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Thursday, February 10, 2011

Sale-Leaseback with Medical Office Buildings

Tampa Bay, Florida - Again we travel to the Florida west coast for our Net Lease Properties news. This recent commercial real estate transaction is a sale-leaseback. A Tampa Bay Investment Group negotiated the sale-leaseback in the Tampa Bay commercial real estate market. A Company, Tower Radiology, sold four of their medical office buildings to Broadstone Net Lease Inc. for approximately $14.5 million. This net lease properties transaction closed and then the sale-leaseback went into effect. The net lease property seller, Tower Radiology, proceeded into a 15-year net lease agreement with Broadstone. Tower Radiology will net lease all four of the commercial properties that had sold.

Many of our NNN Commercial Real Estate investors are seeking Institutional-grade medical office buildings (MOB) that offer long-term net leases. Triple Net lease properties provide investors with high quality medical office properties, providing steady income, and a potential for capital appreciation. The majority of sale-leaseback deals have been on investment grade or near investment grade companies. This makes the NNN Commercial Real Estate Buyer feel comfortable to have well-established net leased Tenants and reliable income streams. Net leased Properties with drug store Tenants are nationally marketed with an average cap rate of 7.2% for some Walgreen's and CVS.

The Buyer, Broadstone Net Lease Inc. are into these four medical office buildings with a total Cap Rate of 7.43%. Broadstone Net Lease, Inc. is a private Commercial Real Estate Investment Trust (REIT) that invests in freestanding, single-tenant, net-leased properties located throughout America. Broadstone Net Lease, Inc. currently holds a diversified portfolio of medical office buildings (MOB), restaurant, net leased convenience stores, specialty office buildings and distribution centers. Broadstone Net Lease, Inc. has an Investment Property Portfolio that has over 70 commercial properties which are located in 21 states. Broadstone Net Lease, Inc. is currently targeting net lease properties acquisitions in the $5 to $15 million range. These medical office buildings can be options if you are in a 1031 Exchange.

We have information on the four properties in this deal which was structured as a sale-leaseback transaction. These four commercial properties are stand-alone medical office building that range from 7,523 to 17,543 square-feet. There are two of these medical office buildings located in Tampa Bay, at at 4719 N. Habana Avenue and 14231 Bruce B. Downs Boulevard. The other two medical office buildings are located at 3350 Bell Shoals Road in Brandon, and 2324 Oak Myrtle Lane in Wesley Chapel, Florida.

In particular, the 3350 Bell Shoals Road Medical Office Building, is in Brandon that is a Heavy Traffic Area. The medical office building is near the intersection of Bell Shoals and Bloomingdale Avenue. This is a Great Retail Location with plenty of parking spaces. This medical office building benefits from over 62,000 people within 2 miles. The Brandon are has a Median household income of approximately $57,000. The traffic count is approximately 50,000 cars daily (VPD) on Bloomingdale and Bell Shoals road. There are retail triple net lease properties nearby such as Walmart, Publix, Kash n' Karry, a nice Burger King, Mobil and Discount Auto Parts.

NNN Commercial Real Estate investors on the sidelines have capital would pounce on the right sale-leaseback, especially medical office building and retail properties with quality Tenants. Considering the credit market is still tight on Investment Property financing, sale-leaseback transactions are an attractive vehicle for owners of commercial real estate to tap into a readily available source of funds.

The sale-leasebacks with Tower Radiology were attractive considering their track record. Tower Radiology provides outpatient radiology services for the Tampa Bay area. Tower Radiology owns two other medical office buildings and net leases about a some additional offices in the Tampa Bay area. Tower Radiology has a medical portfolio which is currently the No. 2 ranked in Florida.

Tower Radiology is considered among the top-15 imaging centers in the United States. The commercial real estate with sale-leasebacks allow physicians to pull the capital from their commercial real estate holdings. Then physicians can concentrate on their specialty, medical care for patients.

Contact Net Lease Properties to sell your net lease properties, or purchase NNN Property.


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