“aaa” credit tenant€¦ · new port richey, fl 34654 county pasco property type office zoning...

1PAGE |COSTEL VANATORU, Lic. Real Estate BrokerVanwald&Associates LLC • 407-403-5775 • [email protected]

“AAA” CREDIT TENANT7701 LITTLE ROAD, UNIT 101, NEW PORT RICHEY, FL 34654

6 . 0 0 % C A P | C L ASS “A” O F F I C E

NEW 10 YEAR NNN LEASE

81,688 OUTPATIENT SURGERIES

15 HOSPITALS

$4.2 billionOPERATING BUDGET

5,410MEDICAL PERSONNEL

Rating: Aa2Outlook: Stable

CORPORATE GUARANTEE


F O R M O R E I N F O R M A T I O N , C O N T A C T :

Vanwald & Associates LLC • 6000 Metrowest BLVD, STE 101, Orlando, FL 32835& A S S O C I A T E S

COSTEL VANATORULic. Real Estate [email protected]

DisclaimerThis Offering Memorandum is provided by Vanwald and Associates, solely for your consideration of the opportunity to lease the commercial property described herein. This Offering Memorandum may be used only as stated herein and shall not be used for any other purpose, or in any other manner, without prior written authorization and consent of Vanwald and Associates.

This Offering Memorandum does not constitute or pertain to an offer of a security or an offer of any investment or lease contract. It contains descriptive materials, general information and other data compiled by Vanwald and Associates for the convenience of parties who may be interested in the subject property.

The information contained is not all inclusive and is not represented to include all information that may be material to an evaluation of the lease opportunity presented. Vanwald and Associates has not independently verified any of the information contained herein and makes no representations or warranties of any kind concerning the accuracy or completeness thereof.

An interested party must conduct its own independent investigation and verification of any information the party deems material to consideration of the opportunity, or otherwise appropriate, without reliance upon Vanwald and Associates.

CONTENTSCONTENTS

ExEcutivE Summary

04Summary of the investment offering, including highlights and brief description.

OffEring DEtailS

05Vital property data, along with net operating income, cap rate, purchase price and price per square foot.

KEy mEtricS

06Some of the key metrics of the property are summarized on this page.

PrOPErty DEtailS

07Review the layout, current build out and position in the building.

lOcatiOn

09Aerial views of the property, traffic counts and other major tenants in the vicinity.

OPErating infOrmatiOn

10Review the operating information of the Unit, including the most current rent roll, net operating income and a three year trailing proforma.

tEnant SynOPSiS

11Includes the more in-depth details on the tenant.

DEmOgraPhic Data

13Includes the 1, 3 and 5 mile key demographic data, along with the daily traffic trip estimates.

marKEt PrOfilE

15Market Area details.

cOntact infOrmatiOn

17Contact the listing broker for more information, or to present an offer.


“AAA” CREDIT RATED TENANT | CORPORATE GUARANTEEOFFERING MEMORANDUM

7701 LITTLE ROAD, UNIT 101, NEW PORT RICHEY, FL 34654

NEW TEN (10+) YEAR LEASE


ExEcutivE Summary

PrOPErtyBarriStEr WESt, unit 101

aDDrESS 7701 littlE rOaD, unit 101,nEW POrt richEy, fl 34654

cOuntyPaScO

PrOPErty tyPEOfficE

ZOningcOmmErcial/OfficE

rEntaBlE arEa7,523 +/- SquarE fEEt

OccuPancy100%

unitSOnE (1)

tEnancySinglE

Vanwald & Associates is pleased to present the unique opportunity to own Unit 101 of the Barrister West Building, located in a Class “A” building at 7701 Little Road, New Port Richie, Florida.

Unit 101 is a first floor unit in a well kept, Class “A” building on busy Little Road. The property shows great, both inside and out, has a newer roof, newly paved parking lot, new paint, and more.

The unit is 100% leased to BayCare Health System. The build out is a brand new build to suit for BayCare, a credit rated, $4.2 billion dollar company that just signed a brand new 124 month NNN lease, with 2, 5 year renewal options.

The lease is secured by a strong corporate guarantee signed by BayCare.

BayCare is using their suite as their area corporate office for their Home Health Department.

The property is perfect for an absentee owner with the association maintaining the structure and roof of the building, along with all common area components, restrooms, parking, and parking lights, landscaping, porter service, janitorial for the common areas, and more. Tenant maintains the interior of their suite.

BRIEF

The build to suit for their corporate Home Health Offices, is estimated at $450,000.

$450,000 in BuilD Out

The Unit is 100% leased to BayCare Health System under a brand new 124 month lease commencing around March 1, 2020. The lease is corporate guaranteed.

100% lEaSED

The lease is secured by a strong corporate guarantee, signed by BayCare Health System, rated Aa2 by Moody.

aaa crEDit tEnant

The Unit is comprised of one (1) suite benefiting of a Class A build out and is located in a beautiful and very well maintained Class “A” Building.

claSS “a” BuilDing

The lease is a true NNN, with all operating expenses being a pass-through to the Tenant as Additional Rent, with no caps.

Tenant is responsible for maintaining the interior of the suite, including plumbing and HVAC repair and/or future replacement.

full PaSS-thrOugh ExPEnSES

BayCare Health System just signed a brand new one hundred and twenty four (124 ) month lease, with two (2), five (5) year renewal options for Unit 101 at the Barrister West Building.

This a build to suit design to fit the Tenant’s needs at a cost of around $450,000. The completion of the build out is estimated to be February of 2020.

The Lease Is Secured By A Strong Corporate Guarantee signed by BayCare Health System, a $4.2 billion dollar company, Credit Rated Aa2 by Moody.

BranD nEW 10 yEar nnn lEaSE

The suite is a brand new built, designed to suit Baycare’s needs. The build out is consistent with professional office, Class A, and amongst other components, it includes six (6) brand new HVAC units.

nEW BuilD tO Suit

The offering is ideal for an absentee owner since the Tenant is responsible for maintaining the interior of their suite, including any electrical, plumbing or HVAC, and the association is responsible for maintaining the roof and structure of the building, the common areas, building insurance, parking, landscaping and common area restrooms. The NNN lease structure stipulates that all operating expenses are a full pass-through to the tenant, including association dues, real estate taxes, insurance, etc.

PErfEct fOr an aBSEntEE OWnEr


PrOPErty SnaPShOt

Address7701 Little Road, Unit 101 New Port Richie, Florida

County Pasco

Type Professional Office

Type of Ownership Condominium

Building Class A

Year Built 2007

Use Office/ Home Health

Occupancy 100%

Tenancy Single

Rentable Area 7,532 SF +/-

Core Factor 1.2

Build Out Year 2020

Parking Ratio 4/1000 SF +/-

Floor 1st

Units ONE (1)

Suites ONE (1)

Zoning Commercial/Office

Lease Term One Hundred Twenty Four (124) months +/-

Months Remaining 124 +/- months

Lease Type NNN

Lease Guarantee Corporate

Traffic Counts 43,258 VPD+/- per ESRI

OffEring DEtailS

$78,000nOi

PurchaSE PricE

6.00%

$172.59PricE PEr rEntaBlE SquarE fOOt

$1,300,000

caP ratE


Key MetricsProperty

Square Feet

7701 L i t t l e Road , Ne w Por t R i c h ie , Un i t 101 , F lo r ida 34654

7,532l E a S a b l E

S q u a r E f E E t + / -

Occupancy

100%

OCCUPANCY

LEASED

Units

1O n E c O n D O u n i t

Traffic Counts

43,258v E h i c l E S /D ay +/-

(per ESR I )

Suites

1O n E ( 1 ) f u l l y l E a S E D S u i t E

Use Type

Office/Medicalb ay c a r E h E a lt h S y S t E m , c O r p O r at E O f f i c E

Lease Terms

124m O n t h S +/-

Barrister WestUnit 101 Tenant Credit

Aa2Rated by Moody


Unit Positioning in Building and Tenant Build Out

PROPERTY DETAILS



unit viSualS

First Floor. Approximate Position in the Building & General Build Out of Unit 101 along with the common areas.Plans and delineating lines for illustrative purposes only. Not to scale.

Approximate boundaries of Unit 101

Unit 102: Leased to the Veteran’s Affairs - Not included in the sale.

SuitE 101Address 7701 Little Road, Unit 101, New Port Richie, Florida

Type Office/Medical Condo

Building Class A

Year Built - Out 2019

Use Medical

Tenant BayCare Health System

Rentable Area 7,532 SF +/-

Build Out Cost $450,000 +/-

Months Remaining 124 +/- months

Lease Type NNN

UNIT 101UNIT 101


LITT

LE R

OA

D

SOCIAL SECURITY ADMINISTRATION

PASCO COUNTY TAX COLLECTOR

PASCO COUNTY CLERK OF COURT PASCO COUNTY

SHERIFF’S OFFICEPASCO COUNTY

INTERNAL SERVICES

SHERIFF’S OFFICEWEST OPS.

CORRECTIONS-PROBATION DEPT.

lOcatiOn

Not included in the sale.



OpErating infO

2020 NET INCOME & RETURN

BASE RENTAL INCOME (net of expenses) $78,000.00

ADDITIONAL RENT (CAM) $30,128.04

Total Income $108,128.04

Expense

Total Expense (full pass-through to Tenant) $30,128.04

Net Operating Income $78,000.00

Purchase Price $1,300,000

CAP RATE 6.00%


“AAA” RATED CREDIT TENANT | CORPORATE GUARANTEETENANT SYNOPSIS




tEnant SynOpSiS

ABOUTBayCare is the largest health care system in the Tampa Bay area and West Central Florida. We have more than 600 locations ranging from screening stations inside Publix supermarkets to Urgent Care walk-in centers to full-scale hospitals with hundreds of beds. Whatever your need is, from diagnosis to treatment, from immediate to long-term care, we have a location or facility nearby to serve you.

Mission StatementBayCare Health System will improve the health of all we serve through community-owned services that set the standard for high-quality, compassionate care.

ValuesThe values of BayCare are trust, respect, responsibility, excellence and dignity and reflect our responsibility to achieve health care excellence for our communities.

LEASE METRICS101 BayCare Health System

SUITE 1O1

TENANT BayCare Health System

AREA 7,532 Rentable Square Feet

LEASE TERM 124 months

LEASE FROM 03/2020

LEASE TO 07/2030

GUARANTOR BayCare Health System

LEASE TYPE NNN

PROPERTY TAXES FULL PASS-THROUGH

ELECTRICITY FULL PASS-THROUGH

OPERATING EXPENSES FULL PASS-THROUGH

IN-SUITE MAINTENANCE TENANT’S RESPONSIBILITY

HVAC MAINTENANCE TENANT’S RESPONSIBILITY

BUILDING ASSOCIATION’S RESPONSIBILITY • HVAC (common area)• ROOF & EXTERIOR STRUCTURE• COMMON AREA MAINTENANCE• JANITORIAL (COMMON AREAS)• PARKING• LANDSCAPING• RESTROOMS (common area)

NEW 10 YEAR NNN LEASE

81,688 OUTPATIENT SURGERIES

15 HOSPITALS

$4.2 billionOPERATING INCOME

5,410MEDICAL PERSONNEL


ANNUAL REPORTClick here for a link to BayCare Health System’s Annual Report to the Community.

BayCare’s Report to the Community provides a general idea of what we are working on as a health system, along with stories of our impact on patients, team members and our community.

You’ll see that as big as we are, with 15 hospitals and $4.2 billion in operating revenue, we’re still a local, community-owned organization. That means the dollars we spend stay here. We do not have out-of-town shareholders to impress, just you and your family and friends — the members of our community.

(Information obtained from www.baycare.org)

BayCare Behavioral HealthBayCare HomeCareBayCare LaboratoriesBayCare Medical GroupBayCare Outpatient GroupBayCare Surgery CentersBayCare Urgent Care

Bartow Regional Medical CenterFounded 1925 | 72 Beds

BayCare Alliant HospitalFounded 2008 | 48 Beds

Mease Countryside HospitalFounded 1916 | 613 beds

Mease Dunedin HospitalFounded 1937 | 120 beds

Morton Plant Hospital Founded 1916 | 613 beds

Morton Plant North Bay HospitalFounded 1965 | 150 beds

St. Anthony’s HospitalFounded 1934 | 465 beds

St. Joseph’s Hospital Founded 1934 | 465 beds

St. Joseph’s Children’s HospitalFounded 1990 | 207 beds

St. Joseph’s Women’s HospitalFounded 1976 | 108 beds

St. Joseph’s Hospital-NorthFounded 2010 | 108 beds

St. Joseph’s Hospital-SouthFounded 2015 | 114 beds

South Florida Baptist HospitalFounded 1953 | 147 beds

Winter Haven HospitalFounded 1926 | 458 beds

Winter Haven Women’s HospitalFounded 1987 | 61 beds

BayCare Health System Network

CORPORATE GUARANTEED

https://baycare.org/annual-report-2018


1-3-5 Snapshot & DAILY TRAFFIC TRIPSDEMOGRAPHIC DATA



Source: This infographic contains data provided by Esri, Esri and Infogroup. The vintage of the data is 2018.

KEY FACTS

62,103Population

47.1

Median Age

2.3

AverageHousehold Size

$38,691Median Household

Income

EDUCATION

13%

No HighSchool

Diploma 36%High School

Graduate

35%Some College 16%

Bachelor's/Grad/ProfDegree

BUSINESS

1,883Total Businesses

19,261Total Employees

EMPLOYMENT

58%White Collar

21%Blue Collar

21%Services

6.0%

UnemploymentRate

INCOME

$38,691

Median HouseholdIncome

$22,665

Per Capita Income

$59,160

Median Net Worth

Households By IncomeThe largest group: $35,000 - $49,999 (18.0%)

The smallest group: $150,000 - $199,999 (1.7%)Indicator Value Difference

<$15,000

$15,000 - $24,999

$25,000 - $34,999

$35,000 - $49,999

$50,000 - $74,999

$75,000 - $99,999

$100,000 - $149,999

$150,000 - $199,999

$200,000+

15.5%

15.1%

13.6%

18.0%

18.0%

9.8%

6.7%

1.7%

1.7%

+4.3%

+3.1%

+2.2%

+2.4%

-0.9%

-2.4%

-5.1%

-2.1%

-1.5%

Bars show deviation from

Pasco County


KEY FACTS

4,506Population

48.2

Median Age

2.3



Income

EDUCATION

9%

No HighSchool


Graduate

41%Some College 16%


BUSINESS

242Total Businesses


EMPLOYMENT

63%White Collar

20%Blue Collar

16%Services

7.8%

UnemploymentRate

INCOME

$42,708


$25,750

Per Capita Income

$84,226

Median Net Worth


The smallest group: $150,000 - $199,999 (2.1%)Indicator Value Difference

<$15,000

$15,000 - $24,999

$25,000 - $34,999

$35,000 - $49,999

$50,000 - $74,999

$75,000 - $99,999

$100,000 - $149,999

$150,000 - $199,999

$200,000+

11.8%

8.5%

17.1%

20.7%

19.5%

9.9%

7.5%

2.1%

2.8%

+0.6%

-3.5%

+5.7%

+5.1%

+0.6%

-2.3%

-4.3%

-1.7%

-0.4%


Pasco County


KEY FACTS

142,655Population

48.2

Median Age

2.3



Income

EDUCATION

13%

No HighSchool


Graduate

34%Some College 17%


BUSINESS

4,387Total Businesses


EMPLOYMENT

63%White Collar

19%Blue Collar

19%Services

5.6%

UnemploymentRate

INCOME

$39,081


$23,917

Per Capita Income

$70,545

Median Net Worth


The smallest group: $200,000+ (1.9%)Indicator Value Difference

<$15,000

$15,000 - $24,999

$25,000 - $34,999

$35,000 - $49,999

$50,000 - $74,999

$75,000 - $99,999

$100,000 - $149,999

$150,000 - $199,999

$200,000+

14.8%

15.3%

13.8%

17.4%

17.8%

9.7%

7.1%

2.2%

1.9%

+3.6%

+3.3%

+2.4%

+1.8%

-1.1%

-2.5%

-4.7%

-1.6%

-1.3%


Pasco County

1 mile

3mile

5 mile

DEmOgraphicS


Traffic Count Map - Close Up7701 Little Rd, New Port Richey, Florida, 34654 Prepared by EsriRings: 1, 3, 5 mile radii Latitude: 28.26895

Longitude: -82.67454

Source: ©2018 Kalibrate Technologies (Q3 2018).

December 14, 2018

©2018 Esri Page 1 of 1

markEt prOfilE

CITIZENS DR.

43,258 VPD



markEt prOfilE

Executive Summary7701 Little Rd, New Port Richey, Florida, 34654 Prepared by EsriRings: 1, 3, 5 mile radii Latitude: 28.26895


1 mile 3 miles 5 milesMedian Household Income

2018 Median Household Income $42,708 $38,691 $39,0812023 Median Household Income $48,109 $43,911 $44,9142018-2023 Annual Rate 2.41% 2.56% 2.82%

Average Household Income

2018 Average Household Income $61,186 $52,971 $54,6612023 Average Household Income $71,119 $62,528 $64,9562018-2023 Annual Rate 3.05% 3.37% 3.51%

Per Capita Income2018 Per Capita Income $25,750 $22,665 $23,9172023 Per Capita Income $29,720 $26,505 $28,1542018-2023 Annual Rate 2.91% 3.18% 3.32%

Households by IncomeCurrent median household income is $39,081 in the area, compared to $58,100 for all U.S. households. Median household income is projected to be $44,914 in five years, compared to $65,727 for all U.S. households

Current average household income is $54,661 in this area, compared to $83,694 for all U.S. households. Average household income is projected to be $64,956 in five years, compared to $96,109 for all U.S. households

Current per capita income is $23,917 in the area, compared to the U.S. per capita income of $31,950. The per capita income is projected to be $28,154 in five years, compared to $36,530 for all U.S. households Housing

2000 Total Housing Units 2,207 28,277 65,6962000 Owner Occupied Housing Units 1,257 19,592 45,1852000 Renter Occupied Housing Units 550 5,838 11,8372000 Vacant Housing Units 400 2,847 8,674




Currently, 52.4% of the 74,690 housing units in the area are owner occupied; 30.0%, renter occupied; and 17.6% are vacant. Currently, in the U.S., 56.0% of the housing units in the area are owner occupied; 32.8% are renter occupied; and 11.2% are vacant. In 2010, there were 72,141 housing units in the area - 58.7% owner occupied, 23.7% renter occupied, and 17.6% vacant. The annual rate of change in housing units since 2010 is 1.56%. Median home value in the area is $128,815, compared to a median home value of $218,492 for the U.S. In five years, median value is projected to change by 3.94% annually to $156,308.

Data Note: Income is expressed in current dollarsSource: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 and 2023. Esri converted Census 2000 data into 2010 geography.

December 14, 2018


Executive Summary7701 Little Rd, New Port Richey, Florida, 34654 Prepared by EsriRings: 1, 3, 5 mile radii Latitude: 28.26895


1 mile 3 miles 5 milesPopulation

2000 Population 4,121 57,532 126,4432010 Population 4,296 59,150 135,4132018 Population 4,506 62,103 142,6552023 Population 4,734 65,226 150,2772000-2010 Annual Rate 0.42% 0.28% 0.69%2010-2018 Annual Rate 0.58% 0.59% 0.63%2018-2023 Annual Rate 0.99% 0.99% 1.05%2018 Male Population 48.1% 48.1% 48.0%2018 Female Population 51.9% 51.9% 52.0%2018 Median Age 48.2 47.1 48.2

In the identified area, the current year population is 142,655. In 2010, the Census count in the area was 135,413. The rate of change since 2010 was 0.63% annually. The five-year projection for the population in the area is 150,277 representing a change of 1.05% annually from 2018 to 2023. Currently, the population is 48.0% male and 52.0% female.

Median Age

The median age in this area is 48.2, compared to U.S. median age of 38.3.Race and Ethnicity

2018 White Alone 89.7% 88.1% 89.1%2018 Black Alone 3.4% 3.5% 3.0%2018 American Indian/Alaska Native Alone 0.4% 0.4% 0.4%2018 Asian Alone 1.6% 1.6% 1.7%2018 Pacific Islander Alone 0.1% 0.0% 0.1%2018 Other Race 2.1% 3.3% 2.8%2018 Two or More Races 2.6% 3.0% 2.9%2018 Hispanic Origin (Any Race) 13.0% 13.8% 12.2%

Persons of Hispanic origin represent 12.2% of the population in the identified area compared to 18.3% of the U.S. population. Persons of Hispanic Origin may be of any race. The Diversity Index, which measures the probability that two people from the same area will be from different race/ethnic groups, is 37.6 in the identified area, compared to 64.3 for the U.S. as a whole.

Households2000 Households 1,807 25,431 57,0222010 Households 1,894 25,493 59,4732018 Total Households 1,958 26,310 61,5762023 Total Households 2,045 27,445 64,4222000-2010 Annual Rate 0.47% 0.02% 0.42%2010-2018 Annual Rate 0.40% 0.38% 0.42%2018-2023 Annual Rate 0.87% 0.85% 0.91%2018 Average Household Size 2.30 2.34 2.30

The household count in this area has changed from 59,473 in 2010 to 61,576 in the current year, a change of 0.42% annually. The five-year projection of households is 64,422, a change of 0.91% annually from the current year total. Average household size is currently 2.30, compared to 2.26 in the year 2010. The number of families in the current year is 36,555 in the specified area.

Data Note: Income is expressed in current dollarsSource: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2018 and 2023. Esri converted Census 2000 data into 2010 geography.

December 14, 2018



F O R M O R E I N F O R M A T I O N , C O N T A C T :

VANWALD & ASSOCIATES LLC 6000 Metrowest BLVD, STE 101, Orlando, FL 32835

& A S S O C I A T E S

COSTEL VANATORULic. Real Estate BrokerTel: 407-403-5775Email: [email protected]: www.vanwald.com

cOntact infO


“aaa” credit tenant€¦ · new port richey, fl 34654 county pasco property type office zoning...

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