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1000 Boulders PkwyRichmond, VA 23225
Pulmonary Associates of VA Partial Sale Leaseback
Asset ClassHealthcare Facility, Office
overview of deal

Overview

Cushman & Wakefield | Thalhimer is pleased to exclusively present 1000 Boulders Parkway for sale. The 34,671 SF, mission critical, off-campus medical office asset is currently 100% leased to two highly regarded medical practices, Pulmonary Associates and Tucker Psychiatric Clinic. Pulmonary Associates, Richmond’s largest full-service pulmonary and lung practice, will execute a new 10-year partial NNN sale leaseback with the Purchaser at closing.

 

Situated within the prestigious Class A Boulders Office Park, the asset is located just 1.0 mile from HCA’s Chippenham Hospital - a 483-bed Level I Trauma Center that is Virginia’s

9th largest hospital. Additionally, the asset benefits from prime accessibility to the Richmond MSA via Chippenham Parkway (72,000 VPD) and Powhite Parkway (50,000 VPD), both of which are located less than a half-mile away.

 

The MOB’s combination of strong anchor tenancy from Richmond’s largest pulmonary practice, eight (8.0) years of weighted average lease term, off-campus location less than a mile from HCA’s Chippenham Hospital, and strong Richmond medical office fundamentals, result in a compelling core-plus medical office investment opportunity.

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Investment Highlights

FORTRESS MEDICAL ANCHOR TENANT

  • Pulmonary Associates is the largest pulmonary practice in Richmond
  • Specialties include lung care, pulmonary, critical care, and sleep medicine
  • Over 30+ doctors and physicians
  • 10 Year NNN Leaseback

IDEAL PROXIMITY TO NATIONAL HEALTHCARE SYSTEMS

  • 1.0 mile from HCA’s Chippenham Hospital – VA’s 9th largest hospital
  • Within 5-mile radius to three additional hospitals with a combined 824 beds

ROBUST MEDICAL OFFICE FUNDAMENTALS

  • Richmond MOB rental rate growth of 43% this decade
  • 4.6% current medical office vacancy rate
  • Class A MOB rental rates averaging $32.36 PSF NNN – highest this decade

DIVERSE MEDICAL TENANCY

  • 8.0 years of WALT
  • Over 80% of NOI attributed to Pulmonary Associates
  • Tucker Psychiatric Clinic is strong outpatient mental health user who has been in business since 1912
1000 Boulders PkwyRichmond, VA 23225

CONTACTS

Bo McKownVice President, Capital Markets(804) 697-3420bo.mckown@thalhimer.com

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Listing provided by Revere CRE