Healthcare

Northwest Hospital Urgent Care - Tucson, AZ

4001 E Sunrise Dr Tucson, Arizona United States 85718-4324
Asking Price
Area Size
NOI Net Operating Income
Cap Rate

Documents

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Key facts

Year Built 2008
Building Area Net
Land Area Net ()
Rentable Area
Occupancy 100.0 %

Property description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the opportunity to acquire La Paloma Urgent Care ("the Property"), a net leased, single-tenant urgent care and medical office opportunity in Tucson, Arizona. The Property is leased to Northwest Hospital with 7.5 years of remaining lease term under a double net-lease with limited landlord responsibilities. Northwest Healthcare is a four-hospital health system serving the Tucson metropolitan area. La Paloma Urgent Care is one of four urgent cares operated by Northwest Healthcare. Northwest Healthcare is a subsidiary of Community Health Systems, a Fortune 500 company, operating 89 hospitals nationally. Northwest Healthcare is the preferred healthcare provider boasting a dominant and formidable market share of 53.1% outpatient and 47.2% inpatient in Tucson. La Paloma Urgent Care is the only urgent care serving the market. The Property was purpose-built for Northwest Healthcare (the "Tenant") in 2008 and have a strong track record of operations over 13 years. Northwest Healthcare has complimentary urgent care referral specialties of cardiology and internal medicine in this location. The investment offers a rare opportunity to acquire highly-stable medical office investment in a market with tremendous growth trends. 

Investment highlights

NET LEASE STRUCTURE WITH ATTRACTIVE INCOME GROWTH

The Property is leased to Northwest Hospital with 7.5 years of contractual lease term remaining.

The lease features 2.5% annual rental increases to hedge against inflation.

The lease includes limited landlord responsibility, with the tenant paying operating expenses, taxes, and insurance.  


TENANT COMMITTED TO LOCATION

This build-to-suit medical office building features long-term tenant commitment and strong likelihood of future renewals.

The tenant renewed their lease for an additional 10 years with 3, 5-year extension options.


STRATEGIC LOCATION IN HIGH GROWTH MARKET

Only urgent care serving the Catalina Foothills community of Tucson

Tucson has shown strong growth in the medical office space with rental rates increasing 3.8% year-over-year.

Demand for this asset type in the area is great, with 275k SF of absorption over the past 12 months


HIGHLY SOUGHT-AFTER HEALTH CARE SPACE

Investors’ appetite is at record highs due to the growing and largely recession-proof healthcare market

The Property includes coveted cardiology and internal medicine services.

Last Updated Date: 21 Jun 2022

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Last Updated Date: 21 Jun 2022

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