panama city, fl 32405€¦ · brand new roof completed in january 2020 with 40-year warranty,...

2100 STATE AVENUE Offering Memorandum

Panama City, FL 32405

2100 State AvenuePanama City, FL 32405

01. EXECUTIVE SUMMARY Investment Highlights

Investment Overview

02. PROPERTY SUMMARY Location Map

Market Aerial

Location Overview

03. TENANT OVERVIEW Tenant Summary

Rent Roll

04. MARKET SUMMARY Panama City, FL

Gulf Coast Regional Medical Center

Detailed Demographics

MEDICAL OFFICE INVESTMENT OPPORTUNITY IN PANAMA CITY, FL

BRETT BUCHWALDVice President, Healthcare Investment Sales | Ackerman Medical Direct: 770.328.8311 Email: [email protected]

JENNIFER STEINFounder, CEO | JDS Real Estate Services, INCDirect: 213.446.5366 Email: [email protected] License # CQ1048764

Table of Contents

Contacts:

2100 STATE AVENUE | PANAMA CITY, FL

EXECUTIVE SUMMARY � Investment Highlights

� Investment Overview

01

2100 State Avenue | Panama City, FL 4

Ackerman Medical and JDS Real Estate Services, Inc. is proud to present

this 100% occupied medical office building in Panama City, Florida.

This facility is well-positioned on the campus of the Gulf Coast Regional

Medical Center, a 216-bed acute care hospital.

2100 State Avenue is home to Florida Cancer Affiliates, which offers a full range of Oncology services. The long-term lease, on-campus location, annual escalations and high barriers to entry ensure that this will be a great investment for years to come.

INVESTMENT HIGHLIGHTS

� On the campus of Gulf Coast Regional Medical Center, a 216-bed Hospital

� 100% occupied medical office building

� 2% annual escalations

� Highly specialized equipment makes tenant relocation infeasible

� Florida has no state income tax

� Tenant was recently acquired by McKesson (NSYE: MCK; BBB+ Rating)

� Brand new roof completed in January 2020 with 40-year warranty, transferable to new owner

EXECUTIVE SUMMARY

INVESTMENT OVERVIEW

SQUARE FEET TOTAL: 17,264 SF

ACREAGE: 1.47 Acres

OCCUPANCY: 100%

NOI: $293,508

ASKING PRICE: $4,899,000

CAP Rate: 6.00%


PROPERTY SUMMARY � Location Map

� Market Aerial

� Location Overview

02

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Key Largo

Miami

Fort Lauderdale

Naples

Sarasota

St Petersburg

Panama City

Pensacola

Cape Canaveral

Jacksonville

West Palm Beach


LOCATION MAP

PROPERTY OVERVIEW

PANAMA CITYPANAMA CITY

2100 State AvenuePanama City, FL


MARKET AERIAL

PROPERTY OVERVIEW


STATE A

VE

STATE A

VE

JENKS AVE

JENKS AVE

W 23RD STW 23RD ST

PANAMA CITY SQUARE

© 2012-2017 Digital Map Products. All rights reserved. 1

502 feet


MARKET AERIAL

PROPERTY OVERVIEW


STATE A

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STATE A

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JENK

S AV

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KS A

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N C

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DN

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VE B

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MLK

JR D

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W 23RD STW 23RD ST

W 15TH STW 15TH ST

E 23RD STE 23RD ST

E 19TH STE 19TH ST

PANAMA CITY SQUARE

PANAMA CITY MALL

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23RD STREET PLAZASTANDFORD STATION 23RD STREET PLAZA

231231


BUILDING SPECIFICATIONS

PROPERTY OVERVIEW

ADDRESS: 2100 State AvenuePanama City, FL 32405

BUILDING DESCRIPTION: Class-B medical office building, steel frame

YEAR BUILT: 1991; Renovated 2018

ROOF: New roof installed January 2020 with 40-year warranty, transferable to new owner

FLOORS: Single Story

SQUARE FOOTAGE: 17,264 SF

SITE ACREAGE: 1.47± AC

ZONING: Commercial

PARKING/RATIO: 63 spaces, Ratio of 3.6/1,000 SFCurrent tenant uses the adjacent hospital parking for staff parking

PARCEL NUMBER: 14168-011-000; 14168-011-001 (property sits on 2 parcels)


TENANT OVERVIEW � Tenant Summary

� Rent Roll

03


FLORIDA CANCER AFFILIATES

Florida Cancer Affiliates is committed to providing patients with the specialized care they need along with the tools, resources

and personal support that will help them navigate through their journey with cancer.

They offer their patients the latest technology and therapies ranging from leading-edge diagnostic imaging to sophisticated

forms of radiation therapy. At the same time, they are dedicated to delivering care with the compassion patients desire.

Florida Cancer Affiliates provides the best therapies and current treatment options, including clinical trials at their state-of-the-

art center, at 2100 State Avenue.

TENANT SUMMARY

TENANT OVERVIEW

SQUARE FOOTAGE17,264± SF

LEASE EXPIRATION2/29/28


RENT ROLL

TENANT OVERVIEW

ADDRESS TENANT SQUARE FOOTAGE PRO RATA EXPIRATION

DATECURRENT RATE

PSFMONTHLY

RENTANNUAL

RENT ESCALATIONS LANDLORD EXPENSE

2100 State Avenue AOR Management Co of VA, LLC 8,210 48% 2/29/2028 $24.97 $17,083 $205,000 2% Annual Escalations Gross Lease

AOR Management Co of VA, LLC 9,054 52% 2/29/2028 $24.97 $18,840 $226,075 2% Annual Escalations Gross Lease

TOTALS 17,264 100% $35,923 $431,075

Gross Rental Revenue $431,075.16

EXPENSES

Taxes $41,000.00

Insurance $18,655.00

Repairs & Maintenance $38,349.00

Landscaping $14,064.00

Utilities $25,499.00

TOTAL EXPENSES $137,567.00

NOI $293,508.16


MARKET SUMMARY � Panama City, FL

� Gulf Coast Regional Medical

Center

� Detailed Demographics

04

PANAMA CITY | BAY COUNTY

Panama City, Florida, is located on the Gulf Coast in the center of Northwest Florida, south of Interstate 10 between Pensacola and Tallahassee. It is positioned in the heart of what many refer to as the “Florida Panhandle,” also known as the Panama City-Lynn Haven-Panama City Beach Metropolitan Statistical Area (MSA).

The area is well-known for its 27 miles of sugary-white sand beaches and emerald green waters of the Gulf of Mexico but is now growing more popular as a place to do business, ranked as the #1 area for economic growth potential in the U.S.

FLORIDA PANHANDLE MARKET SNAPSHOT

Panama City, FL

Sources: CoStar, US Department of Housing and Urban Development

OFFICE MARKET STATS

� Total Office Inventory: 2,789,314 SF

� Total Vacancy: 2.3%

PANAMA CITY BEACH

842,608 SF

PANAMA CITY1,887,826 SF

PANAMA CITY TOP 5 EMPLOYERS

� Tyndall Air Force Base: 6,416

� Naval Support Activity: 3,300

� Bay District Schools: 3,000

� General Dynamics IT: 2,300

� Bay Medical Center: 1,800

2100 State Avenue | Panama City, FL 14MARKET OVERVIEW

GULF COAST REGIONAL MEDICAL CENTER

Gulf Coast Regional Medical Center is a 216-bed acute care hospital serving Bay County and surrounding communities for 40 years. The hospital was recently named a Joint Commission Top Performer on Key Quality Measures® – heart failure, heart attack, pneumonia, surgical care and perinatal care – for the fourth consecutive year and has achieved certifications for its stroke and wound care.

Gulf Coast Regional Medical Center's team of more than 450 providers and 1,000 employees work to ensure patients receive the highest quality care every day. With the area’s only designated Pediatric ER, four-bed Pediatric ICU and 28-bed NICU, the hospital is ready to care for the Panhandle's youngest residents. The hospital has the only Accredited Chest Pain Center with Primary PCI as recognized by the Society of Cardiovascular Patient Care. Additionally, the hospital’s cancer program is accredited by the Commission on Cancer and the National Accreditation Program for Breast Centers (NAPBC). These designations enhance the hospital’s quality of care and demonstrate its commitment to higher, measurable standards of care.

Gulf Coast Regional Medical Center

Gulf Coast Regional Medical Center recently announced future development plans, including on-site expansions and renovations as well as new construction designed to keep pace with increasing demand for acute patient care.

The construction will add nearly 67,000 square feet and 52 new beds to Gulf Coast Regional Medical Center, including the addition of a fourth and fifth floor to the north tower. A connector from the 3rd floor of the north tower to the main facility will also be constructed. The fourth floor will house a new medical/surgical floor featuring 22 private patient rooms while the fifth floor will house a state of the art, 18-bed acute inpatient rehabilitation facility. In addition, a third floor will be added to the south tower, housing a new 12-bed surgical intensive care unit. The project is anticipated to begin in 2020 and take 18 months to complete, with a total investment of nearly $62 million. It is expected to create 100 new full-time jobs in Bay County.

GCMC-PC Expansion Plans


Sources: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2019 and 2024

PANAMA CITY, FL DEMOGRAPHICS


DETAILED DEMOGRAPHICS 1 MILE 3 MILES 5 MILE

2019 Population 3,733 43,578 79,1882024 Projected Population 4,532 47,178 83,5902019-2014 Growth 2019 - 2024 3.96% 1.60% 1.09%

2019 Households 1,602 18,411 32,3332019 Owner Occupied Housing Units 725 9,569 19,1262019 Renter Occupied Housing Units 876 8,842 13,207

2024 Projected Households 1,954 19,838 34,0292024 Projected Owner Occupied Housing Units 939 10,486 20,3512024 Projected Renter Occupied Housing Units 1,015 9,351 13,677

2019-2014 Household Growth 2019 - 2024 4.05% 1.50% 1.03%

2019 Median Household Income $43,661 $45,830 $50,7762024 Projected Median Household Income $50,239 $51,563 $56,0272019 Average Household Income $58,979 $64,052 $68,9392024 Projected Average Household Income $67,827 $72,555 $77,941

INFORMATION NOT WARRANTED

This Offering Memorandum and any subsequent evaluation material you may be

provided (collectively known as the “Offering Memorandum”) is intended solely

for your limited use in considering whether to pursue negotiations to acquire

Piedmont Rockdale (the “Property”) located at 2100 State Ave, Panama City, FL

32405. The Property is being marketed for sale by Ackerman & Co. (“Broker”)

and JDS Real Estate Services, Inc. (FL License # CQ1048764).

The Offering Memorandum contains brief, selected information pertaining to

the business and affairs of the Property and has been prepared by Broker. It

does not, however, purport to be all-inclusive or to contain all of the information

that a prospective purchaser may desire. Broker makes no representation or

warranty, express or implied, as to the accuracy or completeness of the Offering

Memorandum or any of its contents, and no legal liability is assumed to be

implied with respect thereto.

By acknowledgment of your receipt of the Offering Memorandum you agree that

the Offering Memorandum and its contents are confidential, that you will hold

and treat it in the strictest of confidence, that you will not directly or indirectly

disclose, or permit anyone else to disclose, the Offering Memorandum or its

contents to any other person, firm, or entity (including, without limitation, any

principal for whom you have been engaged), without prior written authorization

of Owner or Broker and that you will not use or permit to be used the Offering

Memorandum or its contents to be copied or used in any fashion or manner

detrimental to the interest of Owner. Photocopy or other duplication is strictly

prohibited.

THE OFFERING MEMORANDUM SHALL NOT BE DEEMED TO REPRESENT THAT

STATE OF AFFAIRS OF THE PROPERTY OR CONSTITUTE AN INDICATION THAT

THERE HAS BEEN NO CHANGE IN THE BUSINESS OR AFFAIRS OF THE PROPERTY

SINCE THE DATE OF PREPARATION OF THE OFFERING MEMORANDUM.

The information provided in the Offering Memorandum has been gathered from

sources that are deemed reliable, but the Broker does not warrant or represent

that the information is true or correct. Prospective offerors are advised to verify

information independently. The Offering Memorandum is not to be construed as

an offer or as any part of a contract to sell the property.

Furthermore, the inclusion or exclusion in the Offering Memorandum of

information relating to asbestos or any other hazardous, toxic or dangerous

chemical item, waste or substance (hereinafter collectively referred to as “Waste”)

relating to the Property shall in no way be construed as creating any warranties

or representations, expressed or implied by the Broker as to the existence or

nonexistence or nature of Waste in, under or on the Property, it may create

significant legal and/or economic obligations upon the Owner, lessee and/or

other holders of interest in the Property or a part thereof and you are hereby

advised to obtain professional assistance such as from a consultant, engineer

and/or attorney prior to taking an interest in the Property or a part thereof.

©2020 Ackerman & Co. All rights reserved. Ackerman Medical is a registered trademark of Ackerman & Co All others are the trademarks of their respective companies.

FOR MORE INFORMATION, PLEASE CONTACT:

BRETT BUCHWALDVice President, Healthcare Investment Sales | Ackerman Medical Direct: 770.328.8311 Email: [email protected]

JENNIFER STEINFounder, CEO | JDS Real Estate Services, INCDirect: 213.446.5366 Email: [email protected] License # CQ1048764

panama city, fl 32405€¦ · brand new roof completed in january 2020 with 40-year warranty,...

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