Clinical Care Medical Office Condominiums

Highlights:

• Absolute Net Lease - The lease is structured on an absolute net basis, whereby the tenant is solely responsible for all costs associated with the subject property. The landlord has zero obligations or responsibilities related to expenses.
• Corporately Guaranteed - The lease is backed by Clinical Care Medical Centers (MB Medical Operations, LLC), a value-based, multi-specialty provider operating in 25 medical centers across Florida.
• Non-Income Tax State - Serving as a major benefit to the landlord, as of 2024, nine states: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming -- levy no state income tax.
• Rent Escalations - Offering as a hedge against inflation, the lease provides for annual rental rate escalations of 2.0% throughout the remainder of the term and option period.
• Advantageous Demographic Profile - Located in the highly desirable Miami MSA, 409,000+ residents live within a 5-mile radius of the subject property. The average household income in this area exceeds $82,000 and is projected to increase to $95,000+ by 2028. Approximately 18% of Miami-Dade County's population is aged 65 or older, translating to a high demand for medical facilities and services.
• High-Visibility Location - The 103,000 SF, nine-story Biscayne Blvd building is positioned at the hard corner of NE 126th St & U.S. Route 1 (Biscayne Blvd), which travels the length of the east coast from Key West to Maine. Alongside the subject property, U.S. Route 1 (Biscayne Blvd) provides 50,000+ consumers & commuters (avg/day) access to the nearby retail, office, and residential destinations.

Description:

Overview
Peranich Huffman Net Lease Group is pleased to exclusively offer for sale, the Clinical Care Medical Centers condominiums located in North Miami, FL. Priced at a 6.70% capitalization rate, the offering provides an investor the opportunity to acquire five Clinical Care condominiums in the nine-story Biscayne Blvd building.

Five minutes from the beaches of Miami and fifteen minutes from downtown Miami, the subject property is positioned alongside North Miami's main retail corridor with traffic counts averaging over 50,000 vehicles per day. Nearby national retail tenants along Biscayne Boulevard include: Publix, WholeFoods, Home Depot, LA Fitness, Target, Costco and more.

Lease
Executed in 2017 for an initial 10-year lease term, the lease comprises of all five Clinical Care condominiums. Clinical Care extended the term for an additional 10 years in 2020, demonstrating their commitment to the location. Clinical Care has 13+ years of lease term remaining with (1) 5-year renewal option. Rental rate escalations will increase the Net Operating Income by 2.0% annually in both the primary term and the option period. The lease is structured on an absolute net basis, designating the tenant as responsible for all operating expenses, including property taxes, insurance, common area maintenance, management fees, and condominium association fees.

Tenant
Founded in 1997, Clinical Care Medical Centers, formerly MBMG Medical Centers, has served South Florida for over 25 years. Clinical Care is focused on targeted, preventative, team-based medicine, specializing in over 12 fields such as primary care, cardiology, endocrinology, optometry, and psychiatry. As a top-ranked medical care group with 25 centers across Florida, 13 of which are in Miami-Dade County, Clinical Care has developed strong relationships with local communities, insurance partners, and healthcare partners.

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