Tempe, AZ - NextCare HQ

Description:

SRS Real Estate Partners-West, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, corporate guaranteed, mission critical, NextCare Headquarters located in Tempe, Arizona (Phoenix MSA). The tenant, NextCare Arizona LLC, has over 10 years remaining in their initial lease term with 2 (5-year) options to extend, demonstrating their commitment to the site. The lease features a 9% rental increase in Year 6, growing NOI and hedging against inflation. The lease is corporate guaranteed by NextCare, Inc., and is NNN leased with landlord responsibilities limited to roof, structure, and exterior utility lines making it an ideal, low-management investment opportunity for a passive investor. NextCare, one of the nation’s largest providers of urgent care and occupational medical services currently operates over 140 Urgent Care facilities throughout Arizona and 9 other U.S. states. Recently renovated in 2021, the state-of-the-art property features brand new, high-quality construction (includes over $4M+ in buildout in tenant’s cost). The 46,928 SF, two-story building serves as the corporate headquarters for NextCare and features an operational 3,300 SF walk-in urgent care/clinic.

The NextCare Headquarters is strategically located near the signalized, hard corner intersection of E. Baseline Road and S. Price Road, averaging a combined 41,000 vehicles passing by daily. The property benefits from nearby direct on/off ramp access to State Highway 101 (198,800 VPD), a major commuter highway serving the Phoenix MSA. Additionally, the asset is also a quick 23-minute drive to downtown Phoenix, making this an ideal, centralized location with easy commutes for both employees and clients. Further, the site is located 5 miles south of the Arizona State University, a 661-acre campus that currently enrolls nearly 52,000 students and employs over 15,900 faculty/staff, providing a strong local talent pool to draw from. ASU has topped U.S. News & World Report’s “Most Innovative Schools” list since the inception of the category in 2016 (Placed ahead of MIT and Stanford). Additionally, the property is surrounded by several apartment complexes including Shoreline at the Lakes (153 units), Broadstone Dobson Ranch (288 units / Under Construction), and Aventerra at Dobson Ranch (576 units), providing current and future employees convenient residential options to choose from. The 5-mile trade area is supported by a dense population of more than 402,000 residents and 245,000 daytime employees. Residents within 1 mile of the subject property boast an affluent average household income of $101,478.

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