Subject property is an 8,500 rentable square foot medical office building situated on 0.97 acre in Providence, Rhode Island. The property was a built-to-suit for Concentra in 2009. Concentra is the largest National Health Care provider of occupational medicine, urgent care, physical therapy, and wellness services. As a subsidiary of Select Medical Holdings (NYSE: SEM), Concentra has no outstanding syndicated debt, and provides a Corporate Guaranteed Lease. There are approximately five years remaining on Concentra’s NNN lease, with one, five-year renewal option. Rent increases 2.5% annually, providing a 7.76% blended Cap Rate over the initial base lease term.
Concentra Urgent Care has great street visibility with approximately 650 total feet of frontage on Royal Little Drive, Branch Avenue, and Silver Springs Road. It is one block from the Interstate-95 ramp, which benefits from 261,000 vehicles daily. Property is positioned within a heavily trafficked retail corridor. Nearby nationally recognized retail tenants include Walmart, The Home Depot, Direct TV, AAA Insurance, Wendy’s, Subway and more.