Overview
Jones Lang LaSalle Americas, Inc. ("JLL"), as exclusive advisor, is pleased to present the Charlotte Crown Collection (the “Portfolio”), a rare opportunity to acquire a 131,956 SF, six- asset portfolio of health system-anchored medical outpatient buildings in three of Charlotte’s fastest-growing submarkets – Concord and Kannapolis, NC and Rock Hill, SC. The Portfolio, 94% leased with 5.4 years of remaining lease term, is anchored by Atrium Health (Fitch: AA), part of Advocate Health, the nation's third-largest not-for-profit
health system. Atrium leases 75% of the Portfolio's area today (80% of occupied space), and recently executed letters of intent that extend Atrium's in-place WALT to 5.8 years. The Portfolio's investment-grade cash flows, 2.9% in-place rent increases, and Charlotte's continued growth offer investors access to a fortified rent roll with leasing and mark-to-market upside in a rapidlyexpanding Sunbelt MSA.
Investment Highlights
- Rare 131,956 square foot medical outpatient portfolio comprised of six clinical assets within the Charlotte MSA (#21), with five assets totaling 87% of RSF located in Concord and Kannapolis, two of Charlotte’s highest growth northern suburbs and one asset in Rock Hill, SC, a rapidly-expanding Charlotte suburb.
- 94% leased to a collection of twelve tenants that average 5.4 years of remaining lease term and 2.9% contractual rent growth, providing durable cash flow and guaranteed annual NOI growth.
- 80% leased to Atrium Health (Fitch: AA), part of Advocate Health, the nation's third-largest not-for-profit health system, and its subsidiaries. Atrium averages 12.2 years of tenure across its leased suites, and recently executed letters of intent extend Atrium's in-place lease term to 5.8 years, demonstrating strong commitment to the Portfolio’s assets and locations.
- Populations within a 5-mile radius of the Portfolio’s assets are projected to grow 7.5% in the next five years, 1.2x the projected population growth of Charlotte and 3.5x the projected growth of the United States over the same time period, per JLL Research.
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