Memorial Hospital STNL - MHG Clinic - Diamondhead, MS

4300 Leisure Time Dr Diamondhead, Mississippi United States 39525-3241
Asking Price
Area Size
NOI Net Operating Income
NIY
Asking Price
Area Size
NOI Net Operating Income
NIY

Documents

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Attributes

Building Area Gross
Land Area Gross ()
Occupancy 100.0 %

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the fee-simple interest in a net leased single-tenant medical office in the Gulfport, MS MSA (the “Property”), tenanted by Memorial Hospital at Gulfport (“MHG”, “Tenant”). The facility has operated as a multi-specialty clinic since 2011, providing family medicine, a walk-in clinic, a variety of diagnostic imaging and testing services, and other specialties for patients. The Tenant recently executed an early lease extension, extending their lease term to August 2027, featuring attractive 2% annual rent increases. As the largest hospital system in southern Mississippi, the Tenant generates over $680M in annual operating revenue and has over 100 spoke clinic locations in the coastal Mississippi region, offering a secure parent credit guarantee to the lease. The Property is one of 8 out of 100+ spoke clinic locations within the MHG system to offer diagnostic imaging care, providing a complete range of specialized tests and diagnostic procedures including Open Bore MRIs, PET/CT Scan, X-Rays, DEXA (bone density) exams, etc. Located in the Gulfport MSA, the Property is strategically situated right off an Interstate 10 exit seeing over 60,000 VPD and with ease of access to the over 420,000 residents that live in the local region. Additionally, situated on a 2.12-acre parcel with ample parking on-site, the Property is well-positioned to serve the local patient base that drive from throughout the region to the location.


This offering represents an opportunity to own a single-tenant medical office with one of the largest hospital systems in Mississippi as the Tenant, and attractive annual rent increases. With occupancy dating back to 2011 and multiple lease extensions, the Tenant has shown a history of commitment to the location due to the mission-criticality of the diagnostic imaging services offered at the Property.


Investment Highlights

·6 YEARS OF LEASE TERM REMAINING WITH 2% ANNUAL INCREASES AND RECENT EARLY LEASE RENEWAL BY TENANT


·10+ YEAR OPERATING HISTORY BY TENANT AT THE SITE WITH MULTIPLE LEASE EXTENSIONS, SHOWING COMMITMENT TO THE LOCATION


·STRONG TENANCY BY LEADING OPERATOR, MEMORIAL HOSPITAL AT GULFPORT (“MHG”), ONE OF THE LARGEST HOSPITAL SYSTEMS IN THE GULF COAST REGION


·NET LEASED PROPERTY WITH MINIMAL LANDLORD OBLIGATIONS


·MULTI-SPECIALITY CLINIC PROVIDING FAMILY MEDICINE, WALK-IN CLINIC, A VARIETY OF DIAGNOSTIC IMAGING AND TESTING SERVICES, AND OTHER SPECIALITIES FOR PATIENTS


·CLINIC IS ONE OF ONLY 8 “SPOKE” LOCATIONS OUT OF 100 IN THE HOSPITAL SYSTEM THAT OFFERS DIAGNOSTIC IMAGING, CREATING A MISSION-CRITICAL ELEMENT TO THE PROPERTY WITH THE HOSPITAL’S OPERATIONS IN THE REGION


·STRATEGICALLY LOCATED IMMEDIATELY OFF INTERSTATE 10 (60,000 VPD) EXIT, THE PRIMARY EAST/WEST INTERSTATE IN THE SOUTHEAST


·MHG HAS LEADING MARKET SHARE AND SERVES MORE THAN 67% OF HOUSEHOLDS IN THE GULFPORT MSA, HOME TO OVER 422,000 RESIDENTS


·MHG SEES ± 13,000 PATIENTS ANNUALLY AND GENERATES MORE THAN $600 MILLION IN ANNUAL REVENUE

Last Updated Date: 27 Oct 2021

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Last Updated Date: 27 Oct 2021

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