Overview
Marcus & Millichap is pleased to present the opportunity to acquire a +/- 42,071-square-foot state-of-the-art facility leased to Option Care Enterprises, Inc. (“Option Care” or “Tenant”). Option Care is the nation’s largest independent provider of infusion therapy services and this facility is of critical and strategic importance because it is a regional hub that provides:
• Infusion therapy services directly to clients (patients),
• Regional lab space,
• Regional IV therapy manufacturing,
• Regional warehouse / distribution and,
• Space for long-term expansion
Furthermore, the underlying structure (the “Property” or “Asset”) was built in 2021 and features 24’ clear heights with grade and dock high overhead doors. The Asset is strategically located in Hudson, Ohio on the north edge of the Akron MSA and border the southern portion of the Cleveland MSA.. The Asset is a build to suit and 100% leased on a long-term triple-net (NNN) basis to Option Care Enterprises, Inc.
Investment Highlights
Highly Desirable Lease Fundamentals
• Triple net lease structure with minimal Landlord responsibilities
• Annual rent escalations of 3% throughout the initial term
• +/- 5.7 years of firm term remaining
• Two (2), 5-year options with 2% annual rent increases
Extremely Strong Corporate Tenant
• 100% leased to Option Care Enterprises, Inc.
• The Tenant’s parent company Option Care Health inc. carries strong credit rating from S&P of BB- and Ba3 rating from Moody’s
• Demonstrated strong financial growth in recent years, with revenue increasing by over 50% since 2019 to reach $5.0 billion in 2024, and Adjusted EBITDA more than doubling to $396 million during that time
• Option Care Health, Inc. is publicly listed on NASDAQ (OPCH) with a market cap of ~$5.4 billion
High Quality Asset With Desirable Components
• +/- 42,071 SF facility with a combination of medical delivery, wet lab, office, and warehouse
• Oversized +/- 7.54-acre parcel allowing for extended parking capacity
• Original build to suit Asset by the Tenant with superior quality improvements and finishes
• New construction completed in 2021
• 24’ clear height
• 2 dock high doors and 1 drive-in door
• Includes area for expansion
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