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2047 Valleygate DrFayetteville, NC 28304
Carolina Vision Center - Fayetteville, NC
Asset ClassHealthcare Facility
Square Feet14,500
Year Built: 2004Cap Rate: 7%Deal Size: $4.8 MAccess Data Room
Price: $4,800,000;Cap Rate: 7.00%;Remaining Lease Term: 17.3 Years
overview of deal

Overview

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee-simple interest in a freestanding single-tenant Carolina Vision Center located at 2047 Valleygate Drive in Fayetteville, NC. Carolina Vision Center (“CVC” or the “Tenant”) is North Carolina's leading Ophthalmology center, providing a wide range of comprehensive eye care treatment services including cataract surgery. CVC ranks 1st in Fayetteville and 4th in North Carolina for the number of total procedures performed, making up 4.1% of all Ophthalmology procedures. The Tenant is operating on an Absolute NNN lease with 17.3 years of term remaining.

 

This Asset is situated within a dense medical corridor anchored by Cape Fear Valley Medical Center campus, a 685-bed full-service hospital that is widely recognized as the top regional hospital in North Carolina. As a result, the immediate area has attracted over 100 healthcare facilities, which supports long-term medical demand to the area.

 

Located 65 miles south of Raleigh, Fayetteville is the third fastest growing metro area in the nation with an unprecedented 38% population growth between 2016-2021. Such growth has been a catalyst for development opportunities in Fayetteville which includes new facilities for national companies like FedEx and Amazon. Fort Liberty, formerly Fort Bragg, is located within the region and has an economic impact on the local region exceeding $8 billion annually.

 

This unique opportunity allows investors the ability to acquire an essential medical asset within one of the fastest-growing regions in the nation. The asset offers secure, long-term cash flow from industry-leading tenancy.

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Investment Highlights

MARKET LEADING HEALTHCARE TENANCY

  • Carolina Vision Center ranks 1st in Fayetteville and 4th in North Carolina for number of procedures performed.
  • Since 2004, the Asset's head physician has been selected as one of America’s Top Ophthalmologists (Consumer’s Research Council of America) and performed over 85,000 cases in his career.

MISSION-CRITICAL MEDICAL & SURGICAL CENTER

  • Carolina Vision Center is 1 of 5 vision care clinics in the U.S. and the only clinic in North Carolina to offer the Da Vinci Bladeless LASIK procedure.
  • This surgery center provides comprehensive eye care treatment including cataract surgery, LASIK, Oculoplastics, Retinal Care, and Glaucoma treatment, among many others.

HIGH GROWTH REGION IN A PREMIER HEALTHCARE CORRIDOR

  • Dense healthcare corridor that has attracted 100+ healthcare facilities within 1.5-miles, including Cape Fear Valley Medical Center, North Carolina’s top regional hospital.
  • Fayetteville MSA is the 3rd fastest growing MSA is the nation with 38% population growth between 2016-2021.

RAPIDLY GROWING HEALTHCARE SERVICES INDUSTRY

  • U.S. Healthcare industry is expected to grow at a CAGR of 5.5% from 2022 to 2028.
  • The demand for vision care in the US is expected to grow by 37% over the next 5 years
  • Accelerating outpatient care fundamentals where 74% of new outpatient medical construction is off-campus, the highest level on record.

OPTIMAL LONG-TERM NET LEASE WITH ZERO LANDLORD RESPONSIBILITIES

  • 17.3 years of term remaining with below market rent, 2.5% rent escalations annually, and two, five-year extension options offers secured and growing long-term cash flow with a high likelihood of renewal.
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2047 Valleygate DrFayetteville, NC 28304

Primary Sale Contacts

Alex SharrinSr. Managing Director(773) 320-2558alex.sharrin@jll.com
Mindy BermanSr. Managing Director(617) 899-0657mindy.berman@jll.com
Brannan KnottManaging Director(617) 316-6508brannan.knott@jll.com

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Listing provided by Revere CRE