Listed by Avison Young - Suburban Philadelphia, Avison Young - Property Managment
Unpriced
1076 E. Chestnut Avenue
Details
Property Type Office
Sub Type Medical Office
Square Footage 14,500
Occupancy 100%
Tenancy Single
Brand/Tenant Penn Cardiology
Lease Type NNN
Lease Expiration 06/29/2032
Rent Bumps Yes
Lease Options Two, five-year renewal options at continued 2.75% annual increases
Price per SqFt $271
Acreage 1.210
Parking Spaces 65 spaces
Parking per 1,000 SqFt 4.48
Investment Type Net Lease
1076 E. Chestnut Avenue, Vineland, NJ 08360
Marketing description
1076 E. Chestnut Avenue totals 14,500 SF on 1.21 acres and is 100% leased to Penn Cardiology through June of 2032 at a below market rent of $19.50/NNN PSF. Penn Cardiology has occupied the building since 2007 and recently executed an eight-year lease renewal proving its commitment and success in the building.
Located in Medical Corridor: The property has high visibility with traffic counts of over 15,000 vehicles per day. It is surrounded by pediatric, obstetric and endodontic uses which serve the more than 126,000 population within a 10-mile radius.
Investment highlights
- Guarantee: Wholly owned subsidiary of parent company
- Building SF: 14,774 SF
- Price PSF: $271
- Acerage: 1.21 AC
- 100% leased to Penn Cardiology through June of 2032
- Below market rent of $19.50/NNN PSF
- Penn Cardiology has occupied the building since 2007
- Recently executed an eight-year lease renewal
- High visibility with traffic counts of over 15,000 vehicles per day
- Surrounded by pediatric, obstetric and endodontic uses serving more than 126,000 population within a 10-mile radius
- University of Pennsylvania Credit
- University of Pennsylvania “Penn” Cardiology is one of the most renown medical providers internationally and this
- location is reported to be their largest and best-performing satellite cardiology practice within their network. Penn
- purchased the cardiology practice in 2012 yet the practice has been in operation within this location since 2007.
- Penn Cardiology has renewed three times at this location.
- Annual Yield Growth
- Penn recently renewed the lease in July, 2024 for eight years through June, 2032. The NNN lease has annual 2.75% rent increases. The lease also has two, five-year renewal options at continued 2.75% annual increases.
- Growing Practice
- Current owner recently completed over $350,000 in capital improvements including a parking expansion from 49 to 65 spaces to accommodate the continued growth of the practice. This location has grown from five to nine cardiology doctors within the past five years which resulted in the need for additional parking.
- Pristine Condition
- The property has no deferred maintenance with roof, painting, exterior siding, and parking lot repairs completed. The lease has a NNN structure with owner responsible for roof and structure.
- Located in Medical Corridor
- The property has high visibility with traffic counts of over 15,000 vehicles per day. It is surrounded by pediatric, obstetric and endodontic uses which serve the more than 126,000 population within a 10-mile radius.
Listing Contacts
Listed by Avison Young - Suburban Philadelphia, Avison Young - Property Managment
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Zoning
R-P ResidentialTwo FamilyResidential Professional
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