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| Regional Professional Building |
PORT ARTHUR, TX– Marcus & Millichap Real Estate
Investment Services, the nation’s largest real estate investment services firm,
has the exclusive listing for the Regional Professional Building, a
five-story, on-campus medical office building.
Tanner
McGraw, a senior associate at the firm’s Houston office, is representing
the seller.
“This
Class A medical office building is currently 96-percent leased to a diverse
medical tenant base with a staggered lease expiration schedule to further
ensure steady investor revenue,” says McGraw.
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| Tanner McGraw |
“Annual rate increases are already in place to support
future NOI growth,” McGraw continues, “and with high-quality construction
dating from just 2006, the asset will require few or no capital expenditures.”
The 117,988-square foot property is located at 2501 Jimmy
Johnson Blvd., directly adjacent to The Medical Center of Southeast Texas. The
building’s convenience and close proximity to The Medical Center make it a
unique asset to the Port Arthur market. The property requires a 24 percent down
payment, and will provide investors with a 9.35 percent cash-on-cash return.
“Roughly
35 million individuals are newly slated for healthcare coverage under the
Patient Protection and Affordable Care Act,” adds McGraw. “This increased
demand for healthcare should result in an equally strong need for medical
office space. High-quality, reliably performing assets like the Regional
Professional Building should see especially stable returns, as physicians
relocate from smaller, aging facilities,” McGraw concludes.
Contact:
Stacey Corso
Public Relations Manager
(925) 953-1716
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