Overview

Description

SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an NNN leased, freestanding, corporate signed, Fresenius investment property located in Tucson, Arizona. The tenant, Bio-Medical Applications of Arizona LLC, has over 9 years remaining on their initial lease and 1 (5-year) option to extend remaining, demonstrating their long-term commitment to the site. The lease features 2.5% annual increases throughout the current term and option period, steadily growing NOI and hedging against inflation. The lease is NNN with landlord responsibilities limited to roof, structure, and parking lot, making it an ideal, low-management investment opportunity for a passive. Fresenius Kidney Care, a division of Fresenius Medical Care North America (FMCNA), provides dialysis treatment and support services to more than 200,000 people with kidney disease every year whether in their own homes or at more than 2,600 facilities nationwide.

Fresenius is located along South 6th Avenue (25,600 VPD), an arterial thoroughfare that serves the city of Tucson. Located in a dense retail corridor, Fresenius is within close proximity of multiple national/credit tenants including Costco, Walmart Supercenter, Food City, Goodwill, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. Furthermore, the site benefits from nearby direct on/off ramp access to interstate 10, the fourth-longest interstate in the United States which serves over 149,000 vehicles per day. Fresenius is strategically positioned less than 5-miles from Tucson International Airport, which reported 3.8 million passengers in 2019. Close proximity to the airport positions Fresenius within a highly traveled corridor that experiences a great deal of consumer traffic. Moreover, the asset is located less than a mile north of Tucson VA Medical Center, a 295 staffed bed medical center, providing a direct consumer base from which to draw. The 5-mile subject trade area is home to more than 254,000 residents and 154,000 daytime employees with an average household income of $61,000.

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