Embed Size (px)
Citation preview
2 National Tenant MOB Portfolio Augusta, Georgia
1221 West Wheeler Pkwy., Augusta, GA 30909
/N
ATIO
NA
L TE
NA
NT
MO
B P
ORT
FOLI
O |
AUG
US
TA, G
A
2
FOR
SA
LE /
NAT
ION
AL
TEN
AN
T M
OB
PO
RTFO
LIO
| AU
GU
STA
, GA
3
EXECUTIVE SUMMARY
5Property Overview
6Offering Summary
7Location Overview
8Additional Photos
9Labcorp Tenant Profile
10Kindred at Home Tenant Profile
11Greater Portfolio Overview
12Plat
13Durable Stone Exterior
FINANCIALS
15Rent Roll
16Operating Statement - Actual
17Operating Statement - Pro Forma
18Footnotes on Financials
19Financing Assumptions
Market Overview
21Hospitals_and_Universities.pdf
22The Augusta National
23Augusta, GA Overview
24Retailer Map
FOR
SA
LE /
NAT
ION
AL
TEN
AN
T M
OB
PO
RTFO
LIO
| AU
GU
STA
, GA
4
PRO
PERT
Y O
VER
VIEW
/N
ATIO
NA
L TE
NA
NT
MO
B P
ORT
FOLI
O |
AUG
US
TA, G
A
5
Meybohm Commercial is proud to present this medical office portfolio in Augusta, Georgia. Located in one of Augusta's primary medical nodes, this offering features two medicalbuildings: the 2,655 square foot building currently occupied by Labcorp and the 4,342 squarefoot building in the very rear of the property occupied by Kindred at Home. Fully leased with newlong-term national-tenant leases in place.
These two properties are part of a greater portfolio consisting of four separate properties, adevelopment site and three medical office buildings occupied by strong medical tenants withlong-term leases. The two buildings available in this particular offering are constructed withdurable "mission-style" stone exterior (matching surrounding buildings in the portfolio). Thisrepresents a rare opportunity to own low-maintenance, high-end medical office in one ofAugusta's most important locations for medical services.
PROPERTYOVERVIEW
OFF
ERIN
G S
UM
MA
RY
/N
ATIO
NA
L TE
NA
NT
MO
B P
ORT
FOLI
O |
AUG
US
TA, G
A
6
Long-Term Medical Tenants: Labcorp and Kindred at Home- Stable Tenants
2 fully leased stone exterior medical office buildings: 4,240 square feet and2,655 square feet - Low Maintenance
Portfolio of two properties w/ two additional medical office propertiesavailable - Potential for Larger Portfolio
Located in the Augusta Exchange area in close proximity to Doctor'sHospital, and various other medical and professional offices. - SolidLocation
Sale Price: $1,500,000
CAP Rate: 5.48%
2020 NOI: $82,134
2021 Pro Forma NOI: $85,101
Year Built: 2009
PROPERTYHIGHLIGHTS
OFFERINGSUMMARY
LOCA
TIO
N O
VER
VIEW
/N
ATIO
NA
L TE
NA
NT
MO
B P
ORT
FOLI
O |
AUG
US
TA, G
A
7
Located on West Wheeler Pkwy, in close proximity to Doctor's Hospital, Augusta University Health'sWest Wheeler Complex, and various other medical office complexes. The property is located inproximity to Augusta Exchange, just off of Wheeler Rd. Upon entering the complex directly off of WestWheeler Parkway coming from Wheeler Rd., you come to the subject properties located in the back ofthe complex.
Strategically located moments from both Interstate-520 and Interstate-20, these offices are a 15-minutedrive to most of the Augusta, Georgia market. I-20 connects Augusta to Atlanta, GA and Columbia, SC,while I-520 forms a loop around Augusta connecting this area to the greater city and North Augusta,SC.
LOCATIONOVERVIEW
AD
DIT
ION
AL
PHO
TOS
/N
ATIO
NA
L TE
NA
NT
MO
B P
ORT
FOLI
O |
AUG
US
TA, G
A
8
LAB
COR
P TE
NA
NT
PRO
FILE
/N
ATIO
NA
L TE
NA
NT
MO
B P
ORT
FOLI
O |
AUG
US
TA, G
A
9
Laboratory Corporation of America Holdings, more commonly known as Labcorp, isan American S&P 500 company headquartered in Burlington, North Carolina. With75,000 employees, it operates one of the largest clinical laboratory networks in theworld, with a United States network of 36 primary laboratories. Before a merger withNational Health Laboratory in 1995, the company operated under the name RocheBioMedical. Labcorp performs its largest volume of specialty testing at its Center forEsoteric Testing in Burlington, North Carolina, where the company is headquartered. As of 2018, Labcorp processes 2.5 million lab tests weekly.
Adam H. Schechter has served as Labcorp's CEO since November of 2019. Hepreviously served as President of Global Human Health at Merck.
Moody's Credit Rating: Baa2
2020 Revenue: 14 Billion
2020 Free Cash Flow: 1.8 Billion
2021 Projected Free Cash Flow: 1.7-1.9 Billion
Headquarters: Burlington, North Carolina
Number of Employees: 75,000
KIN
DR
ED A
T H
OM
E TE
NA
NT
PRO
FILE
/N
ATIO
NA
L TE
NA
NT
MO
B P
ORT
FOLI
O |
AUG
US
TA, G
A
10
Originally founded in 1971 as Olsten Health Services, Kindred at Home has grown tobecome the nation�s largest providers of home care services. Over the past 50years, our commitment to care has grown to more than 775 locations across 40states. Our caregivers, clinicians and therapists have set a standard incompassionate care that has helped make Kindred at Home one of the mostawarded and trusted names in home health care.Kindred was publicly heldcompany trading on the NYSE until 2018, when it was acquired by TPG Capital, andis currently a privately held company. Kindred is led by David Causby, who previously served as President and COO ofGentiva Helathcare prior to acquisition by Kindred Healthcare in February of 2015.
Moody's Credit Rating: B2
Employees: 43,000
Headquarters: Louisville, Kentucky
Locations: 775
GR
EATE
R P
ORT
FOLI
O O
VER
VIEW
/N
ATIO
NA
L TE
NA
NT
MO
B P
ORT
FOLI
O |
AUG
US
TA, G
A
11
PLAT
/N
ATIO
NA
L TE
NA
NT
MO
B P
ORT
FOLI
O |
AUG
US
TA, G
A
12
DU
RA
BLE
STO
NE
EXTE
RIO
R /
NAT
ION
AL
TEN
AN
T M
OB
PO
RTFO
LIO
| AU
GU
STA
, GA
13
FOR
SA
LE /
NAT
ION
AL
TEN
AN
T M
OB
PO
RTFO
LIO
| AU
GU
STA
, GA
14
REN
T R
OLL
/N
ATIO
NA
L TE
NA
NT
MO
B P
ORT
FOLI
O |
AUG
US
TA, G
A
15
OPE
RAT
ING
STA
TEM
ENT
- ACT
UA
L /
NAT
ION
AL
TEN
AN
T M
OB
PO
RTFO
LIO
| AU
GU
STA
, GA
16
OPE
RAT
ING
STA
TEM
ENT
- PR
O F
OR
MA
/N
ATIO
NA
L TE
NA
NT
MO
B P
ORT
FOLI
O |
AUG
US
TA, G
A
17
FOO
TNO
TES
ON
FIN
AN
CIA
LS /
NAT
ION
AL
TEN
AN
T M
OB
PO
RTFO
LIO
| AU
GU
STA
, GA
18
FIN
AN
CIN
G A
SSU
MPT
ION
S /
NAT
ION
AL
TEN
AN
T M
OB
PO
RTFO
LIO
| AU
GU
STA
, GA
19
FOR
SA
LE /
NAT
ION
AL
TEN
AN
T M
OB
PO
RTFO
LIO
| AU
GU
STA
, GA
20
The Augusta MSA is the home to a regional hub for healthcare,serving the greater region. In total it is home to nine major hospitalsand serves 18 counties in total. Augusta University Health isGeorgia's only public academic health center, features the region'sonly hospital solely dedicated to serving children (Children'sHospital of Georgia), and serves as the primary teaching affiliate ofthe Medical College of Georgia (Nation's 13th oldest and 9th largestmedical school). University Hospital System has served the regionfor over 200 years as a not-for-profit hospital system. DoctorsHospital is a full-service emergency care facility and features thenation's largest burn center. Additionally, Augusta is the home to aDepartment of Veteran Affairs hospital, the Charlie Norwood VAMedical Center. Neighboring Aiken and Edgefield Counties areserved by Aiken Regional Medical with 245 beds, and 183 physicianscovering over 40 specialties.
Augusta is projected to add over 14,700 jobs from 2018 to 2023, andeducating the workforce locally will play an impactful roll. Augusta Universityis the region's only public research university and is a part of the UniversitySystem of Georgia, employing over 15,000 people and having 56,000 alumni.Paine College is a private, historically black Methodist liberal arts college. TheUniversity of South Carolina Aiken is consistently ranked in the Top Three ofU.S. New & World Report's Top Public Schools in the Regional College in theSouth category. Both Augusta Technical College and Aiken Technical Collegeprovide provided excellent technical training multi-service, 2-year educationalopportunities in the areas of health, industry, business, computer, publicservice and more.
A REGIONAL NUCLEUS FOR HEALTHCARE INNOVATION
EDUCATION FOR A EVER-ADVANCING WORKFORCE
THE
AUG
US
TA N
ATIO
NA
L /
NAT
ION
AL
TEN
AN
T M
OB
PO
RTFO
LIO
| AU
GU
STA
, GA
22
AUG
US
TA, G
A O
VER
VIEW
/N
ATIO
NA
L TE
NA
NT
MO
B P
ORT
FOLI
O |
AUG
US
TA, G
A
23
RET
AIL
ER M
AP
/N
ATIO
NA
L TE
NA
NT
MO
B P
ORT
FOLI
O |
AUG
US
TA, G
A
24
DEM
OG
RA
PHIC
S M
AP
& R
EPO
RT /
NAT
ION
AL
TEN
AN
T M
OB
PO
RTFO
LIO
| AU
GU
STA
, GA
25
Total Population 3,219 123,971 332,407
Average age 36.0 36.2 35.4
Average age (Male) 34.8 35.2 34.1
Average age (Female) 37.4 37.3 36.8
Total households 1,219 48,013 126,099
# of persons per HH 2.6 2.6 2.6
Average HH income $55,102 $64,871 $62,238
Average house value $189,610 $159,118 $186,315
* Demographic data derived from 2010 US Census
COR
E D
IFFE
REN
TIAT
OR
S /
NAT
ION
AL
TEN
AN
T M
OB
PO
RTFO
LIO
| AU
GU
STA
, GA
26
AD
VIS
OR
BIO
1 /
NAT
ION
AL
TEN
AN
T M
OB
PO
RTFO
LIO
| AU
GU
STA
, GA
27
MEYBOHM COMMERCIALPROPERTIES
3519 Wheeler RoadAugusta, GA 30909
706.736.0700MeybohmCommercial.com
Industrial And Commercial Advisor
[email protected]: 706.305.0054
GA #366880 // SC #111774
Consultative, client-focused and analytical, John is an industrial and commercial advisor for Meybohm Commercial, wherehis aim is to guide clients in accomplishing their greater collective financial goals, through portfolio planning, dealanalysis and excellent client service. John earned his MBA and civil engineering degrees from Clemson University and is in the final stages of pursuing his CCIM(Certified Commercial Investment Member) designation. It�s a combination of experience held by only John and his teammember Jonathan Aceves in the Augusta market. John's extensive experience and training in solving real-world problemsare what direct him in developing client strategies for real estate investments. John�s specialties include industrial warehouse and flex-space properties, land & site selection, and general commercialwork. He also partners with clients on their 1031 exchanges and sale-leasebacks and serves the medical community forboth investment and office needs. His approach is unique, because it combines his process-oriented, engineering brain with his interest in developingstrong relationships with clients. He accomplishes this through a deep conviction that any client's goal or need is his own,and that ultimately they are to be treated to a level of service that he would want himself or a near family member toexperience. �At a high level, I am passionate about helping owners and business leaders accomplish their greater goalsthrough strategic decision making and relish the opportunity to serve them as a valued member of their greater financialteam, especially as it relates to real estate.� John was named to the Meybohm Presidents Club 2020, and his team received the 2020 Commercial Elite Agents of theYear � Silver for Meybohm Commercial. In his previous roles, John provided consultation and marketing services to smallbusinesses and managed a team of training experts at Augusta University. John and his family have a particular love for downtown Augusta, having built the first new home in the Olde Townneighborhood in several generations. He and his wife Sarah, three sons, Sanders, Luke and Daniel, and daughter AnnaPatten, have made their home in Olde Town for the past nine years. John is also a member and deacon at First Presbyterian Church in downtown Augusta. He serves as treasurer of the OldeTown Neighborhood Association, is a member of the Heritage Academy Junior Board, and serves on the board of directorsfor Saving Grace in Uganda, a street children�s ministry in East Africa.
BS of Civil Engineering, Clemson University Masters Of Business Administration, Clemson University
CCIM Candidate
AD
VIS
OR
BIO
2 /
NAT
ION
AL
TEN
AN
T M
OB
PO
RTFO
LIO
| AU
GU
STA
, GA
28
MEYBOHM COMMERCIALPROPERTIES
3519 Wheeler RoadAugusta, GA 30909
706.736.0700MeybohmCommercial.com
Commercial Brokerage Advisor
[email protected]: 706.294.1757
As Commercial Sales and Leasing Advisor with Meybohm Commercial, Jonathan thrives on putting the pieces together�sometimes in unexpected ways�to solve problems and connect buyers and sellers with the right properties.
Originally licensed in 2005, Jonathan has built his business by specializing in portfolio planning, land & site selection,multifamily brokerage, and downtown development�with a work ethic inspired by his mother, who raised their family as asingle parent.
Jonathan�s portfolio planning has mostly centered around advising owners and developers of commercial properties onsales and 1031 exchanges, along with underwriting potential transactions, to further their investment interests.
Jonathan�s approach to site selection and commercial land brokerage differs from that of many of his competitors: Hestarts from a list of all potential sites, rather than simply on-market sites. This tends to be more work but has led to findingoff-market ideal locations for his clients. Notable site selection clients including Domino�s Pizza, SRP Federal Credit Union,Hardees, Popeyes, Whit�s Frozen Custard, and many others.
In representing sellers for multifamily brokerage, Jonathan�s approach is to accomplish the due-diligence work up front tomake it easier for buyers to evaluate and underwrite potential properties�leading to higher prices and faster sales. Thatdue diligence includes 3-D virtual tours, photos of roofs and utility systems, cleaning up financial statements, and more.He also works to justify pricing by proactively handling potential appraisal issues, with the result that many of his salesare well above market price. His track record includes numerous downtown duplexes and quads, along with Cedar Pinesand Ridgewood Apartments.
Before working in commercial real estate, Jonathan was the CFO at downtown Augusta�s Christ Community Health Servicesfor 6 years, overseeing finance and operations for a community health center employing 60 staff and serving over 20,000patients annually. He was responsible for financial modeling, annual budgeting, and compliance, along with HR & IT.
Jonathan also makes his home in downtown Augusta�s Olde Town neighborhood with his wife, Emily, and five children,Libby, Manny, Daniel, Witt, and Matthew. He has lived in Augusta for more than 20 years, has served as a deacon at FirstPresbyterian Church, and is an active member of the Olde Town Neighborhood Association. He earned his BBA and MBAfrom Augusta University.
Jonathan received his CCIM (Certified Commercial Investment Member) designation in 2020. He was named to theMeybohm Presidents Club 2020, and his team received the 2020 Commercial Elite Agents of the Year � Silver forMeybohm Commercial.
In his spare time, Jonathan enjoys reading, cycling with his kids, and spending time with family.
DIS
CLA
IMER
/N
ATIO
NA
L TE
NA
NT
MO
B P
ORT
FOLI
O |
AUG
US
TA, G
A
29
regarding the veracity, completeness, or relevance of any financial data orassumptions. Meybohm Commercial Properties does not serve as a financialadvisor to any party regarding any proposed transaction. All data and assumptionsregarding financial performance, including that used for financial modelingpurposes, may differ from actu-al data or performance. Any estimates of marketrents and/or projected rents that may be provided to a party do not necessarilymean that rents can be established at or increased to that level. Parties mustevaluate any applicable contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or forthe property.
Legal questions should be discussed by the party with an attor-ney. Tax questionsshould be discussed by the party with a certi-fied public accountant or tax attorney.Title questions should be discussed by the party with a title officer or attorney.Questions regarding the condition of the property and whether the prop-ertycomplies with applicable governmental requirements should be discussed by theparty with appropriate engineers, architects, contractors, other consultants andgovernmental agencies. All properties and services are marketed by MeybohmCommercial Properties in compliance with all applicable fair housing and equalopportunity laws.
All materials and information received or derived from Meybohm CommercialProperties its directors, officers, agents, advisors, affiliates and/or any thirdparty sources are provided without rep-resentation or warranty as tocompleteness , veracity, or accuracy, condition of the property, compliance orlack of compliance with applicable governmental requirements, developabilityor suitability, financial performance of the property, projected financial perfor-mance of the property for any party�s intended use or any and all other matters.
Neither Meybohm Commercial Properties its directors, officers, agents,advisors, or affiliates makes any representation or war-ranty, express orimplied, as to accuracy or completeness of the any materials or informationprovided, derived, or received. Mate-rials and information from any source,whether written or verbal, that may be furnished for review are not a substitutefor a party�s active conduct of its own due diligence to determine these andother matters of significance to such party. Meybohm Commercial Propertieswill not investigate or verify any such matters or con-duct due diligence for aparty unless otherwise agreed in writing.
EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUEDILIGENCE.
Any party contemplating or under contract or in escrow for a transaction is urgedto verify all information and to conduct their own inspections and investigationsincluding through appropriate third party independent professionals selectedby such party. All financial data should be verified by the party including byobtain-ing and reading applicable documents and reports and consultingappropriate independent professionals. Meybohm Commercial Propertiesmakes no warranties and/or representations
Meybohm Commercial Properties
3519 Wheeler RoadAugusta, GA 30909
706.736.0700MeybohmCommercial.com
