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839 Durham Rd, Wake Forest, NC 398 Hughes Rd, Madison, AL
Outpatient Imaging Affiliates - NC and AL
Asset ClassHealthcare Facility
Deal Size$2.27 M
Cap Rate: 6.71%Access Data Room
Industry Leading Tenancy | Recently Renewed NNN Lease | Attractive Annual Bumps | Fast-growing Markets
overview of deal

Overview

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee simple interest in two Outpatient Imaging Affiliates, LLC (“OIA” or “Tenant”) buildings located at 839 Durham Rd, Wake Forest, NC and 398 Hughes Rd, Madison, AL (“Properties” or “Assets”). OIA recently executed lease renewals at both locations, demonstrating their commitment to the sites. The leases are absolute and have no landlord responsibilities. Wake Forest has 6.3 years remaining, and Madison has 8.3 years remaining, and there are 2.0% annual rent increases through 12/31/2027 and 3.0% thereafter.

 

Outpatient Imaging Affiliates (OIA) is a leading national owner and operator of 62 outpatient imaging centers across 18 states, employing a joint venture strategy with leading healthcare providers and offering comprehensive management services.

 

The Wake Forest property is situated adjacent to a high-performing Target store, ranking in the top 11% nationwide by visitor traffic (Placer.ai). In Madison, the building occupies a prime spot in a bustling retail corridor, benefiting from its position as an outparcel to Publix. The Wake Forest site enjoys visibility from Capital Blvd, a major artery carrying 50,000 vehicles per day. In Madison, the asset is positioned along Hughes Rd, a high-traffic thoroughfare with 20,000 vehicles passing daily.

 

Both properties are located in an incredibly growing, business-friendly Southeastern state with expanding populations. These states also maintain a restrictive certificate of need regulations for outpatient diagnostic centers and substantial medical equipment expenditures, creating a barrier to new competition.

 

The imaging centers require significant equipment investments, including challenging-to-relocate MRI machines, further enhancing their mission-critical nature.

This rare opportunity allows investors to acquire assets occupied by a leading healthcare provider featuring newly extended leases in prime, high-growth markets.

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Investment Highlights

  • Leading Healthcare Tenancy: OIA is one of the largest non-hospital imaging operators in the country, with 62 locations across 18 states.
  • Early Lease Renewals: The tenants at both buildings just extended their leases early, demonstrating their commitment to the sites.
  • Strong Lease Structure: Absolute NNN with no landlord responsibilities and 2.0% annual bumps through 12/31/2027 and 3.0% annual bumps thereafter.
  • High-Traffic Locations: The Wake Forest asset is adjacent to a top-performing Target that ranks in the top 11% by visits nationwide (Placer.ai). The Madison building is located in a dense retail corridor and is an outparcel to a Publix, driving traffic to the site.
  • Excellent Connectivity: The Wake Forest building is adjacent to Capital Blvd, a major throughway that drives 50K VPD past the site. The Madison asset is along Hughes Rd, a highly trafficked road that drives 20K VPD past the building.
  • Expanding Markets: Both sites are located in highly desirable, pro-business, Southeastern states with fast-growing populations.
  • Certificate of Need States: Both assets are located in states with restrictive certificate of needs, that includes outpatient diagnostic centers or substantial expenditure of medical equipment, acting as a barrier for new competition.
  • Significant Medical Equipment: Imaging centers require significant equipment investment including MRI machines that are difficult to move, enhancing mission criticality.
839 Durham RdWake Forest, NC 27587

Deal Contacts

Alex SharrinCo-Head of Corporate Capital Markets & Net Lease(773) 320-3558alex.sharrin@jll.com

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Listing provided by Revere CRE