Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land and building) in a net leased, single tenant, MEDcare Urgent Care investment property located in Spartanburg, SC. The tenant, UCG South Carolina, LLC dba MEDcare Urgent Care, has 11 years remaining on their lease with 1 (15-year) option period to extend. The lease features 5% rental increases in May 2020 and 2025, steadily growing NOI and hedging against inflation. The lease is NNN with landlord responsibilities limited to the maintenance and repair of the exterior walls and foundation of the building. Urgent Care Group, a Nashville-based urgent care company, recently acquired MEDcare Urgent Care and now owns and operates all of their 7 locations across South Carolina. Urgent Care Group serves as a well-recognized brand with 36 locations across four states.

The MEDcare Urgent Care is strategically positioned at the signalized, hard corner intersection of East Wood St and East Pearl Street (11,700 combined VPD), and just off US Highway 176 (34,600 VPD), a major thoroughfare connecting Spartanburg with the state’s capital Columbia. The asset is ideally located adjacent to the Spartanburg Medical Center (540 Beds), a regional research and teaching hospital with over 6,500 employees, providing a direct consumer base to draw from. Additionally, the site is in close proximity to national/credit tenants including Food Lion, CVS Pharmacy, Rite Aid, Big Lots, Dollar General, Family Dollar, and more, increasing consumer draw and promoting crossover traffic to the subject property. The 5-mile trade area is supported by a dense population of over 96,800 residents with an average household income of $56,451.

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