Overview
Tampa Bay Medical Portfolio
This offering presents the opportunity to acquire two properties in the Tampa Bay, Florida, metropolitan statistical area. The portfolio consists of DaVita dialysis centers in Hudson and Largo, Florida, operating on net leases. The Hudson property, located at 14144 Nephron Ln, is an 8,984 square foot multi-tenant building. A DaVita subsidiary, Total Renal Care, Inc., occupies 5,409 square feet with 2.0 years remaining on their lease, which includes annual CPI increases capped at 3.0% and two 5-year renewal options. The other tenant, Renal Hypertension Center, occupies 3,575 square feet with 4.5 years remaining on their lease, featuring CPI increases every two years. The Largo property, situated at 11550 Ulmerton Rd, is a single-tenant building with 7,247 square feet, fully occupied by Total Renal Care, Inc. The lease has 2.0 years remaining, with 2.0% annual rent increases and three 5-year renewal options. Both properties are strategically located in growing areas with strong demographics. The Hudson location is part of a medical corridor anchored by the 392-bed HCA Florida Bayonet Point Hospital. The Largo property is situated along the highly trafficked Ulmerton Road, which sees 45,000 vehicles per day, and is near two major HCA hospitals and trafficked shopping centers. Total Renal Care, Inc., a wholly-owned subsidiary of DaVita, operates as a crucial intermediary in managing and operating dialysis centers across the United States, with 202 subsidiaries that feature one or multiple locations each. DaVita is a global leader in kidney care services with a BB credit rating from S&P. In FY2024, DaVita reported operating revenue of $12.8 billion and EBITDA of $2.7 billion. The company operates over 3,000 care sites across 10+ countries and employs more than 76,000 people.
