Santa Monica, CA (November 1, 2016) – Sands Investment Group (SIG), one of the fastest growing net lease firms in the nation, has announced the triple net lease sale of two Fast Pace Urgent Care Clinics located in the cities of Martin and Smithville in Tennessee. The clinics were sold to Florida-based investor Mark Van Wyk. Kaveh Ebrahimi, net lease advisor in SIG’s Santa Monica office, represented the seller.
“These properties provide long-term leases with 10 years remaining for both locations. These clinics provided an excellent triple net lease investment in the lucrative medical building category with a stable regional tenant undergoing rapid growth,” said Ebrahimi.
Fast Pace Urgent Care is dedicated to providing primary, walk-in and urgent care for a wide range of illnesses, injuries, and common conditions, as well as providing a variety of wellness, diagnostic and screening services. Most Fast Pace clinics are located along regional arterials with fast food and other surrounding retail as neighboring tenants. Fast Pace excels at catering to their local markets, Ebrahimi added.
The sales include a 3,600-square-foot clinic located in Martin, TN for $1.129 million at a 7.6 percent cap rate. The second 3,600-square- foot clinic, located in Smithville, TN, was sold for $968,000 at a 7.75 percent cap rate.
“Our marketing strategy was national in focus due to what we saw as high demand for a new construction urgent care tenant that could provide close to favorable 8 % returns. We identified a 1031 buyer and lender that were more than comfortable with the strength of the tenant,” said Ebrahimi. He added that urgent care is a $16 billion industry with 3.5 percent annual growth. “Healthcare is moving to an outpatient focus. That’s why urgent care clinics are popular with patients and consumers looking to receive convenient and affordable treatment for minor conditions, imaging and blood tests. Fast Pace Urgent Care has attracted lucrative investment already and is poised for more growth.”
About Sands Investment Group: Sands Investment Group is a commercial real estate brokerage firm that specializes in the buying and selling of net lease properties for private investors and institutions across the United States. Since its founding in 2010, SIG has closed over 900 plus transactions worth more than $2.6 Billion in 45 states. Advisors with the company currently have over $350 million in active inventory. As a leader in the industry, SIG was first to offer true sub-product type specialization. The firm’s experience in net lease, retail, office and industrial transactions is unparalleled. Sands Investment Group has offices in Santa Monica, CA, Charleston, SC, Atlanta, GA, and Austin, TX. Learn more at www.signnn.com.