Philadelphia, PA - Medical Office Building
$19,500,000
3645 N Front St, Philadelphia, PA 19134
4,990,928
Down Payment
30,000 sqft
Building Size
Details:
Description:
SRS Real Estate Partners-Northeast, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, CTL financed, Zero Cash Flow, St. Christophers Pediatrics located in Philadelphia, Pennsylvania. The tenant has over 16 years remaining, demonstrating their commitment to the site. The lease features scheduled rental increases every 5 years throughout the term, steadily growing NOI and hedging against inflation. The building is leased to a JV between Tower Health (S&P: D) and Drexel University (S&P: BBB+) and is absolute NNN with zero landlord responsibilities making it an ideal, management-free investment opportunity for a passive investor. Additionally, the paydown/readvance feature that comes from Zero Cash Flow structure further benefits a buyer with 1031 exchange.
The property was constructed in 2013 for Center for the Urban Child, a group within St. Christophers that provides pediatric care to children from birth to age 21. The site features 38 exam rooms and can serve over 400 patients per day. The site is ideally located at the heart of Philadelphia, giving it easy access to the many communities that need its services the most. With a population of nearly 1 million within 5-mile radius of the site, including over 120,000 children, the location of the property allows it to directly serve these and other vulnerable populations in the city. The subject property is also strategically positioned adjacent to Saint Christophers Hospital for Children, a 188-bed, full-service children’s hospital with one of the busiest emergency departments for children in the country, with more than 70,000 annual visits. The neighboring hospital underwent a expansion in 2016 to building an addition 135,000 SF four-story Critical Care Tower, and was acquired in 2019 through a partnership of Drexel University and Tower Health and hosts undergraduate and graduate nursing students from several colleges and universities, including Drexel University, Villanova University, Thomas Jefferson University, Holy Family, and LaSalle University.
Location
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