2-Tenant Medical – St. Petersburg, FL

Marcus & Millichap is pleased to present for sale a two tenant medical building located at 9675 4th Street in Saint Petersburg, Florida. This 14,960 square foot building is situated on a 1.6 acre waterfront parcel, with just one fixed bridge between it and the Tampa Bay. The property sits at the junction where Gandy Blvd feeds into 4th ST N. Gandy is one of five bridges that span the Tampa Bay; by feeding into 4th St. N, Gandy connects Downtown St. Pete to Downtown Tampa. The two tenants are a national emergency veterinarian and a medical laboratory. This location is perfect for these two tenants because both rely a regional draw and thus require the central location, proximity to the highway, and the short drive time to South Tampa, and to all of Pinellas County – the most densely populated county in Florida.
Precision Health Solutions (PHS) is a regional diagnostic laboratory, specializing in personalized medicine, molecular diagnostics, infectious disease, and antibiotic stewardship. PHS has met the requirements to operate in 49 states, and it has been recognized by both the College of American Pathologists and American Proficiency Institute. With offices in Florida and Tennessee, PHS services a broad base of physicians and direct-to-patient testing. PHS occupies 7,160 square feet at $12.73 per square foot, on a triple net lease with seven years remaining. Their rent is less than half of market, and represents an opportunity for mark to market growth.
Veterinary Emergency Group (VEG) is an avante-guarde, industry disrupting emergency veterinary practice with over 60 locations nationwide, and growing. VEG treats over 300,000 pet emergencies per year, and has the highest Net Promoter Score (NPS) in the industry. VEG is the largest 24/7 veterinary emergency hospital chain in the country, with plans to grow to over 1,000 units. Funding this growth are Sequoia Heritage, D1 Capital Partners and Fidelity Management & Research Company, with over $150 million invested in VEG so far. VEG is viewed as a market leader and a premier veterinary practice within the growing veterinary industry. VEG occupies 7,800 square feet at $25 per square foot, on a triple net lease, with 10 years remaining to its term.
Saint Petersburg is a city in Pinellas County Florida with a population of 258,308 making it the fifth-most populous city in Florida and the second-largest city in the Tampa Bay Area. Along with Clearwater, these cities are part of the Tampa- Saint Petersburg-Clearwater Metropolitan Area with a population of 2.8 million. Saint Petersburg is located on the Pinellas Peninsula between Tampa Bay and the Gulf of Mexico and is connected to mainland Florida to the north. Major employers in the St. Petersburg Area include Raymond James, John Hopkins Children’s Hospital, Home Shopping Network, St. Anthony’s Hospital, Publix Super Market, The Continental Group and Spectrum. This asset represents an uncommon blend of stability and opportunity. The two tenants are solid, with long-term leases, offering stability. At the same time, Precision is paying half market rent, which represents a valued opportunity should they leave. Finally, being a large 1.6 acre site, on the water, with Bay access, future redevelopment to multi-story residential is a long term possibility.

Address

9675 4th Street North
Saint Petersburg, FL 33702
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Detail

Price: $4,490,000.00
Year Built 2023
Cap Rate 6.24%
NOI $286,176.00
Lease Expiration: August 30, 2034

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Confidentiality and Buyer Registration Agreement

Marcus & Millichap Real Estate Investment Services Company (“Broker”) has been retained as the exclusive advisor and broker for the Seller (“Seller”) regarding the sale of the property known as 2-Tenant Medical – St. Petersburg, FL, located in Saint Petersburg, FL.

SPECIAL COVID-19 NOTICE All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.)

To receive an Offering Memorandum (“Offering Memorandum”) please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney’s fees, collectively “Claims”) arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that he/she is aware that any Agent/Broker other than Marcus & Millichap, must be registered on this Confidentiality Agreement to be eligible to participate in the fee. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property’s Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney’s fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker’s fees or finder’s fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller’s obligation thereunder have been satisfied or waived.

The Offering Memorandum and the contents, except such information, which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

Any rent or income information in this offering memorandum, with the exception of actual, historical rent collections, represent good faith projections of potential future rent only, and Marcus & Millichap makes no representations as to whether such rent may actually be attainable. Local, state, and federal laws regarding restrictions on rent increases may make these projections impossible, and Buyer and its advisors should conduct their own investigation to determine whether such rent increases are legally permitted and reasonably attainable.

No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.

By signing this Confidentiality and Buyer Registration Agreement you hereby authorize The Demo Group of Marcus & Millichap to contact you regarding this transaction, any other transaction, or for any other marketing purpose in the future.

Agreement and Electronic Records and Signature Notice

I hereby agree to the Agreement and represent that I am authorized to agree to the terms thereof and to act on behalf of the accepting party in the proposed transaction in the Agreement.

It is agreed by the parties that, notwithstanding the use herein of the words “writing,” “execution,” “signed,” “signature,” or other words of similar import, the parties intend that the use of electronic signatures and the keeping of records in electronic form be granted the same legal effect, validity, and enforceability as a signature affixed by hand or the use of a paper-based record keeping system.

This provision will be enforced to the extent and as provided for in any applicable law including the Electronic Signatures in Global and National Commerce Act, and any other similar state laws based on the Uniform Electronic Transactions Act.