Tenant: Memorial Hospital Medical Office | Gulfport, MS
Premises: 22,879 SF
Renewal Options: 1 x 5 Yr
Lease Expiration: Varies
Rental Increases: CPI
Sands Investment Group is Pleased to Present For Sale the Memorial Hospital Medical Office Located in Gulfport, Mississippi. Currently, 82% Occupied, This Opportunity Provides a New Owner a Desirable Mix of Stable Income With Immediate Upside Potential Through the Lease-Up of the Existing Vacant Spaces. Featuring Recent Commitments From Memorial Health System and LabCorp, These Creditworthy Tenants Anchor the Building and Represent More Than 90% of the Income Stream at the Property.
In Cooperation With Sands Investment Group Mississippi, LLC – Lic. #22675 BoR: Andrew Ackerman – Lic. MS #22616
Read Additional Thought Leadership Content From SIG, Specializing in Absolute Triple Net Lease Opportunities
MEMORIAL HEALTH SYSTEM
Memorial Health System of Memorial, is a public, not-for-profit healthcare organization jointly owned by the City of Gulfport and Harrison County in Mississippi. Memorial was founded in 1946 and operates two major hospitals (Gulfport and Wiggins) and nearly 200 specialty practices primarily located in Southern Mississippi. Collectively, the memorial Health System footprint consists of nearly 5,000 employees and 400 physicians. Memorial Health System operates two major hospital facilities. The first, Memorial Hospital in Gulfport, is an acute care hospital licenses for 328-beds and includes a state-designated Level II Trauma Center. In 2022, total revenue for the Memorial Hospital in Gulfport reached nearly $800 million. The other hospital is Memorial Hospital in Wiggins, which is a 25-bed acute care hospital offering 24 -hour emergency care with a full-service laboratory and radiology department. In addition to its hospitals, Memorial also supports approximately 192 practices. These practices are highlighted by 65 specialty care locations, 17 walk-in clinics, 15 internal medicine locations, 14 cancer centers, 11 neurology locations, 10 cardiology centers, 10 speciality surgery locations, 7 diagnostic locations and a variety of other healthcare services in 43 separate locations which include: urology, women’s care, pediatrics, rehabilitation, nursing, infectious disease, nephrology, pain management and endocrinology – to name a few. The specialty practices provided at the Property include Internal Medicine, Rheumatology and Pre-operation testing. Located within walking distance to Memorial’s 328-bed acute care hospital Gulfport, the specialty practices at the Property consist of over 50% of the rentable area.
Laboratory Corporation of America’s Holdings, or Labcorp (NYSE: LH), is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. Labcorp provides a range of requested and specialty testing services, including anatomic pathology/oncology, cardiovascular disease, diagnostic genetics, endocrinology, infections disease and medical drug monitoring services – to name a few. The company has over 80,000 employees serving clients in more than 100 countries. The company operates nearly 2,000 patient service clinics and has more than 6,000 in-office phlebotomists located in customer offices and facilities in the United States. The company reported revenue of $14.9 billion in 2022. Moody’s gave Labcorp a Baa2 rating i August 2022. Its current S&P rating is BBB. Labcorp has been a tenant in the Property since 2018 and recently executed its renewal option to remain for another five years. There is only one available space in the second flood of the building and Labcorp occupies this area. The tenant required significant improvements for its space and amortized the cost of these improvements into its rent.
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