meadowcrest medical office building

MEADOWCREST
MEDICAL OFFICE BUILDING
GRETNA (NEW ORLEANS), LOUISIANA
S t r at e g i c H e a lt h c a r e R e a l E s tat e
EXECUTIVE SUMMARY
MEADOWCREST
MEDICAL OFFICE
BUILDING
E X E C U T I V E
Holliday Fenoglio Fowler, L.P. (“HFF”) has been retained by Meadowcrest Professional
Property Summary
Building Partnership (“Owner”) on an exclusive basis with respect to the disposition of Meadowcrest Medical
Office Building (“The Property” or “Meadowcrest MOB”) that is comprised of approximately 68,526 square feet
S U M M A R Y
Size (Sq Ft)
68,526
In-Place Occupancy
95.0%
and is currently 95% leased. The Property is located less than six miles south from the New Orleans CBD, in the
affluent suburb of Gretna, Louisiana. The Property is strategically positioned on the campus of Ochsner Medical
Center – West Bank Campus (“the Hospital”) and connected to the Hospital via a covered walkway. The acquisition
of the Property provides an investor with the opportunity to invest in a facility with strong occupancy, and an ideal on
campus location that is affiliated with a strong, investment-grade health system, Ochsner Health (Moody’s Baa1).
•
95% occupied
•
On the campus of Ochsner Medical Center – West Bank Campus (180-beds) and connected via
On/Off Campus
On Campus
Year Built/Renovated
1984/2013
# of Stories
Leasing Summary
a covered walkway.
•
Fee Simple Ownership; No restrictions
# of Suites
Weighted Avg In-Place Rent
•
4
30
$13.16
Investment-grade credit health system, Ochsner Health, is the largest tenant by footprint,
occupying 24% of the GLA
•
Heavy medical and retail concentrations in the surrounding area
•
On-site specialization including
oOtolaryngology
o
oPediatrics
o
Primary care
o
Obstetrics and gynecology
•
Gynecologic oncology
Offered free and clear of debt
2
Rent Escalations
Largest Tenant
% of GLA
Yes
Ochsner Health
24%
E X E C U T I V E
MEADOWCREST
MEDICAL OFFICE
BUILDING
S U M M A R Y
Property Highlights
Highlights of the investment opportunity include:
1 Mile
3 Miles
5 Miles
Population
15,153
99,608
207,289
Medical Center – West Bank Campus and features a covered walkway connecting the
Growth 2010-2015
0.32%
3.65%
5.13%
Property to the primary Hospital building. These two complementary highlights have
Expected Growth 2015-2019
1.18%
3.37%
4.26%
$69,944
$62,113
$63,043
•
Strong Occupancy – Currently, the Property is 95% leased.
•
Premier On-Campus Location – The Property is located on the campus of Oschner
bolstered Meadowcrest MOB as a premier medical office building with best-in-class
locational benefits to supplement its ideal investment-grade tenant base.
•
Demographics
Avg Household Income
Hospital Sponsorship – The Property offers an investor the opportunity to acquire a medical office building anchored by Oschner that is one of the
market’s leading hospitals in its respective service area. The credit tenancy of Ochsner Health provides a reliable source of future cash flow.
•
Strong Demographics – Gretna, Louisiana, is located approximately six miles south of New Orleans’ CBD in Jefferson Parish, the second-most populous
parish in Louisiana. Given its size relative to the other communities in the area, strong future growth projections and above-average household income
make this location particularly attractive.
•
Fee Simple Ownership –Meadowcrest MOB can be acquired on a fee simple basis with absolutely no restrictions that are most common with oncampus medical office buildings.
3
MEADOWCREST
MEDICAL OFFICE
BUILDING
E X E C U T I V E
S U M M A R Y
Strategic Hospital Affiliation
Meadowcrest MOB offers an investor the opportunity to acquire the Property located on the campus of, and connected to Oschner Medical Center – West
Bank (180-beds), one of the most respected medical centers in the market. Operated by one of the premier health systems in the Southern United States,
Ochsner Health (Moody’s Baa1) has been a recipient of some of the country’s most prestigious awards over many years, and carries this reputation to its
West Bank Campus as well as to the Property. This dominant health system presence acting as anchor tenant at the Property provides an solid foundation
and reliability to its already impressive tenant base.
Meadowcrest MOB
Parking
23
Belle Chasse
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NEW ORLEANS
INTERNATIONAL
AIRPORT
(MOISANT FIELD)
University of
horeNew Orleans
Ave
S U M M A R Y
a Dr
E X E C U T I V E
MEADOWCREST
MEDICAL OFFICE
BUILDING
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Contact Information
Boston
Carolinas
HFF Chicago
181 West Madison | Suite 3900
Chicago, IL 60602
Telephone: 312.528.3650
Fax: 312.528.3651
Chicago
Denver
Investment Contacts
Phil Mahler
Managing Director
[email protected]
312.300.7319
Michael Bennett
Managing Director
[email protected]
312.528.3694
Mike Janus
Analyst
[email protected]
312.528.3677
Matt DiCesare
Analyst
[email protected]
312.300.7305
Financing Contact
Evan Kovac
Managing Director
[email protected]
858.812.2356
Ben Appel
Director
[email protected]
484.532.4214
Edward Comer
LA License #: BROK0995684220-ACT
[email protected]
504.836.5230
Colby Mueck
Managing Director
[email protected]
713.852.3575
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©2015 HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial
real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform
including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter
at twitter.com/hff.
HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF and we make
no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any
other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on
assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained
herein is subject to change.