MEDICAL OFFICE PORTFOLIO | 2 BUILDINGS 100% OCCUPIED BY ALAMANCE REGIONAL | A SUBSIDIARY OF CONE HEALTH ADJACENT TO CONE HEALTH ALAMANCE REGIONAL MEDICAL CAMPUS BURLINGTON | NORTH CAROLINA CONFIDENTIAL OFFERING MEMORADUM
TABLE OF CONTENTS EXCLUSIVELY LISTED BY
Investment Overview Beau McIntosh, CCIM Investment Sales 03 Executive Summary Vice President, Furman Capital Advisors 04 Investment Highlights [email protected] Financial Overview 336 312 1835 05 Rent Roll
06 Cash Flow Analysis / Operating Expenses Peter Couchell, CCIM 07 Lease Abstracts Shareholder/Broker Managing Director, Furman Capital Advisors Tenant Overview [email protected] 08 Alamance Regional Medical Center 864 678 5923 09 Cone Health (Parent Company) 10 Westside OB-GYN Rob Schmidt Location Overview Broker Vice President, Furman Capital Advisors 11 State Map [email protected] 12 Regional Map 864 678 5995 13 Area Map
14 Alamance Regional Proximity Bob Lewis, CCIM SIOR Photography Broker, NAI Piedmont Triad [email protected] 16 Kirkpatrick Medical Center 336 214 1799 17 Westside OB-GYN Market Overview 18 Market Analysis Howard Hawks, CCIM Broker, NAI Piedmont Triad Demographic Overview [email protected] 19 Medical Expenditures - 3 Mile Radius 336 516 2458 INVESTMENT OVERVIEW Executive Summary
EXECUTIVE SUMMARY THE OFFERING
Asking Price $9,600,000 Furman Capital Advisors and NAI Piedmont Triad are pleased to offer the opportunity Cap Rate - Year 1 6.20% to purchase 1041 and 1091 Kirkpatrick Rd., Burlington, NC, a Class “A” medical office portfolio consisting of two (2) buildings built in 1995 and strategically NOI - Year 1 $595,339 located in the high growth, vibrant Greensboro, High Point, Winston-Salem MSA Cap Rate - Year 5 6.81% (1,677,511 population). Totaling ±33,100 RSF, the buildings are 100% occupied NOI - Year 5 $653,559 and located next to Cone Health Alamance Regional Medical Center Campus in Cap Rate - Year 10 (Projected) 7.66% Burlington, NC. Alamance Regional Health Center, Inc, a subsidiary of Cone NOI - Year 10 (Projected) $735,580 Health Master Leases 100% of the building for all tenants at 1041 Kirkpatrick Annual Rent Bumps 2.25% / 2.50% Rd (23,500 SF) with ±7.5 years of lease term remaining, and Westside OB- GYN also a subsidiary of Cone Health occupies 100% of 1091 Kirkpatrick Rd Lease Term (Weighted Average) ±7.00 years (As of 1/1/2020) (9,600 SF) with ±5 years of lease term remaining. Both leases have scheduled 2.25% and 2.50% annual rent increases respectively offering investors an ideal combination of stable cash flow and staggered lease expirations.
RENT ROLL AT A GLANCE PHOTO Remaining Address RSF Tenant Lease Guarantor Lease Term Cone Health d/b/a Alamance Regional 1041 Kirkpatrick Rd. ±23,500 Alamance Regional ±7.8 Years Medical Center, Inc. Medical Center Cone Health d/b/a Moses Cone Affiliated 1091 Kirkpatrick Rd. ±9,600 Westside OB-GYN ±5.0 Years Physicans, Inc. Center, P.A. TOTAL ±33,100
3. 1041 & 1091 Kirkpatrick Road | Burlington, NC INVESTMENT OVERVIEW 1041 & 1091 Kirkpatrick Rd. - Burlington, NC
INVESTMENT HIGHLIGHTS
• 100% occupied by Alamance Regional, a subsidiary of Cone Health (S&P: AA-) • Weighted average lease term of ±7.00 years as of 1/1/2020 • New HVAC system and completely resurfaced parking lot at 1041 Kirkpatrick • Attractive rent increases of 2.25% & 2.50% annually • Rent roll provides stable in-place cash flow and annual rent growth to hedge inflation • Located in the Greensboro, High Point, Winston-Salem MSA with a population of 1,677,511 • Directly adjacent to the Cone Health Alamance Regional Medical Center Campus • Prime visibility at the intersection of Kirkpatrick Rd and Grand Oaks Blvd • Direct access to I-85 / I-40 (0.5 miles) and easy access to the greater market via I-840 • Central location along the commerce-rich I-85 corridor between Atlanta, GA and Raleigh Durham, NC • The Triad continually ranks among the highest levels of foreign capital investment per capita in the US • Proximity to 7 major public and private universities including Duke, NC State, University of North Carolina, and Wake Forest. • Located within 30 minutes from two international airports: Raleigh-Durham International and Piedmont Triad International
4. 1041 & 1091 Kirkpatrick Road | Burlington, NC FINANCIAL OVERVIEW Rent Roll
RENT ROLL Tenant Name Square Footage Annual Base Rent / SF Scheduled Rent Reimbursement Structure Remaining Option(s) Address Prorata Share Annual Base Rent Increases CAM Caps Lease Dates Monthly Base Rent Alamance Regional 23,500 $16.79 2.25% Annually NNN (1) 10 Year 1041 Kirkpartrick Rd., Burlington, NC 2 71.00% $394,588 N/A 11/1/2017 ‐ 10/31/2027 $32,882.33
Westside OB‐GYN 9,600 $25.87 2.5% Annually MG (2) 10 Year 1091 Kirkpatrick Rd., Burlington, NC 29.00% $254,567 N/A 1/1/2015 ‐ 12/31/2024 $21,213.90
33,099
5. 1041 & 1091 Kirkpatrick Road | Burlington, NC FINANCIAL OVERVIEW C ash Flow Analysis / Operating Expenses
OPERATING INCOME SIZE (SF) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 Alamance Regional 23,500 $394,588 $403,466 $412,544 $421,826 $431,318 $441,022 $450,945 $461,091 $471,466 $482,074 Westside OB‐GYN 9,599 $254,567 $260,931 $267,454 $274,141 $280,994 $288,019 $295,220 $302,600 $310,165 $317,919 OpEx Reimbursements $45,635 $45,705 $46,619 $47,552 $48,503 $49,473 $50,462 $51,472 $52,501 $53,551 Scheduled Gross Income $694,790 $710,102 $726,618 $743,519 $760,814 $778,514 $796,627 $815,163 $834,132 $853,544 Current Vacancy 0.00% Effective Gross Income $694,790 $710,102 $726,618 $743,519 $760,814 $778,514 $796,627 $815,163 $834,132 $853,544 OPERATING EXPENSES $/SF YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 Taxes $1.89 $62,665 $63,918 $65,197 $66,501 $67,831 $69,187 $70,571 $71,982 $73,422 $74,890 Insurance $0.13 $4,272 $4,357 $4,445 $4,533 $4,624 $4,717 $4,811 $4,907 $5,005 $5,105 Landscaping Westside OB‐GYN $0.14 $4,764 $4,859 $4,956 $5,056 $5,157 $5,260 $5,365 $5,472 $5,582 $5,693 Management Fee 3.00% $19,475 $19,932 $20,400 $20,879 $21,369 $21,871 $22,385 $22,911 $23,449 $24,000 Reserve Allowance $0.25 $8,275 $8,275 $8,275 $8,275 $8,275 $8,275 $8,275 $8,275 $8,275 $8,275 Total Operating Expenses $3.00 $99,450 $101,342 $103,272 $105,243 $107,256 $109,310 $111,407 $113,547 $115,733 $117,964
Net Operating Income $595,339 $608,761 $623,345 $638,275 $653,559 $669,204 $685,220 $701,616 $718,399 $735,580 Cap Rate 6.20% Purchase Price $9,600,000 Equity Contribution $2,880,000 Loan Amount $6,720,000 PROPOSED DEBT OVERVIEW* LTV 70% Amortization (Years) 25 Interest Rate 4.25% Loan Term (Years) 10 *Property will be delivered free and clear of debt 10 YEAR CASH FLOW ANALYSIS YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 Annual Debt Service $ (436,858) $ (436,858) $ (436,858) $ (436,858) $ (436,858) $ (436,858) $ (436,858) $ (436,858) $ (436,858) $ (436,858) Annual Cash Flow $ 158,482 $ 171,903 $ 186,488 $ 201,418 $ 216,701 $ 232,347 $ 248,363 $ 264,758 $ 281,542 $ 298,723 Annual Cash on Cash Return 5.50% 5.97% 6.48% 6.99% 7.52% 8.07% 8.62% 9.19% 9.78% 10.37%
Annual Equity Build‐up $ 154,239 $ 160,923 $ 167,897 $ 175,174 $ 182,765 $ 190,686 $ 198,950 $ 207,572 $ 216,568 $ 225,953 EOY Principal Balance $ (6,565,761) $ (6,404,838) $ (6,236,940) $ (6,061,766) $ (5,879,001) $ (5,688,315) $ (5,489,365) $ (5,281,793) $ (5,065,225) $ (4,839,272) Annual Equity Return on Equity Build‐up 5.36% 5.59% 5.83% 6.08% 6.35% 6.62% 6.91% 7.21% 7.52% 7.85%
Total Annual Return 10.86% 11.56% 12.31% 13.08% 13.87% 14.69% 15.53% 16.40% 17.30% 18.22%
6. 1041 & 1091 Kirkpatrick Road | Burlington, NC FINANCIAL OVERVIEW Lease Abstracts
Triple CTripe Investments C Investments LLC – KirkpatrickLLC - Kirkpatrick Medical Medical TripleTripe CC InvestmentsInvestments LLCLLC – - WestsideWestside OB/GYN CenterCenter
LEASE ABSTRACT LEASE ABSTRACT
Tenant Alamance Regional Health Center, Inc. (Master Lease) Tenant Westend OB-GYN Center P.A.
Guarantor Corporate – Alamance Regional Health Center, Inc. Guarantor Corporate – Moses Cone Affiliated Physicians, Inc.
Premises 1041 Kirkpatrick Rd., Burlington, NC 27215 Premises 1901 Kirkpatrick Rd., Burlington, NC
Square Footage 23,500 RSF (Amended 3/1/2019) Square Footage 9,600 RSF
Term 10 years (11/01/2017 to 10/31/2027) Term 10 years (12/14/2014(1/1/15-12/31/2024) to 12/3/2024) Rent (Annually) Year 1 $ 356,800.00 Rent (Annually) Year 1 $ 225,000.00 Year 2 $ 377,915.96 Year 2 $ 230,625.00 Year 3 $ 393,110.35 (11/1/19 - 10/31/20) Year 3 $ 236,390.63 Year 4 $ 401,955.33 Year 4 $ 242,300.39 Year 5 $ 410,999.33 Year 5 $ 248,357.90 Year 6 $ 420,246.81 Year 6 $ 254,566.85 (1/1/2020 - 12/31/2020) Year 7 $ 429,702.37 Year 7 $ 260,931.02 Year 8 $ 439,370.67 Year 8 $ 267,454.29 Year 9 $ 449;256.51 Year 9 $ 274,140.65 Year 10 $ 459,364.78 Year 10 $ 280,994.17
Security Deposit Forty Thousand Dollars ($40,000) Security Deposit N/A
Options One (1) x 10 years Options Two (2) x 10 years
HVAC Repair Landlord responsibility for total replacement only HVAC Repair Landlord responsibility for total replacement only
CAM Tenant Responsibility CAM Landlord provides landscaping
Taxes Tenant Reimburses Landlord Taxes Landlord Responsibility
Insurance Tenant Reimburses Landlord Insurance Landlord Responsibility
Termination Right No Termination Right No
7. 1041 & 1091 Kirkpatrick Road | Burlington, NC
www.furmancapital.com 348 N. Elm St. www.furmancapital.com Greensboro, North Carolina 27401 348 N. Elm St. Greensboro, North Carolina 27401 TENANT OVERVIEW (Building - 1041 Kirkpatrick Rd.) Alamance Regional Medical Center (Lease Guarantee - Subsidiary of Cone Health)
ALAMANCE REGIONAL MEDICAL CENTER Alamance Regional Medical Center, a part of the Cone Health network, is a not-for-profit community healthcare organization. We are committed to improving the health of the citizens of Alamance County and its surrounding communities through the provision of a continuum of high quality clinical, educational, preventive-wellness, and support services in a safe and friendly environment.
We strive to provide excellent healthcare in a cost-effective manner that represents value to our patients, physicians, payors, and the community. We aspire to provide a work environment and the necessary resources that promote respect among staff and to encourage all staff members to achieve their full potential.
8. 1041 & 1091 Kirkpatrick Road | Burlington, NC TENANT OVERVIEW Cone Health (Parent company of Alamance Regional Medical Center)
CONE HEALTH
Cone Health is an integrated not-for-profit network of health care providers serving people in Guilford, Forsyth, Rockingham, Alamance, Randolph, Caswell and surrounding counties. Our tagline – “The Network for Exceptional Care” – highlights our commitment to excellence, which is shared by our more than 12,000 employees, 1,300 physicians and 1,200 volunteers.
Business North Carolina magazine puts Cone Health at the top of its North Carolina’s Best Hospitals list. The ranking identifies organizations that, in its words, “… are most successful at their fundamental goal: providing quality care for patients.”
9. 1041 & 1091 Kirkpatrick Road | Burlington, NC TENANT OVERVIEW (Building - 1091 Kirkpatrick Rd.) Westside OB-GYN
WESTSIDE OB-GYN Westside Ob-Gyn, a member of Cone Health Medical Group, offers an array of extended obstetrical and gynecological services including adult and adolescent gynecology, routine and high-risk obstetrics, minimally invasive surgical procedures, infertility counseling and treatment.
Our Women’s Center, located near Elon, N.C., provides primary care, obstetric, gynecological and mid-level care in one office – for women, by women. This unique healthcare model offers comprehensive care by an all-female staff, including doctors, and is backed by the expertise and experience of Westside Ob-Gyn.
With three locations across Alamance County, Westside Ob-Gyn and its affiliates care for a large percentage of our county’s women. We’ve been in the area since 1979 and have built long-term friendships with many of our patients. Our patients and our community are the heart of what we love about our jobs.
10. 1041 & 1091 Kirkpatrick Road | Burlington, NC LOCATION OVERVIEW State Map
SITE
11. 1041 & 1091 Kirkpatrick Road | Burlington, NC LOCATION OVERVIEW Regional Map
18 Miles From Site
Winston-Salem Greensboro
SITE 60 Miles From Site 45 Miles From Site
Raleigh
109 Miles From Site Charlotte
12. 1041 & 1091 Kirkpatrick Road | Burlington, NC LOCATION OVERVIEW Area Map
TO RALEIGH
TO GREENSBORO
SITE
13. 1041 & 1091 Kirkpatrick Road | Burlington, NC LOCATION OVERVIEW Alamance Regional Proximity
1041 KIRKPATRICK RD. KIRKPATRICK MEDICAL CENTER ALAMANCE REGIONAL HEALTH
1091 KIRKPATRICK RD. WESTSIDE OB-GYN
14. 1041 & 1091 Kirkpatrick Road | Burlington, NC PHOTOGRAPHY Kirkpatrick Medical Center
Covered Parking Area
15. 1041 & 1091 Kirkpatrick Road | Burlington, NC PHOTOGRAPHY Westside OB-GYN
16. 1041 & 1091 Kirkpatrick Road | Burlington, NC 02 Market Overview MARKET OVERVIEW I.Market LOCATION Analysis OVERVIEW CONTINUED
ALAMANCE COUNTY OVERVIEW Population Growth The Property is situated within Alamance County located in north central North Carolina. +5.2% The county seat is Graham, the second largest city, and the county accounts for 435 159,688 Growth square miles. The county has deep historical roots within the textile manufacturing and agriculture industries, and is also home to many historic Civil War sites. 151,241 +9.4% Growth
138,281 30,522 2 56,1442 21.5%1 $72,452,1652 1 $47,647,040 Population Major MedianState FreightPopulation & InternationalHealthcare Local Health Interstates Ports Passenger Railroads Airport 2005 2010 2016 HH Income 65+ Spending Insurance Railroad (<1 hour) Population by City Alamance County Major Employers Burlington 290,22251,703 Organization Employees Greensboro
Alamance-Burlington School System 3,500 Winston-SalemGraham 14,812 244,605 LabCorp of America 3,000 BurlingtonMebane 10,815 51,703 Cone Health Alamance Regional 2,000 GrahamEltonElon 10,53214,812 Elon University 1,500
City of Burlington 1,100 GibsonvilleElon 3,477 10,532 Wal-Mart Stores Inc. 1,000 GibsonvilleHaw River 2,3853,477 Alamance County 950 Green LevelElon 2,1152,384 GKN Driveline North America 800 Haw River
Alamance Community College 650 Swepsonville 1,335 Source: Alamance Chamber Honda Power Equipment 600 15
17. 1041 & 1091 Kirkpatrick Road | Burlington, NC MARKET OVERVIEW 02 Market Overview Market Analysis I. LOCATION OVERVIEW CONTINUED
ALAMANCE COUNTY OVERVIEW CONTINUED Several major public and private universities are within easy driving distance including Duke University, NC A&T, NC State University, North Carolina Central University, the University of North Carolina at Chapel Hill, UNC-Greensboro, and Wake Forest University.
Located within 30 minutes from two international airports: Elon University - Raleigh Durham International (RDU): 400 flights/day, 47 daily nonstop destinations
- Piedmont Triad International (PTI): 80 flights/day
CITYCITY OF OF GRAHAM BURLINGTON OVERVIEW OVERVIEW
TheOnly City 25 ofminutes Graham from is located both the near Triad the andcenter Triangle of the regions,State of NorthBurlington Carolina, offers along affordable, the I-40 /quality85 corridor, living midwaywith direct between access the to manyTriad ofand the Triangle nation’s regions finest . universities,This location nationally has contributed ranked healthcare to steady facilities, growth forand internationally known employers, ranging from high-tech fields to transportation and logistics. Take severala stroll decades, downtown changing and you the will land also around find the the city fromheadquarters rural to suburban of the andnation’s urban largest. laboratory services company, Laboratory Corporation of America (Labcorp). Burlington is home to the famous Sunbrella Graham is the county seat of Alamance County and has approximately 14,500 residents. It shares bordersbrand fabrics with the manufactured City of Burlington by Burlington-based and the Town of GlenHaw Raven,River. Inc. Distance From Property Children’s Museum of Alamance Demographics 1 Mile Distanc3e Miles from Property 5 Miles Population 1 miles 3 miles 5 miles 2018 3,950 32,427 76,763 Population 2023 Projected 4,300 34,509 80,908 2018 4,571 31,208 72,165 Growth 2018-2023 1.71% 1.25% 1.06%
20182023 Median Projected Age 4,815 40.5 32,561 40.8 75,245 38.5 2018Growth Total 2018 Daytime-2023 Population 5.34%8,595 4.34%42,347 4.27%84,938 HHouseholdsouseholds 2018 1,8771,867 12,33813,510 28,80230,754 2023 Projected Projected 1,9812,033 12,88614,397 30,06532,456 Average Growth Household 2018-2023 Income 5.54% 4.44% 4.39% Av2018erage Household Income $78,090 $79,787 $67,177 Burlington Downtown 20232018 Projected $50,026$86,982 $50,053$88,186 $50,921$75,364 Source: CoStar 18. 1041 & 1091 Kirkpatrick Road | Burlington, NC 16 !,7BLÿal!, DEMOGRAPHICS ÿ,OVERVIEW B,7 ÿ!!"ÿ#L,$%"ÿ&%'ÿ(B%L,B"ÿ)0)12B!ÿ34ÿa, !,$5ÿ6ÿ7,LÿB!, 8B,!5ÿ69@9A6 Medical Expenditures - 3 Mile Radius 8%$,!5ÿB0@A9)6
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19. 1041 & 1091 Kirkpatrick Road | Burlington, NC
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w)ÿa, 2B$ÿ)ÿ%hÿ6 DISCLAIMER
This Offering Memorandum contains select information pertaining to the business and affairs of the property located at 1041 & 1091 Kirkpatrick Place, Burlington, NC (“Property”). It has been prepared by Furman Capital Advisors (“Agent”). This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in the Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Owner or Agent. The material is based in part upon information supplied by the Owner and in part upon financial information obtained from sources it deems reliable. The Owner, nor their officers, employees, or agents make any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum for the Property, you agree: 1. The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Owner.
Owner and Agent expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed by all parties and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to the Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Agent or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or cause of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the creation of this Offering Memorandum.
20. 1041 & 1091 Kirkpatrick Road | Burlington, NC Beau McIntosh, CCIM Peter Couchell, CCIM Rob Schmidt Bob Lewis, CCIM SIOR Howard Hawks, CCIM Investment Sales Shareholder/Broker Broker Broker Broker Vice President Managing Director Vice President [email protected] [email protected] [email protected] [email protected] [email protected]
336.373.0995 FurmanCapital.com 348 N Elm Street | Greensboro, NC 27401
Investment Services Division of NAI Piedmont Triad