1076 E Chestnut AveVineland, NJ 08360
Penn Medicine Cardiology
Asset ClassHealthcare Facility, Office
Lease-Term Remaining7 Years
Penn Medicine - NNN Investment Opportunity
Overview
1076 E. Chestnut Avenue totals 14,774 SF on 1.21 acres and is 100% occupied by Penn Cardiology through June 2032. Penn Cardiology has occupied the building since 2007 and recently executed an eight-year renewal, further committing to this growing location.
Investment Highlights
- University of Pennsylvania Credit - University of Pennsylvania Cardiology is one of the most renown medical providers internationally and this location is reported to be their best-performing satellite cardiology practice within their network. Penn purchased the cardiology practice in 2012 and has renewed three times at this locartion.
- Annual Yield Growth - Penn recently renewed their lease in July 2024 for eight years through June 2032. The NNN lease has annual 2.75% rent increases.
- Growing Practice - Current ownership recently completed over $350,000 in capital improvements including parking lot expansion from 49 to 65 spaces to accomodate the continued growth of the practice. This location has grown from five to nine cardiology doctors within the last five years.
- Prestine Condition - The property has no deferred maintenance with roof, painting, exterior siding, and parking lot repairs completed. The owner of the property is only responsible for roof and structure.
- Located in Medical Corridor - The property has high visibility with traffic counts of over 15,000 vehicles per day. It is surrounded by pediatric, obstetric and endodontic uses which serve the more than 126,000 population within a 10-mile radius.
Photo Gallery
1076 E Chestnut AveVineland, NJ 08360
Sales Team
Listing provided by Revere CRE