NNN Concentra Urgent Care with Value-Add End Cap

Highlights

Description

1717 Gallatin Pike N is a renovated standalone Retail / Office Flex building located in the the Rivergate central business district just 20 minutes from Downtown Nashville. This is an incredible opportunity to own a commercial building leased NNN to Concentra, a national credit rated health services tenant, within one of the strongest growing MSA's in the country for only $237 PSF!

The property was recently renovated with a new roof, (6) new HVAC units, newly laid asphalt updated exterior brick, modern metal awning covers, added larger windows for more natural lighting, and energy efficient exterior lighting. 1717 Gallatin Pike N features 50 allocated on parcel parking

There is 16,149 SF of vacant warm shell wet sprinklered space with 4 bathrooms that can be demised into +/-10,000 SF and 5,000 SF with an estimated market rent of $1.65 - 1.75 PSF NNN. The vacant suites are ideal for an owner-user business that would prefer to own vs. rent plus collect monthly NNN income to offset expenses. Furthermore, TI expenses will be reasonable since major capex has already been completed by the seller.

*ABOUT CONCENTRA URGENT CARE: Has leased at the property since the 90s and recent lease extension commenced in 2020 ending October 2030 with an additional (1) - 5 year extension option. CAM expenses are fully reconciled at the end of each year.

Occupied SF: 9,120 SF
Lease Rate: $1.68 PSF + NNNs
Monthly: $15.390
Annual: $184,680

National Credit Rated medical tenant that specializes in occupational medicine and workforce health such as physical therapy, employer drug testing, and wellness. They treat 50,000 patients per day in more than 625 occupational health centers across 44 states. Sources indicate that Concentra's annual revenue is $2.01 Billion with a Net Revenue of $148 Million. They're headquartered in Addison, TX.

15,000 SF End-Cap + In-line space available in warm shell condition in one of the most high trafficked intersections in the Nashville MSA. The space is wide open with incredible natural lighting from the expansive windows along with four (4) total bathrooms, and drive up parking.

*The space is demisable into a 10,000 SF end-cap and a 5,000 SF in-line space each with their own respective bathrooms.

The ownership updated the brick facia, replaced the roof, added expansive windows, added LED exterior lighting, and repaved the parking lot. A business would primarily be responsible for their own Tenant Improvements (TI) with negotiable allowance.

Lease structure is a Triple-Net (NNN) with a minimum of a 5 year lease with extension options along with annual percentage rent increases.

The asking rent is $1.75 Rent PSF + NNN charges.

1717 N Gallatin Pike N is a renovated end-cap standalone building located in the Rivergate station market at one of the most highly trafficked intersections (Gallatin Pike & Myatt) in the Nashville MSA. The 4-way light controlled intersection culminates into +/-53,000 Average Daily Traffic (ADT) counts, plus the property is easily accessible with both right or left turns (ingress & egress) into the parking lot. The front parcels along Gallatin Pike feature Dutch Bros, Whattaburger, and Olive Garden.

1717 Gallatin Pike N is in the epicenter of the Rivergate retail central business district. This incredible area boast every retailer or QSR imaginable from Target, Walmart, TJ Maxx, Hobby Lobby, Burlington Coat Factory, Home Depot, DDS, Dick's Sporting Goods, Petco, In N Out (under construction), Chic-Fila, Krispy Kreme, Chilis, Longhorn Steakhouse, McDonalds, Arby's along with a plethora of local restaurants and daily essential services.

Furthermore, the direct area behind the subject property is a large Amazon fulfillment center along with owner-user industrial factories and fabrication businesses.

Only 20 minutes from Downtown Nashville, the Rivergate area functions as its own standalone business market with a population of 42,000 within a 3 mile radius, 82,000 people within a 5 mile radius with 50,000 employees. It's close proximity to both Nashville and the I65 corridor make this area ideal for employees commuting into the MSA as well for businesses distributing into the surrounding region.

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