fully leased medical office investment ......health park east ia a very well-located,...

SVN | COMMERCIAL ADVISORY GROUP | 1626 RINGLING BOULEVARD, SUITE 500, SARASOTA, FL 34236 OFFERING MEMORANDUM

FULLY LEASEDMEDICAL OFFICE

INVESTMENT -SOUTHWEST

FLORIDA6020 S.R. 70 EAST

BRADENTON, FL 34203

Tony Veldkamp, CCIMSenior Advisor

[email protected]

Matt FenskeAssociate Advisor

[email protected]

Demographics Map

BROKERAGE INFO 27Advisor Bio & Contact 1Advisor Bio & Contact 2DisclaimerBack Page

PROPERTY INFORMATION 3Property SummaryComplete HighlightsBuildingsAdditional Photos

LOCATION INFORMATION 8Location DescriptionProximity to HospitalsRegional MapLocation MapsRetailer MapAerial PhotosParcel MapParcel Map

FINANCIAL ANALYSIS 17Financial SummaryRent RollLease Rollover / Capital ExpendituresTenant ProfilesTenant ProfilesTenant ProfilesTenant Profiles

DEMOGRAPHICS 25

OFFERING MEMORANDUMFULLY LEASED MEDICAL OFFICE INVESTMENT - SOUTHWEST FLORIDA | 6020 S.R. 70 EAST, BRADENTON, FL 34203

1 PROPERTYINFORMATION

6020 S.R. 70 EastBradenton, FL 34203

FULLY LEASED MEDICAL OFFICE INVESTMENT - SOUTHWEST FLORIDA | 6020 S.R. 70 EAST BRADENTON, FL 34203 SVN | Commercial Advisory Group |

OFFERING SUMMARY

Sale Price: $6,795,000

Price / SF $233.18

Cap Rate: 7.0%

NOI: $473,000

Occupancy 100%

Lot Size: 2.7 Acres

Year Built: 1994

Building Size: 29,141 SF

Renovated: 2018

Zoning: PDC - Planned Dev

Commercial

Market: Bradenton-Sarasota

Submarket: Lakewood Ranch

Traffic Count: 43,000

Health Park East ia a very well-located, well-maintained, medical office park located at SR 70 and I-75 inBradenton, Florida, just north of Sarasota and at the entrance to Lakewood Ranch. This fully stabilizedfour-building complex houses ten total spaces, including three new tenants in the front 10,000 +/- SF buildingthat is being totally gutted and rebuilt from the ground up. The only vacancy that has been factored into therent roll is a small unit in the rear building to be vacated upon the relocation of Blue Wave Dental Group to alarger space in the front building.

Health Park East provides tenants beautiful Class A medical space in several sizes and layouts, and gives them agreat location and easy access to Manatee Memorial and Blake Hospitals to the west, and Lakewood RanchMedical Center, Doctors Hospital and Sarasota Memorial Hospital to the south.

For the discerning investor, Health Park East provides excellent medical tenancy, long term leases, a greatlocation, and buildings that have been well-maintained. The multiple tenants spread the risk while the medicaluses support long-term occupancy.

PROPERTY OVERVIEW

•

Property Summary

FULLY LEASED MEDICAL OFFICE INVESTMENT - SOUTHWEST FLORIDA | 6020 S.R. 70 EAST BRADENTON, FL 34203 SVN | Commercial Advisory Group | All SVN® offices are independently owned and operated.


SALE HIGHLIGHTS

• Excellent SR 70 / I-75 Location, Quick Access to West Bradenton, Sarasota

and Lakewood Ranch

• 1,806 +/- Hospital Beds within a 20 minute drive

• 100% Medical Tenancy (One quasi-Governmental) support long-term

Stabilization

• Health Park East and River Landings make up 83,000+ SF of mostly

Medical Office Space at this Location

Complete Highlights


Buildings


Additional Photos

2 LOCATIONINFORMATION




Health Park East lies along the highly desirable SR 70 corridor, just east of Caruso Road and west of I-75.SR 70 is the gateway between West Bradenton, Cortez Road, and the Gulf beaches to the west, and themassive 55,000+ acre highly successful Lakewood Ranch master planned community to the east. I-75provides quick and easy access south to Sarasota and the University Town Center Mall area, and north toTampa and St. Petersburg.

The immediate area around Health Park East includes Publix, Lowes, WalMart, Manatee Technical College,new apartments and four golf & country clubs with strong continued growth and development. While SR70 provides high traffic and high visibility for tenants looking to locate here, Health Park East provides aquiet, treed, park-like setting for their business. Health Park East and the adjacent River Landings officecomplex make up a total of 83,000+ square feet of office and retail space primarily centered aroundmedical office uses.

This area of East Manatee County provides a centralized location between the five local hospitals. BlakeHospital (383 beds) and Manatee Memorial Hospital (319 beds) are to the west and north. While LakewoodRanch Medical Center (120 beds), Doctors Hospital Sarasota (155 beds) and Sarasota Memorial Hospital(829 beds) are to the south. That makes a total of 1,806 hospital beds within a 20 minute drive of HealthPark East.

Stretching 741 square miles, the Bradenton Area is part of the vibrant Tampa Bay region, just south ofTampa and north of Sarasota. The county includes the communities of Anna Maria, Bradenton Beach,Ellenton, Holmes Beach, Lakewood Ranch, Longboat Key, Palmetto, Parrish and the county seat,Bradenton.

With 27 miles of beaches along its barrier islands and 150 miles of waterfront along rivers and bays, theBradenton area's sunny, waterfront lifestyle is combined with urban amenities and infrastructure. Majorhighways, three international airports (Sarasota Bradenton International Airport, St.Petersburg-Clearwater International Airport and Tampa International Airport) , Port Manatee, Florida’sclosest deep-water seaport to the Panama Canal, and CSX railroad allow for convenient road, air, marineand rail transportation.

LOCATION OVERVIEW

Location Description


Proximity To Hospitals


Fully Leased Medical OfficeInvestment - Southwest Florida

Regional Map


Location Maps


Retailer Map


Aerial Photos


Parcel Map

3 FINANCIALANALYSIS




INVESTMENT OVERVIEW FULLY LEASED MEDICAL OFFICE INVESTMENT - SW FLORIDA

Price $6,795,000Price per SF $233.18CAP Rate 7.0%

OPERATING DATA FULLY LEASED MEDICAL OFFICE INVESTMENT - SW FLORIDA

Gross Scheduled Income $490,831Other Income $118,158Total Scheduled Income $608,989Operating Expenses $136,000Net Operating Income $472,988

Financial Summary

FULLY LEASED MEDICAL OFFICE INVESTMENT - SOUTHWEST FLORIDA | 6020 S.R. 70 EAST BRADENTON, FL 34203 SVN | Commercial Advisory Group | Page 21All SVN® offices are independently owned and operated.

Blue Wave Orthodontics is the merged vision of the renowned orthodontists Dr. Randy Feldman and Dr. Ernest McDowell. In 2016, they combined theirrespective practices and launched Blue Wave Orthodontics. They are joined by Dr. Chelsea Brockway in their dedication to providing unparalleled experiencesand beautiful smiles to the Tampa Bay, Pinellas, and Bradenton/Sarasota regions. With 65 years of combined experience, Blue Wave Orthodontics offersorthodontic services for children, teen, and adult patients including both traditional braces and state-of-the-art Invisalign aligners. They design treatment plansunique to each patient for orthodontic correction of conditions including: overbite, underbite, crossbite, crowding, irregular spacing, and jaw malformations.

SUITE 6020, 101 - BLUE WAVE ORTHODONTICS

Synergy Medical specializes in natural pain solutions. Their goal is to restore health without invasive surgery or expensive medications by locating the source of pain andtreating the cause rather than masking the symptoms. Synergy Medical believes that every symptom is a signal from the body that points toward an underlying, andoftenhidden, health issue. They bring relief to patients with damage to their muscles, soft tissues, bones (including structure and alignment), and nervous system. Theirservices include: Joint Injections, Trigger Point Injections, Allergy Testing, Pain Solutions, Spinal Postural Screening, Spinal Decompression, Rehabilitative Services, LaserTherapy, Medical Weight Loss and Viscosupplementation Therapy.

SUITE 6020, 103 - SYNERGY MEDICAL

Tenant Profiles


MCR Health Services is a private, not-for-profit medical group comprised of more than 100 medical providers, 650 employees and 150 independent contractors. Starting in1979 with their first health care center, MCR Health Services now has more than 25 health care centers, two mobile units, nine pharmacies and five administrative sitesspread over three separate counties, MCR Health Services is the largest, most diversified, Federally Qualified Health Center in the southeastern United States. Their primaryand specialty care network offers a wide range of services including but not limited to: BEHAVIORAL HEALTH SERVICES, CARDIOLOGY, DENTISTRY, DERMATOLOGY, DIABETICEDUCATION CLASSES, FAMILY PRACTICE, GENERAL SURGERY, HUNTINGDON HEALTH SERVICES, INFECTIOUS DISEASE (RYAN WHITE FUNDING), INTERNAL MEDICINE,OBSTETRICS / GYNECOLOGY, OPTOMETRY, ORTHOPEDICS, PEDIATRICS, PHARMACY, PODIATRY and PULMONOLOGY

SUITE 6040 - MANATEE COUNTY RURAL HEALTH SVCES

Mederi Caretenders (Almost Family, Inc.) founded in 1976, is a leading provider of home health nursing, rehabilitation and personal care services, with over 340 locations in 26states. Almost Family, Inc. and its subsidiaries operate three segments: Visiting Nurse, or VN, which provides skilled nursing and physical, occupational and speech therapyservices primarily to Medicare beneficiaries; Personal Care, or PC, which provides custodial and personal care services; and the Healthcare Innovation division which provideshealth and long term care assessments and ACO management services. They train their caregivers to look beyond the obvious needs of patients to be advocates for theirphysical, mental, and emotional needs, with the ultimate outcome of allowing them to age in place.

SUITE 6020, 105 - ALMOST FAMILY / MEDERI

Tenant Profiles


Erasers was established by the husband and wife team of Dr. John V. Dunne, a Board Certified surgeon specializing in vascular surgery, and Maleta Dunne, a registered nurseand certified medical electrologist, head a licensed staff offering a variety of medical and cosmetic services. As of 2016 It is now owned by Dr. Federico Richter who carries onthe proud traditions of surgical and service excellence set by Dr. Dunne. Dr. Federico Richter is a venous and lymphatic medicine specialist, he is dedicated totreating varicose and spider veins and their underlying causes. Vein Center at Erasers also has an on-site Vascular Ultrasound Laboratory accredited in vein, artery andextracranial examinations, evaluating for circulation problems.

SUITE 6050-A - VEIN CENTER AT ERASERS

East County Internal Medicine (ECIM) is an independent, full service Internal Medicine Office, also known as a Primary Care office under the care of Dr. Shaan Kunwar, boardcertified in Internal Medicine. Dr. Kunwar has been caring for patients in the Bradenton/Sarasota areas for the past 4 years, and is a graduate of Lake Erie College ofOsteopathic Medicine 2010, here in Bradenton, FL, and lives in Lakewood Ranch. ECIM practices a more ‘natural’ approach to treatment plans with a Holistic approach whichmeans to treat the body as a Whole. They take into consideration the body, mind, and spirit connection, to always attempt to identify the root of the patient’s condition.

SUITE 6050-B - EAST COUNTY INTERNAL MEDICINE

Tenant Profiles


LabCorp, headquartered in Burlington, NC, is a leading global life sciences company that is deeply integrated in guiding patient care through its comprehensive clinicallaboratory and end-to-end drug development services. Employing nearly 60,000 employees worldwide, the company’s mission is to improve health and improve lives bydelivering world-class diagnostic solutions, bringing innovative medicines to patients faster, and using technology to improve the delivery of care. The company providesdiagnostic, drug development and technology-enabled solutions for more than 115 million patient encounters per year. LabCorp typically processes tests on more than 2.5million patient specimens per week and supports clinical trial activity in approximately 100 countries through its industry-leading central laboratory business, generatingmore safety and efficacy data to support drug approvals than any other company.

SUITE 6060-C - LABCORP

The Center for Physical Medicine believes it is important to take the time to provide patient centered care that gets results. The Center for Physical Medicine provides painrelief through individualized care. After a thorough physical exam and diagnosis, each of patient receives individualized treatment and attention to ensure the best results.They begin with non-invasive options first. In an era of over-prescription and surgery, they pride themselves in their non-invasive approach to pain relief. They utilizeevidence based treatment and if the initial treatment plan does not see any improvement, they will consider further diagnostic testing, and a referral to the right physician forfurther evaluation. They work closely with other specialties including podiatrist, physiatrist, neurologist, orthopedist, rheumatologist and pain management physicians.

SUITE 6060-D - PHYSMED

Tenant Profiles

4DEMOGRAPHICS


FULLY LEASED MEDICAL OFFICE INVESTMENT - SOUTHWEST FLORIDA | 6020 S.R. 70 EAST BRADENTON, FL 34203 SVN | Commercial Advisory Group | Page 25


POPULATION 1 MILE 3 MILES 5 MILES

Total population 4,538 38,626 107,049

Median age 48.6 47.1 43.8

Median age (male) 49.1 47.5 43.6

Median age (Female) 48.8 47.3 44.8

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total households 1,910 15,860 43,056

# of persons per HH 2.4 2.4 2.5

Average HH income $77,821 $78,386 $72,397

Average house value $278,982 $303,937 $334,772

* Demographic data derived from 2010 US Census

Demographics Map

5 BROKERAGEINFO


FULLY LEASED MEDICAL OFFICE INVESTMENT - SOUTHWEST FLORIDA | 6020 S.R. 70 EAST BRADENTON, FL 34203 SVN | Commercial Advisory Group | Page 27

1626 Ringling Boulevard, Suite 500Sarasota, FL 34236T 941.487.6990C [email protected] #BK576074

PROFESSIONAL BACKGROUND

Tony Veldkamp, CCIM serves as a Senior Advisor of SVN Commercial Advisory Group with offices in Sarasota and Bradenton. His primary focus is on office and industrial properties

and all types of vacant land in Manatee, Sarasota and Charlotte Counties. With over twenty five years of commercial real estate experience exclusively in this area, he has numerous

sales and leasing transactions with a career sales volume in excess of $185 Million.

Prior to joining SVN, Tony served as a 12-year veteran Commercial Broker for Michael Saunders & Company in Sarasota. He specialized in land and development, but also handled

office and industrial buildings, retail, and apartment complexes. Previous to that he served as a Land Broker for Brown Real Estate in Bradenton, Florida, but he began his real estate

career here on the Sun Coast as a real estate appraiser.

Tony was the President of the Commercial Investment Division of the Realtor® Association of Sarasota and Manatee in 2016, and he also won the 2016 Commercial Realtor® of the

Year awarded by them.

Tony very much enjoys life along the Sun Coast with his wife Debbie, a native of Bradenton, and their five children. They enjoy boating, hiking, and family time.

• 2016 Commercial Realtor® of the Year, Realtor Association of Sarasota & Manatee

• 2016 President of the Commercial Investment Division, Realtor Association of Sarasota & Manatee

• 2016 Top Producer - $20 Million+ in Sales & Leasing Volume, SVN Commercial Advisory Group

• 2016 President's Circle Award Winner, SVN International Corporation

EDUCATION

BS Degree in Real Estate from The Florida State University

CCIM Designation - Certified Commercial Investment Member

MEMBERSHIPS & AFFILIATIONS

National CCIM Institute Member (CCIM)

Florida Chapter of CCIM Institute Member

Realtor Association of Sarasota & Manatee Member (RASM)

Member of Commercial Investment Division of RASM (CID)

Board of Directors of RASM CID, 2016 President

Bradenton Area & Sarasota Economic Development Councils

Past Riverview High School Football & Band Booster

Past Board Member of Sarasota Scullers, Parent President

Past Director of Men's Ministry, Church of the Redeemer

TONY VELDKAMP, CCIM

Senior Advisor


Advisor Bio & Contact 1

1626 Ringling Boulevard, Suite 500Sarasota, FL 34236T 941.487.3794C [email protected] #SL3373336

PROFESSIONAL BACKGROUND

Matt Fenske serves as an Associate Advisor for SVN Commercial Advisory Group in Sarasota, Florida. Matt received hisBachelor’s of Science degree from the Florida State University College of Business. During his time there, he was amember of the Alpha Tau Omega National Leadership Development Fraternity and completed numerous internships athigh-end private golf courses across the United States.

Upon graduating from Florida State University, he returned to Manatee County, where he worked as a PurchasingAnalyst for a construction company, specializing in the construction of single and multi-family homes.

Matt grew up in New Hampshire, before moving to Bradenton over ten years ago. He is an avid golfer and a member ofthe PGA of America, as well as a member of the Florida State University Seminole Boosters.

Matt brings a wealth of local market knowledge and digital marketing expertise to best serve his commercial clients andexpedite the sales process.

EDUCATION

BS in Hospitality Management, College of Business.Florida State University

MEMBERSHIPS & AFFILIATIONS

Realtor Association of Sarasota & Manatee - Commercial Investment DivisionUrban Land InstituteManatee Young ProfessionalsSarasota Young ProfessionalsManatee Chamber of Commerce - Downtown Redevelopment CommitteePGA of AmericaFlorida State University Seminole Boosters

MATT FENSKE

Associate Advisor


Advisor Bio & Contact 2


Disclaimer

The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of the property within and is not to be usedfor any other purpose. This information should not, under any circumstances, be photocopied or disclosed to any third party without the written consent ofthe SVN® Advisor or Property Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property.

The only party authorized to represent the Owner in connection with the sale of the Property is the SVN Advisor listed in this proposal, and no other person isauthorized by the Owner to provide any information or to make any representations other than contained in this Offering Brochure. If the person receivingthese materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to the SVN Advisor.

Neither the SVN Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the informationcontained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future representation of the Property. ThisOffering Brochure may include certain statements and estimates with respect to the Property. These Assumptions may or may not be proven to be correct,and there can be no assurance that such estimates will be achieved. Further, the SVN Advisor and the Owner disclaim any and all liability for representationsor warranties, expressed or implied, contained in or omitted from this Offering Brochure, or any other written or oral communication transmitted or madeavailable to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fullyexecuted and delivered Real Estate Purchase Agreement between it and Owner.

The information contained herein is subject to change without notice and the recipient of these materials shall not look to Owner or the SVN Advisor nor anyof their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this OfferingBrochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property.

This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, toreject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with anyentity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the OfferingBrochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on termsacceptable to Owner, in Owner’s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing andagreed to release the Owner and the SVN Advisor from any liability with respect thereto.

To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any suchcorrespondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospectivepurchaser proceeds at its own risk.

fully leased medical office investment ......health park east ia a very well-located,...

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