Historical Office Sale Listing - Baptist North Medical Office Building

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Baptist North Medical Office Building

2011 Murphy Avenue, Nashville, TN 37211

N/A

151,000 SF | Office

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Baptist North Medical Office Building

Office Property - Off Market

Price:
N/A
Building Size:
151,000 SF
Property Type:
Office
Property Sub-type:
Medical Office
Additional Sub-types:
Office Building
Property Use Type:
Investment
Cap Rate:
8.02%
No. Stories:
6
Building Class:
A
Tenancy:
Multiple
Year Built:
1999
Listing ID
13964391
Last Updated
over 1 year ago

Highlights

  • Class A Building
  • Zero Cash Flow Transaction
  • Strong and Stable Master Tenant
  • Prominent Office Market Location
  • Building Ground Lease
  • Assumable Financing

Description

CB Richard Ellis is pleased to present the opportunity to acquire title to the improvements and the leasehold title (through 2060) to a prominent medical office building in Nashville, Tennessee. 2011 Murphy Avenue (Baptist North) is a class A modern medical office complex and part of the world-renowned Baptist Hospital. The Hospital is Middle Tennessee's largest, not-for-profit medical center and is a member of Ascension Health, the largest not-for-profit health system in the country with an Aa2 Moody's rating. Constructed in 1999 and composed of approximately 151,000 rentable square feet, the property is net-leased to Baptist Hospital (through a bondable operating lease) and is anchored to the Baptist Hospital Campus, which occupies a six-block area of Nashville. The initial term of the operating lease expires December 31, 2020, and tenant renewal options may extend the term to December 31, 2060. The annual debt service is approximately equal to the current net rent paid by Baptist Hospital creating a "zero cash flow" deal structure.

The Baptist Campus lies within two miles southwest of the Nashville Central Business District and one half mile from Interstate 40 and 65, making it the most centrally located hospital facility in Tennessee. The Baptist Campus is located within two blocks of the West End Office corridor and Vanderbilt University, which is the dominant core suburban office market. This is historically the most successful office market, in terms of both rental rates and comparable sales in all of Nashville. The submarket has the highest concentration of corporate health care companies (such as the HCA headquarters) and is home to companies including several of the major hospital and medical facilities in Nashville.

Map of 2011 Murphy Avenue, Nashville, TN 37211 (Davidson County)

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Created 7/13/2004