:20 AM 2
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Medical Arts Building5-Year Hold Period
ASSUMPTIONS
GLOBAL VACANT SPACE LEASING SECOND GENERATION LEASING
$2.75/sf/mos. FSG Analysis Period Occupancy and Absorption Retention Ratio 85%
Commencement Date January 1, 2019 Projected Vacant at 1/1/19 18,402 SFEnd Date December 31, 2023 Currently Vacant as of 2/1/19 18,402 SF Financial TermsTerm 5 Years Percentage Vacant at 2/1/19 65.50% 2019 Monthly Market Rent $2.75 PSF
Absorption Period 44 Month(s) Market Rent GrowthArea Measures Absorption Period Start Date January 1, 2019 CY 2020 - 3.00% - $2.83 PSF
Building Square Feet (NRSF) 28,093 SF First Absorption Occurs On June 1, 2019 CY 2021 - 3.00% - $2.92 PSF
Last Absorption Occurs On September 1, 2022 CY 2022 - 3.00% - $3.00 PSF
Growth Rates CY 2023 - 3.00% - $3.10 PSF
Consumer Price Index (CPI) 3.00% Financial Terms CY 2024 - 3.00% - $3.19 PSF
Other Income Growth Rate 3.00% 2019 Monthly Market Rent $2.75 PSF CY 2025 - 3.00% - $3.28 PSF
Operating Expenses 3.00% Rent Adjustment 3.00% Annually CY 2026 - 3.00% - $3.38 PSF
Real Estate Taxes 2.00% Lease Term 5/0 CY 2027 - 3.00% - $3.48 PSF
Expense Reimbursement Type Base Year CY 2028 - 3.00% - $3.59 PSF
General Vacancy Loss 5.00% [1] Rent Abatements 4 Month(s) CY 2029+ - 3.00% - $3.70 PSF
Credit Loss 0.00% Tenant Improvements ($/NRSF) $35.00 PSFCommissions 6.00% Contractual Rent Adjustments 3.00% Annually
Lease Term (Years/Months) 5/0RESIDUAL EXPENSES Expense Reimbursement Type Base Year
Residual Capitalization Rate 6.25% Operating Expense Source 2017 Income Tax Returns Tenanting CostsResidual Cost of Sale 2.00% Rent Abatements
Management Fee (% of EGR) 0.00% New 4 Month(s)Renewal 2 Month(s)
Real Estate Taxes Reassessed Yes [2] Weighted Average 2.30 Month(s)Millage Rate 1.095800%Special Assessments $1,516 Tenant Improvements ($/NRSF)
New $35.00 PSFCapital Reserves (CY 2019 Value) $0.10 PSF Renewal $0.00 PSF
Weighted Average $5.25 PSF
Leasing CommissionsNew 6.00%Renewal 3.00%Weighted Average 3.45%
Notes:All market rates are stated on calendar-year basis. Downtime
New 10 Month(s)[1] General Vacancy Loss factor includes losses attributable to projected lease-up, rollover downtime, and fixturing downtime. Weighted Average 2 Month(s)
All tenants are subject to this loss factor.[2] Real Estate Taxes have been reassessed at the estimated purchase price based on a millage rate of 1.095800% plus special assessments of $1,516.
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof. The data contained herein is provided under professional standards. This publication does not constitute an offer to sell, or the solicitation of an offer to buy, and is subject to correction, completion and amendment without notice. This publication is not an appraisal. JLL specifically disclaims all warranties, expressed or implied, with respect to the use of this information or any results with respect thereto. In addition, the information contained herein shall in no way be construed to constitute a recommendation by JLL. By accepting receipt of this publication, the recipient agrees not to distribute, offer or sell this publication or copies of it and agrees not to make use of the publication other than for its own general informatio n purposes. JLL does not undertake and is under no obligation to update or keep current the information or content contained in this publication for future events. JLL does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this report/publication.
1/30/2019 9:20 AM 3
Medical Arts Building5-Year Hold Period
CASH FLOW PROJECTIONS CASH FLOW PROJECTIONS (SECOND 10-YEAR HOLD PERIOD)
Calendar Year 2019 2020 2021 2022 2023 2024[3]
CY 2019REVENUES $/SF/MO
Scheduled Base RentPotential Base Rent $2.68 $902,818 $937,058 $962,159 $974,309 $988,315 $1,018,073Absorption & Turnover Vacancy (1.68) (567,091) (507,023) (367,377) (173,280) (4,117) (13,307)Free Rent (0.07) (22,957) (56,218) (43,607) (119,431) (4,734) (15,303)
Total Scheduled Base Rent 0.93 312,770 373,817 551,175 681,598 979,464 989,464Total Expense Recoveries 0.02 5,895 4,161 5,011 10,532 16,849 20,964
POTENTIAL GROSS REVENUE 0.95 318,665 377,979 556,185 692,130 996,313 1,010,428General Vacancy Loss 0.00 0 0 0 (12,600) (45,905) (42,540)
EFFECTIVE GROSS REVENUE 0.95 318,665 377,979 556,185 679,530 950,408 967,887OPERATING EXPENSES [6]
Insurance (0.08) (26,352) (27,143) (27,957) (28,796) (29,659) (30,549) Repairs (0.19) (63,966) (65,885) (67,862) (69,897) (71,994) (74,154) Utilities (0.18) (61,857) (64,884) (69,185) (74,380) (79,262) (81,502) Real Estate Taxes (0.22) (72,743) (74,168) (75,621) (77,103) (78,614) (80,156)
TOTAL OPERATING EXPENSES (0.67) (224,918) (232,079) (240,624) (250,175) (259,530) (266,362)NET OPERATING INCOME 0.28 93,748 145,899 315,561 429,355 690,878 701,525CAPITAL COSTS
Tenant Improvements (0.22) (73,045) (120,692) (254,611) (268,024) (3,929) (12,702)Leasing Commissions (0.06) (20,561) (51,013) (67,556) (78,821) (4,361) (14,096) Capital Reserves (0.01) (2,809) (2,894) (2,980) (3,070) (3,162) (3,257)
TOTAL CAPITAL COSTS (0.29) (96,416) (174,599) (325,147) (349,915) (11,452) (30,055)OPERATING CASH FLOW ($0.01) ($2,668) ($28,699) ($9,586) $79,440 $679,426 $671,471ACQUISITION & RESIDUAL SALE
Acquisition Cost ($6,750,000) 0 0 0 0 0 All CashNet Residual Value [4] 0 0 0 0 0 10,999,920 IRR
CASH FLOW BEFORE DEBT ($6,750,000) ($2,668) ($28,699) ($9,586) $79,440 $11,679,345 11.65%
Physical Occupancy 38.83% 46.90% 62.65% 82.89% 99.61%Overall Economic Occupancy [1] 35.07% 40.16% 57.51% 69.00% 94.55%Weighted Average Market Rent $2.75 $2.83 $2.92 $3.00 $3.10Weighted Average In Place Rent [2] $2.39 $2.36 $2.61 $2.44 $2.92Total Operating Expenses PSF Per Year $8.01 $8.26 $8.57 $8.91 $9.24
NOI Return 1.39% 2.16% 4.67% 6.36% 10.24%Cumulative Average NOI Return - 1.78% 2.74% 3.65% 4.96%
UNLEVERAGED Cash Return -0.04% -0.43% -0.14% 1.18% 10.07%Cumulative Average UNLEVERAGED Cash Return - -0.23% -0.20% 0.14% 2.13%
Rolling - All Cash IRR N/M N/M N/M 12.63% 11.65%
[1] This figure takes into account vacancy/credit loss, absorption vacancy, turnover vacancy, and base rent abatements.
[3] Based on 28,093 square feet.[4] Net Residual Value is calculated by dividing Year 6 NOI by the Residual Cap Rate of 6.25% and applying a 2.00% Cost of Sale.[5] No leverage assumptions are modeled in this analysis.[6] Operating Expenses - Except Real Estate Taxes - were based on 2017 Income Tax Returns.
[2] This figure does not include any amount related to expense reimbursements. Only Scheduled Base Rent and Fixed/CPI Increases are included in this calculation, which is based on the weighted-average physical occupancy during each fiscal year.
© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof. The data contained herein is provided under professional standards. This publication does not constitute an offer to sell, or the solicitation of an offer to buy, and is subject to correction, completion and amendment without notice. This publication is not an appraisal. JLL specifically disclaims all warranties, expressed or implied, with respect to the use of this information or any results with respect thereto. In addition, the information contained herein shall in no way be construed to constitute a recommendation by JLL. By accepting receipt of this publication, the recipient agrees not to distribute, offer or sell this publication or copies of it and agrees not to make use of the publication other than for its own general information purposes. JLL does not undertake and is under no obligation to update or keep current the information or content contained in this publication for future events. JLL does not accept any liability in negligence or oth erwise for any loss or damage suffered by any party resulting from reliance on this report/publication.
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Medical Arts Building5-Year Hold Period
VACANT SPACE ASSUMPTIONS
Square Lease Initial Rent Lease Rent Tenant LeasingSuite Tenant Feet Start Starting Rent Adjustment Term Abatements Improvements Commissions
Vacant Space
100 Vacant 3,000 Feb-21 $2.75 PSF 3.00% Annually 5/0 4 Month(s) $35.00 PSF 6.00%200(b) Vacant 3,857 Dec-21 $2.75 PSF 3.00% Annually 5/0 4 Month(s) $35.00 PSF 6.00%201 Vacant 2,087 Jun-19 $2.75 PSF 3.00% Annually 5/0 4 Month(s) $35.00 PSF 6.00%300 Vacant 6,708 Sep-22 $2.75 PSF 3.00% Annually 5/0 4 Month(s) $35.00 PSF 6.00%100 Vacant 2,750 Apr-20 $2.75 PSF 3.00% Annually 5/0 4 Month(s) $35.00 PSF 6.00%
Total Vacant Space 18,402
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Medical Arts Building 5-Year Hold Period
Rent Roll as of 1/1/2019
Market Rent Argus MLASquare % of Lease Term Rental Rates Recovery Rent Abatements Tenant Leasing & Assumption
Suite Tenant Name Feet Property Begin End Begin Monthly PSF Annually PSF Type Span # of Months Improvements Commissions MLA Name Upon Rollover
100 Vacant 3,000 10.68% Feb-2021 Jan-2026 Feb-2021 $8,250 $2.75 $99,000 $33.00 44228 4 Month(s) $111,395.00 $29,556.00 $2.75 MarketSpeculative Feb-2022 $8,490 $2.83 $101,880 $33.96 $37.13 PSF $9.85 PSF
Feb-2023 $8,760 $2.92 $105,120 $35.04Feb-2024 $9,000 $3.00 $108,000 $36.00Feb-2025 $9,300 $3.10 $111,600 $37.20
Notes:0
101 Tapo Pharmacy 1,600 5.70% Mar-2018 Feb-2027 Current $3,675 $2.30 $44,100 $27.56 - $0.00 $0.00 $2.75 MarketContract Mar-2019 $3,792 $2.37 $45,504 $28.44
Mar-2020 $3,904 $2.44 $46,848 $29.28Mar-2021 $4,016 $2.51 $48,192 $30.12Mar-2022 $4,144 $2.59 $49,728 $31.08Mar-2023 $4,256 $2.66 $51,072 $31.92Mar-2024 $4,384 $2.74 $52,608 $32.88Mar-2025 $4,512 $2.82 $54,144 $33.84Mar-2026 $4,656 $2.91 $55,872 $34.92
Notes:0
103 Ted Chaffee 1,440 5.13% Jan-2015 Dec-2030 Current $4,378 $3.04 $52,536 $36.48 - $0.00 $0.00 $2.75 MarketContract Jan-2020 $4,507 $3.13 $54,086 $37.56
Jan-2021 $4,651 $3.23 $55,814 $38.76Jan-2022 $4,781 $3.32 $57,370 $39.84Jan-2023 $4,925 $3.42 $59,098 $41.04Jan-2024 $5,069 $3.52 $60,826 $42.24Jan-2025 $5,227 $3.63 $62,726 $43.56Jan-2026 $5,386 $3.74 $64,627 $44.88Jan-2027 $5,544 $3.85 $66,528 $46.20Jan-2028 $5,717 $3.97 $68,602 $47.64Jan-2029 $5,890 $4.09 $70,675 $49.08Jan-2030 $6,062 $4.21 $72,749 $50.52
Notes:0
200 Simi Pediatrics 2,000 7.12% Apr-2016 Mar-2022 Current $5,171 $2.59 $62,052 $31.03 - $0.00 $0.00 $2.75 MarketContract Apr-2019 $5,320 $2.66 $63,840 $31.92
Apr-2020 $5,480 $2.74 $65,760 $32.88Apr-2021 $5,660 $2.83 $67,920 $33.96
Notes:0
200(b) Vacant 3,857 13.73% Dec-2021 Nov-2026 Dec-2021 $10,607 $2.75 $127,284 $33.00 44531 4 Month(s) $143,216.00 $38,000.00 $2.75 MarketSpeculative Dec-2022 $10,915 $2.83 $130,984 $33.96 $37.13 PSF $9.85 PSF
Dec-2023 $11,262 $2.92 $135,149 $35.04Dec-2024 $11,571 $3.00 $138,852 $36.00Dec-2025 $11,957 $3.10 $143,480 $37.20
Notes:0
201 Vacant 2,087 7.43% Jun-2019 May-2024 Jun-2019 $5,739 $2.75 $68,868 $33.00 43617 4 Month(s) $73,045.00 $20,561.00 $2.75 MarketSpeculative Jun-2020 $5,906 $2.83 $70,875 $33.96 $35.00 PSF $9.85 PSF
Jun-2021 $6,094 $2.92 $73,128 $35.04Jun-2022 $6,261 $3.00 $75,132 $36.00Jun-2023 $6,470 $3.10 $77,636 $37.20
Notes:0
203 Calabasas Behavioral Health 665 2.37% Feb-2018 Jan-2023 Current $1,575 $2.37 $18,900 $28.42 - $0.00 $0.00 $2.75 MarketContract Dec-2019 $1,623 $2.44 $19,471 $29.28
Dec-2020 $1,669 $2.51 $20,030 $30.12Dec-2021 $1,722 $2.59 $20,668 $31.08Dec-2022 $1,776 $2.67 $21,307 $32.04
Notes:0
Base Year$2.75/sf/mos. FSG
Base Year$2.75/sf/mos. FSG
None$2.75/sf/mos. FSG
$2.75/sf/mos. FSG None
$2.75/sf/mos. FSG None
Base Year$2.75/sf/mos. FSG
Base Year 2018$2.75/sf/mos. FSG
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Medical Arts Building 5-Year Hold Period
Rent Roll as of 1/1/2019
Market Rent Argus MLASquare % of Lease Term Rental Rates Recovery Rent Abatements Tenant Leasing & Assumption
Suite Tenant Name Feet Property Begin End Begin Monthly PSF Annually PSF Type Span # of Months Improvements Commissions MLA Name Upon Rollover
300 Vacant 6,708 23.88% Sep-2022 Aug-2027 Sep-2022 $18,447 $2.75 $221,364 $33.00 44805 4 Month(s) $256,550.00 $66,088.00 $2.75 MarketSpeculative Sep-2023 $18,984 $2.83 $227,804 $33.96 $38.25 PSF $9.85 PSF
Sep-2024 $19,587 $2.92 $235,048 $35.04Sep-2025 $20,124 $3.00 $241,488 $36.00Sep-2026 $20,795 $3.10 $249,538 $37.20
Notes:0
301 Coastal Vascular Center 1,964 6.99% Apr-2015 May-2020 Current $4,928 $2.51 $59,136 $30.11 - $0.00 $0.00 $2.75 MarketContract Apr-2019 $5,067 $2.58 $60,805 $30.96
Apr-2020 $5,224 $2.66 $62,691 $31.92Notes:0
302/ 303 Dr. Benjamin (Regatta Health) 2,022 7.20% Mar-2014 Apr-2020 Current $4,490 $2.22 $53,880 $26.65 - $0.00 $0.00 $2.75 MarketContract May-2019 $4,630 $2.29 $55,565 $27.48
Notes:0
100 Vacant 2,750 9.79% Apr-2020 Mar-2025 Apr-2020 $7,563 $2.75 $90,756 $33.00 43922 4 Month(s) $99,138.00 $27,093.00 $2.75 MarketSpeculative Apr-2021 $7,783 $2.83 $93,390 $33.96 $36.05 PSF $9.85 PSF
Apr-2022 $8,030 $2.92 $96,360 $35.04Apr-2023 $8,250 $3.00 $99,000 $36.00Apr-2024 $8,525 $3.10 $102,300 $37.20
Notes:0
TOTALS / AVERAGES 28,093 $24,217 $2.50 $290,604 $29.99
OCCUPIED SqFt 9,691 34.5%VACANT SqFt 18,402 65.5%
TOTAL SqFt 28,093 100.0%
WEIGHTED-AVERAGE LEASE TERM REMAINING: 4.64 YearsWEIGHTED-AVERAGE LEASE TERM LAPSED: 3.12 YearsWEIGHTED-AVERAGE LEASE TERM FROM INCEPTION: 7.76 Years
Base Year 2018$2.75/sf/mos. FSG
Base Year$2.75/sf/mos. FSG
None$2.75/sf/mos. FSG
Base Year$2.75/sf/mos. FSG
1/30/2019 9:20 AM 9
DISCLAIMER: Although information has been obtained from sources deemed reliable, neither Owner nor JLL makes any guarantees, warranties or representations, express or implied, as to the completeness or accuracy as to the information contained herein. Any projections, opinions, assumptions or estimates used are for example only. There may be differences between projected and actual results, and those differences may be material. The Property may be withdrawn without notice. Neither Owner nor JLL accepts any liability for any loss or damage suffered by any party resulting from reliance on this information. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2019 Jones Lang LaSalle IP, Inc. All rights reserved.
