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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.

Property Facts

Sale Type
Investment
Property Type
Office
Property Subtype
Medical
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

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
  • Listing ID: 32771212

  • Date on Market: 2024-08-12

  • Last Updated:

  • Address: 1847 Commons North Dr, Tuscaloosa, AL 35406

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