CareNow Ground Lease, Forney, Texas

610 W. US-80 no-imageVIEW MAP

Property Information

Price: $3,142,857

Cap Rate: 5.25%
NOI: $165,000
Lease Term: 10 Years
Lease Type: Absolute NNN Ground Lease
Building Size: Approximately 4,575 Square Feet
Year Built: 2023
Status: Just Closed
Lead Broker Information:

Randy Bell


Property Description

Investment Highlights

  • Brand New 10 Year Absolute NNN Ground Lease – Stable Cash Flow Asset – Zero Landlord Responsibilities – Four (5-Year) Options to Renew
  • 10% Rental Increases Every 5 Years Throughout the Initial Term and Option Periods, Providing a Strong Hedge Against Inflation
  • Guaranteed Lease by Galen Holdco, LLC (HCA Healthcare’s Parent Entity) – HCA is a Best in Class, Leading Medical Tenant Founded in 1968 That Operates More Than 180 Hospitals & 2,300+ Sites of Care in 20 States & The United Kingdom – Over $63.1 Billion in Total Revenue the Prior 12 Months
  • New Construction, Pride of Ownership Asset Featuring CareNow’s Latest Prototype Design – a Modern and Aesthetically Pleasing Property
  • Intrinsic Value Asset – Large Format Medical Office at 4,575 Square Feet on a Sizeable 0.624 Acre Parcel with 32 Parking Spaces, Providing CareNow with the Ability to Effectively Handle High Customer Volume
  • Strategically Located in an Affluent & Growing Dallas Suburb with Average Household Income Exceeding $103,000 within a 5-Mile Radius of the Property
  • Tremendous Recent Growth – Population Growth Has More Than Quintupled within a 5-Mile Radius of the Property Since the 2000 Census – Projected Continued Growth of an Additional 19.65% by the Year 2028
  • High Traffic Location with Excellent Visibility – Over 95,000 Vehicles Per Day on US-80 with an Additional 39,991 Vehicles Per Day on Nearby FM-548
  • Situated as an Outparcel to a High-Volume Kroger Marketplace Grocery Store, Which Has Brought in an Average of Over 147,000 Customers Per Month Over the Last Calendar Year – The Store Averages More Than $1.2 Million Per Week in Sales
  • Over 10.6 Million Square Feet of Industrial & Office and 2.3 Million Square Feet of Retail & Restaurant Space in a 5-Mile Radius of the Property, Resulting in a High Daytime Population of More Than 1,700 Businesses & 9,000 Employees
  • Within a 5-Mile Radius of Fourteen Primary & Grade Schools That Have a Combined Enrollment Exceeding 12,700 Students – Forney is the 2nd Fastest Growing School District in the State of Texas & is Expected to Double Total Enrollment by 2031 to Nearly 29,000 Students
  • Multiple New Residential Communities Currently Being Developed in Immediate Proximity to the Site – Groundwork is Currently Underway on 2,801 New Single-Family Lots Across 17 Subdivisions in the Forney Area
  • Strong Multifamily Density with Over 2,700 Apartment Units within a 5-Mile Radius of the Property – 997 Additional Units Are Currently Under Construction
  • Texas is an Income Tax Free State with a Strong Economy, Providing an Ideal Location for a 1031 Exchange Asset