1847 Commons North Dr

JLL is pleased to offer the opportunity to acquire Plastic Surgery of Tuscaloosa, a single-tenant medical center located at 1847 Commons North Drive, Tuscaloosa, AL (“Property” or “Asset”). The Asset is leased to Ascend Plastic Surgery Partners MSO (“Ascend” or “Tenant”) on a net lease with 9.4 years of term remaining, 2.50% annual bumps and two, five-year renewal options.

The Asset serves as a plastic surgery center and medical spa, providing cosmetic surgery and skin care treatment to the surrounding area. The expert physicians at Plastic Surgery of Tuscaloosa are highly experienced and board-certified plastic surgeon with over 33 years of expertise. The center is a part of Ascend Plastic Surgery Partners, a partnership of established plastic surgeons founded by Sheridan Capital Partners in October 2023. Ascend has rapidly expanded, adding 7 new locations since April 2024. Ascend, who guarantees the lease, generates annual EBITDA of $12M and palatable leverage of 0.8x. The site is a strong performer and includes EBITDAR to rent coverage of nearly 3x.

The Property is based in Tuscaloosa, Alabama, a fast-growing metro and college town that grew by 2.7% from 2021 to 2022. Alabama is a high growth state due to its business-friendly environment--it boasts the lowest property tax rate in the country. The surrounding area has an average household income of $159K within a 3-mile radius, indicating a high level of affluence and providing a strong customer base for the tenant's operations. Additionally, the population within a 1-mile radius of the property has experienced significant growth, increasing by 38% since 2010, indicating a thriving and expanding market. The Asset is strategically located in a retail corridor, surrounded by national tenants such as Publix, McDonalds, and CVS, among others.