Overview
Atlantic Capital Partners has been exclusively engaged to solicit offers for the sale of CovenientMD | Falmouth, Massachusetts. This 5,099 SF asset has been 100% occupied by CovenientMD since 2018 with unmatched visibility along Rt 28 (Davis Straits) in the major retail node of Falmouth servicing the coastal communities of Cape Cod.
Situated at 40 Davis Straits, the 5,099 square foot building was recently leased to ConvenientMD. The 15-year lease with CovenientMD was signed in 2017 with rent commencing on 11/6/2018. The lease includes four (4) five (5) year options. ConvenientMD is currently paying $243,375 which an upcoming increase of 11% in December 2028 and includes additional 11% rent escalations throughout each option period, hedging against inflation.
Investment Highlights
STRATEGICALLY POSITIONED BETWEEN FALMOUTH LANDING AND FALMOUTH PLAZA
The asset benefits from excellent exposure and visibility along the main thoroughfare (Route 28) in Falmouth between both Falmouth Landing and Falmouth Plaza, home to national tenants such as Walmart, Shaw’s, TJ Maxx, HomeGoods, Staples, Planet Fitness, Petco, Dollar Tree and more
RARE CAPE COD OFFERING
Strategically situated along Route 28 (14,657 VPD) within Falmouth, an affluent residential and vacation destination that also serves the surrounding communities of Mashpee, Bourne, Sandwich and more. Cape Cod received 3.5M tourists during summer 2023.
CORPORATE GUARANTY FROM EXPLOSIVE GROWTH MEDICAL RETAIL TENANT (CONVENIENTMD LLC)
ConvenientMD is New England’s leading urgent care provider and operates approximately 47 locations throughout Massachusetts, New Hampshire, and Maine with several additional locations in the development pipeline.
ATTRACTIVE RENTAL INCREASES
The 15-year lease with ConvenientMD was signed in 2017 with rent commencing on 11/6/2018 and calls for attractive 11% rent increases every 5 years throughout the initial lease term and at the start of each renewal option period, providing an attractive increase in revenue and hedge against inflation
STRONG DEMOGRAPHICS
Over 15,465 people live within a 3-mile radius of the property with an average household income of $127,990. More than 28,940 people live within a 5-mile radius of the property with an average household income of $105,677
MINIMAL LANDLORD RESPONSIBILITIES
Tenant pays CAM, Taxes, and reimburses for insurance as well as maintains all aspects of the premises, excluding roof. Investor benefits from fee-simple ownership of the building and land providing an ideal low intensive management investment opportunity for a passive investor
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