This Office Property is Off-Market.

480 Floyd Road
Spartanburg, SC 29307 ·

11,178 SF · Office For Sale

N/A

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GRADY ORTHOPAEDIC MOB

Price N/A Cap Rate 8%
Building Size 11,178 SF Tenancy Single
Property Type Office Year Built 2005
Property Sub-type Medical Office Lot Size 1.35 AC
Property Use Type Net Lease Investment with 10+ years left on lease
Listing ID: 16135604 Date Created: 03/07/2009 Last Updated: 04/22/2010

Description

Dr. Walter Grady will sign and personally guarantee a 10-year master lease prior to closing of the sale. This master lease will have annual escalation of 2.5% and include five options to renew of five years each. The property is a one-story medical office building. The property includes four suites. The largest suite, 6,300 SF, is occupied by Grady Orthopaedics, LLC. Smith Therapy, a physical therapy practice, occupies a 2,000 SF suite on the northwest end of the building. Smith Therapy previously occupied a 600 SF suite on the southeast end of the building. Also, there is a 3,000 SF unfinished suite in the center of the building which is for future expansion of Grady Orthopaedics, LLC and for which Dr. Grady may escrow funds at closing.

The property is located approximately one-half mile from Mary Black Memorial Hospital and four miles from Spartanburg town center. The immediate vicinity of the property primarily includes single and multi-tenant medical office buildings and single family homes. Other nearby uses include a school and senior living facility.

Highlights

  • Master Lease for 10 Years, NNN with 8% Cap Rate
  • Master Lease Personally Guaranteed by Dr. Grady
  • Less Than 0.5 Miles from Mary Black Mem. Hospital
  • Base Rent Escalates at 2.5% per Year
  • 2005 Construction, Very Clean, Excellent Condition

Research

480 Floyd Road, Spartanburg, SC 29307 (Spartanburg County)

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