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Davita Dialysis of Gary, Indiana 4802 Broadway, Gary, Indiana 46408

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Davita Dialysis of Gary, Indiana 4802 Broadway, Gary, Indiana 46408 DAVITA DIALYSIS OF GARY, INDIANA 4802 BROADWAY, GARY, INDIANA 46408 JONATHAN PERANICH | MANAGING PARTNER Email: [email protected] Direct: (832) 602-3383 NET LEASE GROUP DAVITA DIALYSIS OF GARY, INDIANA PROPERTY OVERVIEW 4802 BROADWAY, GARY, INDIANA 46408 JONATHAN PERANICH MANAGING PARTNER EMAIL: [email protected] DIRECT: (832) 602-3383 TABLE OF CONTENTS 4 INVESTMENT OVERVIEW 5 INVESTMENT HIGHLIGHTS 6 PRICING AND FINANCIALS 7 NET LEASE STRUCTURE 8 RENT ROLL 9 TENANT OVERVIEW 10 DEMOGRAPHICS 11 LOCATION OVERVIEW 12 OUR TEAM JONATHAN PERANICH MANAGING PARTNER Email: [email protected] Direct: (832) 602-3383 INVESTMENT OVERVIEW DAVITA DIALYSIS OF GARY, IN DAVITA DIAYLSIS Lessee Entity Total Renal Care - Indiana, LLC INVESTMENT OVERVIEW. Peranich Huffman Net Lease Group is pleased to offer for Rentable Area 11,203 SF sale, the DaVita Dialysis of Gary, Indiana. The 13,125 square foot freestanding, net leased medical office building is located on one of the main thoroughfares of downtown Gary and Merrillville, Indiana. Comprised of 40 patient stations operating 6 days a week, the practice (%) of Rentable Area 85.36% benefits from a substantial patient count, performing over 330 procedures per week. Lease Expiration Date 1/31/2025 LEASE TERM. Commencing in 2012, DaVita Dialysis occupies approximately 85% of the Term Remaining 5 Years total rentable area and recently signed a 5-Year lease extension. The lease calls for 2% annual rental rate escalations in both the primary term and all (3) 5-year option periods. The Lessee, TRC – Indiana, LLC, is a wholly owned subsidiary of DaVita, Inc., one the fastest Rent/SF $ 23.50 growing corporation on the Fortune 200 list. DaVita’s 2018 revenues exceeded $11 Billion, holding an investment grade Ba2 credit rating from Moody’s. DaVita currently treats 42% of Primary Term Escalations 2% Annually all dialysis patients throughout the United States. Number of Stations 40 ABOUT THE TENANT. The lease is structured on a net basis, whereby the Tenant is responsible for their 85% pro-rata share of all expenses relating to property. This includes utilities, insurance premiums, and all interior portions of the premises. The Tenant also Renewal Options (3) 5-Year reimburses Landlord for their pro-rata costs associated with the repair and replacement of the Roof, HVAC, landscaping and other common area expenses. The Landlord is only Option Period Escalations 2% Annually responsible for the 15% of pro-rata the expenses attributed to the Available Space, the structural components of the improved property, and the additional Parking Lot. AVAILABLE SPACE NET LEASE STRUCTURE. Offered at a 7.85% capitalization rate, the facility provides for a stable recession proof opportunity, occupied by a national medical tenant with a reputation for consistency, and ample upside through the leasing of available space. Rentable Area 1,922 SF (%) of Rentable Area 14.64% Jonathan Peranich | Direct: (832) 602-3383 | Email: [email protected] DaVita Dialysis of Gary, IN | Page 4 AERIAL VIEW DAVITA DIALYSIS OF GARY, IN DAVITA DIALYSIS + ADDITIONAL PARKING / REDEVELOPMENT OPPORTUNITY Additional DaVita Parking & Vacant Building Jonathan Peranich | Direct: (832) 602-3383 | Email: [email protected] DaVita Dialysis of Gary, IN | Page 5 RENT ROLL NET LEASE GROUP DAVITA DIALYSIS OF GARY, IN DaVita Dialysis + Additional DaVita Parking Non- Lease Lease Term Rentable (%) of Rentable Primary Term Option Annual Net Operating Tenant Reimbursable Commecement Expiration Remaining Area Area Escalations Periods Base Rent Income OPEX DaVita Dialysis 2/1/2012 1/31/2025 5 Years 11,203 SF 85.36% 2% Annually (3) 5-Year $263,270 - $263,270 Available Space - - - 1,922 SF 14.64% - - - ($6,333) ($6,333) DaVita Parking 1/4/2012 1/31/2025 5 Years 18 Spaces - - (3) 5-Year $8,316 ($3,327) $4,989 Totals - - - - - - - $271,586 ($9,660) $261,926 The Net Operating Income of $261,926 is derived from the aggregate sum of current Annual Base Rent for both leases: (i) DaVita’s Primary Lease; and (ii) DaVita’s Parking Lot Lease across from the dialysis unit. The non-reimbursable operating expenses associated with both parcels were then subtracted from this total. See below for more information: (i) DaVita’s Primary Lease: The Primary Lease is structured on a net basis, whereby DaVita is responsible for 85% of all operating expenses associated with this parcel. The additional 15% of non-reimbursable operating expenses (attributed to the available space) results in a $6,333 cost to the Landlord. (ii) DaVita’s Parking Lot Lease: The Parking Lot Lease is structured on a Gross basis, whereby DaVita is responsible for an annual base rental rate payment of $8,316, and the Landlord is responsible for the nominal cost of property taxes and insurance. The resulting NOI comes to $4,989 of additional annual income. Summary NOI Calculation: ($263,270 - $6,333) + ($4,989) = $261,926 Jonathan Peranich | Direct: (832) 602-3383 | Email: [email protected] DaVita Dialysis of Gary, IN | Page 6 INVESTMENT HIGHLIGHTS DAVITA DIALYSIS OF GARY, IN Strong Performance Metrics – Over 330 Patient Procedures per Week Value Add Opportunity – Ample Upside through Leasing of Available Space Exceptional Population Counts – 143,000 residents within a 5-Mile Radius Scheduled Rent Increases – 2% Annual Escalations in primary term/option periods Net Leased Investement - Minimal Landlord Responsibilities Located on a Main Thoroughfare - 29,000 Vehicles Per Day (VPD) Jonathan Peranich | Direct: (832) 602-3383 | Email: [email protected] DaVita Dialysis of Gary, IN | Page 7 PRICING & FINANCIALS DAVITA DIALYSIS OF GARY, IN PURCHASE PRICE $ $3,337,000 CAP RATE % 7.85% NOI $261,926 PRICE PSF $254 Jonathan Peranich | Direct: (832) 602-3383 | Email: [email protected] DaVita Dialysis of Gary, IN | Page 8 NET LEASE STRUCTURE NET LEASE GROUP DAVITA DIALYSIS OF GARY, IN LANDLORD'S RESPONSIBILITIES Tenant's Landlord's Lessor, at its sole cost and expense, shall maintain and keep in good order and repair Expense Category Responsibility Responsibility and make any necessary replacements to the concrete slab, footings, foundation, structural components (excluding the roof), exterior walls, walks, parking areas, driveways and other exterior common areas, exterior doors and windows, flooring Exterior Structure √ (except for floor covering), exterior plumbing, and electrical systems of the Building. Roof √ TENANT'S RESPONSIBILITIES HVAC √ Lessee shall pay the net cost (after applying any discounts or incentives) all utilities and other services necessary in the operation of the Premises, including but not be Parking Lot √ limited to, gas, fuel, oil, electrical, telephone and other utility charges. Common Area Maintenance √ Lessee shall pay Lessee's Proportionate Share (85%) of all Taxes, common area maintenance charges for the Building and insurance premiums for the Building. Landscaping √ Lessee at its sole cost and expense, subject to the below reimburse by Lessor, shall maintain and keep in good order and repair and make any necessary Taxes √ replacements to the roof and related structures. Lessor shall reimburse Lessee by contributing 15% of the cost expended by Lessee for any such repair and/or Insurance replacement of the roof. Also, Lessor shall reimburse Lessee by contributing √ 15% of the cost expended by Lessee for any such repair and/or replacement of the HVAC systems of the Building. Utilities √ The graph shown above represents the financial responsibility of the expense categories. Please see Page 6 for more information. Jonathan Peranich | Direct: (832) 602-3383 | Email: [email protected] DaVita Dialysis of Gary, IN | Page 9 TENANT OVERVIEW | DAVITA DIALYSIS DaVita Inc., a Fortune 500® company, is the parent company of DaVita Kidney Care and HealthCare Partners, a DaVita Medical Group. DaVita Kidney Care is a leading provider of kidney care in the United States, delivering dialysis services to patients with chronic kidney failure and end stage renal disease. DaVita Kidney Care operated or provided administrative services at 2,510 outpatient dialysis centers located in the United States serving approximately 198,000 patients. The company also operated 154 outpatient dialysis centers located in 12 countries outside the United States. Further, the company provides acute inpatient dialysis services in approximately 900 hospitals and related laboratory services in the United States. The company was formerly known as DaVita HealthCare Partners Inc. and changed its name to DaVita Inc. in September 2016. DaVita Inc. was founded in 1994 and is headquartered in Denver, Colorado. $10 Billion in 198,000+ 2,500+ US Market Cap Patients Clinics $11 Billion in 13 Countries 70,800+ Annual Revenues Served Employees Jonathan Peranich | Direct: (832) 602-3383 | Email: [email protected] DaVita Dialysis of Gary, IN | Page 10 LOCATION OVERVIEW DAVITA DIALYSIS OF GARY, IN According to the 2010 census, Gary has a total area of 57.18 square miles of which 49.87 square miles (or 87.22%) is land and 7.31 square miles (or 12.78%) is water. Gary is "T" shaped, with its northern border on Lake Michigan. At the northwesternmost section, Gary borders Hammond and East Chicago. Miller Beach, its easternmost neighborhood, borders Lake Station and Portage. Gary's southernmost section borders Griffith, Hobart, Merrillville, and Ross. Gary is about 40 miles (64 km) from the Chicago Loop. The economy of Gary, IN employs 26k people. The largest industries in Gary, IN are Health Care & Social Assistance (5,250 people), Manufacturing (3,333 people), and Retail Trade (2,925 people), and the highest paying industries are Utilities ($61,319), Agriculture, Forestry, Fishing & Hunting, & Mining ($45,114), and Manufacturing ($44,950). The highest paid jobs held by residents of Gary, IN, by median earnings, are Legal Occupations ($115,556), Architecture & Engineering Occupations ($86,641), and Computer & Mathematical Occupations ($61,250). 87% of the population of Gary, IN has health coverage, with 28.2% on employee plans, 35.7% on Medicaid, 13.1% on Medicare, 9.03% on non-group plans, and 1.02% on military or VA plans.Per capita personal health care spending in the place of Gary, IN was $8,300 in 2014.
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