1847 Commons North Dr
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1847 Commons North Dr
15,400 SF Office Building Tuscaloosa, AL 35406 $9,858,703 CAD ($640 CAD/SF) 7.18% Cap Rate
Investment Highlights
- Fast-Growing Plastic Surgery Network with Established Surgeons
- Rapidly Growing Healthcare Services Industry
- High Growth, Affluent Community Within a Strong Healthcare Market
- Long-Term Net Lease With Attractive Annual Escalators
Executive Summary
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.
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.
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Building Size
15,400 SF
Building Class
B
Year Built
2008
Price
$9,858,703 CAD
Price Per SF
$640 CAD
Cap Rate
7.18%
NOI
$707,855 CAD
Tenancy
Single
Building Height
1 Story
Typical Floor Size
15,400 SF
Building FAR
0.24
Land Acres
1.45 AC
Zoning
63 - Medical Office
Parking
47 Spaces (3.05 Spaces per 1,000 SF Leased)
PROPERTY TAXES
Parcel Number | 21-09-31-4-003-004.011 | Improvements Assessment | $477,326 CAD |
Land Assessment | $104,470 CAD | Total Assessment | $581,796 CAD |
PROPERTY TAXES
Parcel Number
21-09-31-4-003-004.011
Land Assessment
$104,470 CAD
Improvements Assessment
$477,326 CAD
Total Assessment
$581,796 CAD
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