Novant Health Radiation Oncology
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Novant Health Radiation Oncology
3 Office Properties Offered at $9,650,000 in Multiple Locations
Executive Summary
Investment Grade Credit: These three properties are 100% tenanted by Novant Health (Credit per Moody's: A1; Credit per Fitch: AA-). The properties are used as Radiation Oncology Facilities with a total of four linear accelerators and two MRI machines. 1988 S 16th Street has three linear accelerators and 545 Ocean Highway has one; both of these properties also have one MRI machine.
Long-term Leases: Novant will be executing 10-year NN leases on all of the properties starting on October 1st. Landlord responsibilities include: roof and structure, HVAC repair and maintenance, and parking lot. Each lease contains 3.00% annual rent escalations. Certificate of Need: 545 Ocean Highway and 1988 S 16th Street are both under a Certificate of Need (CON). The closest surrounding radiation oncology facilities are: Myrtle Beach, SC (77 Miles), Lumberton, NC (74 Miles), and Onslow, NC (50 Miles). Capital Expenditures: 1990 S 16th St was completely remodeled in 2019. 1988 and 1990 S 16th Street both underwent full roof replacements in 2019.
Well-Positioned Locations: The properties are all located in strong medical corridors in close proximity to medical centers. 1988 and 1990 are located approximately 0.1 miles from Novant Health New Hanover Regional Medical Center. 545 Ocean Highway is located 2.5 miles from Novant Health Brunswick Medical Center.
Capital Expenditures: 1990 S 16th St was completely remodeled in 2019. 1988 and 1990 S 16th Street both underwent full roof replacements in 2019.
Well-Positioned Locations: The properties are all located in strong medical corridors in close proximity to medical centers. 1988 and 1990 are located approximately 0.1 miles from Novant Health New Hanover Regional Medical Center. 545 Ocean Highway is located 2.5 miles from Novant Health Brunswick Medical Center.
Long-term Leases: Novant will be executing 10-year NN leases on all of the properties starting on October 1st. Landlord responsibilities include: roof and structure, HVAC repair and maintenance, and parking lot. Each lease contains 3.00% annual rent escalations. Certificate of Need: 545 Ocean Highway and 1988 S 16th Street are both under a Certificate of Need (CON). The closest surrounding radiation oncology facilities are: Myrtle Beach, SC (77 Miles), Lumberton, NC (74 Miles), and Onslow, NC (50 Miles). Capital Expenditures: 1990 S 16th St was completely remodeled in 2019. 1988 and 1990 S 16th Street both underwent full roof replacements in 2019.
Well-Positioned Locations: The properties are all located in strong medical corridors in close proximity to medical centers. 1988 and 1990 are located approximately 0.1 miles from Novant Health New Hanover Regional Medical Center. 545 Ocean Highway is located 2.5 miles from Novant Health Brunswick Medical Center.
Capital Expenditures: 1990 S 16th St was completely remodeled in 2019. 1988 and 1990 S 16th Street both underwent full roof replacements in 2019.
Well-Positioned Locations: The properties are all located in strong medical corridors in close proximity to medical centers. 1988 and 1990 are located approximately 0.1 miles from Novant Health New Hanover Regional Medical Center. 545 Ocean Highway is located 2.5 miles from Novant Health Brunswick Medical Center.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $9,650,000 | Number of Properties | 3 |
| Price / SF | $408.10 / SF | Individually For Sale | 0 |
| Cap Rate | 6.50% | Total Building Size | 23,646 SF |
| Sale Type | Investment | Total Land Area | 5.67 AC |
| Status | Under Contract |
| Price | $9,650,000 |
| Price / SF | $408.10 / SF |
| Cap Rate | 6.50% |
| Sale Type | Investment |
| Status | Under Contract |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 23,646 SF |
| Total Land Area | 5.67 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 1990 S 16th St, Wilmington, NC 28401 | Office | 4,486 SF | 1986 | - |
| 545 Ocean Hwy W, Supply, NC 28462 | Office | 9,869 SF | 2007 | - |
| 1988 S 16th St, Wilmington, NC 28401 | Office | 9,291 SF | 1990 | - |
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Novant Health Radiation Oncology
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