meadowcrest medical office building

MEADOWCREST
MEDICAL OFFICE BUILDING
GRETNA (NEW ORLEANS), LOUISIANA
S t r at e g i c H e a lt h c a r e R e a l E s tat e
EXECUTIVE SUMMARY
MEADOWCREST
MEDICAL OFFICE
BUILDING
E X E C U T I V E
Holliday Fenoglio Fowler, L.P. (“HFF”) has been retained by Meadowcrest Professional
Property Summary
Building Partnership (“Owner”) on an exclusive basis with respect to the disposition of Meadowcrest Medical
Office Building (“The Property” or “Meadowcrest MOB”) that is comprised of approximately 68,526 square feet
S U M M A R Y
Size (Sq Ft)
68,526
In-Place Occupancy
95.0%
and is currently 95% leased. The Property is located less than six miles south from the New Orleans CBD, in the
affluent suburb of Gretna, Louisiana. The Property is strategically positioned on the campus of Ochsner Medical
Center – West Bank Campus (“the Hospital”) and connected to the Hospital via a covered walkway. The acquisition
of the Property provides an investor with the opportunity to invest in a facility with strong occupancy, and an ideal on
campus location that is affiliated with a strong, investment-grade health system, Ochsner Health (Moody’s Baa1).
•
95% occupied
•
On the campus of Ochsner Medical Center – West Bank Campus (180-beds) and connected via
On/Off Campus
On Campus
Year Built/Renovated
1984/2013
# of Stories
Leasing Summary
a covered walkway.
•
Fee Simple Ownership; No restrictions
# of Suites
Weighted Avg In-Place Rent
•
4
30
$13.16
Investment-grade credit health system, Ochsner Health, is the largest tenant by footprint,
occupying 24% of the GLA
•
Heavy medical and retail concentrations in the surrounding area
•
On-site specialization including
oOtolaryngology
o
oPediatrics
o
Primary care
o
Obstetrics and gynecology
•
Gynecologic oncology
Offered free and clear of debt
2
Rent Escalations
Largest Tenant
% of GLA
Yes
Ochsner Health
24%
E X E C U T I V E
MEADOWCREST
MEDICAL OFFICE
BUILDING
S U M M A R Y
Property Highlights
Highlights of the investment opportunity include:
1 Mile
3 Miles
5 Miles
Population
15,153
99,608
207,289
Medical Center – West Bank Campus and features a covered walkway connecting the
Growth 2010-2015
0.32%
3.65%
5.13%
Property to the primary Hospital building. These two complementary highlights have
Expected Growth 2015-2019
1.18%
3.37%
4.26%
$69,944
$62,113
$63,043
•
Strong Occupancy – Currently, the Property is 95% leased.
•
Premier On-Campus Location – The Property is located on the campus of Oschner
bolstered Meadowcrest MOB as a premier medical office building with best-in-class
locational benefits to supplement its ideal investment-grade tenant base.
•
Demographics
Avg Household Income
Hospital Sponsorship – The Property offers an investor the opportunity to acquire a medical office building anchored by Oschner that is one of the
market’s leading hospitals in its respective service area. The credit tenancy of Ochsner Health provides a reliable source of future cash flow.
•
Strong Demographics – Gretna, Louisiana, is located approximately six miles south of New Orleans’ CBD in Jefferson Parish, the second-most populous
parish in Louisiana. Given its size relative to the other communities in the area, strong future growth projections and above-average household income
make this location particularly attractive.
•
Fee Simple Ownership –Meadowcrest MOB can be acquired on a fee simple basis with absolutely no restrictions that are most common with oncampus medical office buildings.
3
MEADOWCREST
MEDICAL OFFICE
BUILDING
E X E C U T I V E
S U M M A R Y
Strategic Hospital Affiliation
Meadowcrest MOB offers an investor the opportunity to acquire the Property located on the campus of, and connected to Oschner Medical Center – West
Bank (180-beds), one of the most respected medical centers in the market. Operated by one of the premier health systems in the Southern United States,
Ochsner Health (Moody’s Baa1) has been a recipient of some of the country’s most prestigious awards over many years, and carries this reputation to its
West Bank Campus as well as to the Property. This dominant health system presence acting as anchor tenant at the Property provides an solid foundation
and reliability to its already impressive tenant base.
Meadowcrest MOB
Parking
23
Belle Chasse
Meadowcrest MOB
Me
ado
Highway
Me
a
c
dow
res
r
t St
eet
wc
res
tM
OB
Par
kin
g
Elevated, Enclosed
Connecting Walkway
West Bank Campus
4
LAKE
PONTCHARTRAIN
Vintage Dr
kes
University La Dr
of New Orleans
KENNER
Robert E. Lee
Wisner Blvd
lS
ns
Av
Pk
wy
S.
ne
Loyola
University
Alm
10
aster
90
e
10
e
t
N. C
39
Ave
ble
u
46
FRENCH
QUARTER
Ear
Blv hart
d
M.
La S
all
St. C
BRIDGE
CITY
Blvd
St. C
laibo
laude
eS
ha r l
t
es
L. K
39
, Jr
.B
GARDEN
DISTRICT
l as S
Gen
lvd
era
lM
428
La p
alco
x
West Bank E
CHALMETTE
r Av
y
e
428
t
y
pwMEADOWCREST
eye
St. VISTA
Ber
nar
dH
w
AURORA
GARDENS
CUTOFF
407
TALL 407
TIMBERS
428
HARVEY
90
ST.
CLAUDE
HEIGHTS
ARABI
er
iv
i R
p
sip
is
M i ss
T cho u pi to u
90
ve
Ave
46
ing
Av e
90
WESTWEGO
rne A
ur
tai
Tulane
University
HARAHAN
AVONDALE
Av
tilly
MOB
Be
Blvd
Lapalco
Wo
Behrman Hwy
e
48
WAGGAMAN
de
Almon
na
Br
o
Av ad
e
pla
Gen
Hwy
enteur
Chef M
ve
A
r
te
onas
90
ca t
e
Av
n
Fon
90
r
Louis
Marconi Dr
Canal Blvd
West End Blvd
Ave
ne
lea
Mirabeau
Ave
ello
Rd
llto
er
90
ntic
Hwy
na
on D
lvd
ne B
Hay on z
ris
Mor
47
De
Causeway Blvd
Rd
Williams
Blvd
Airport
er R
enn
w
ry Av
S. K
Riv
vi e
Dicko
f
Jef
on
ers
Ca
Tula
rro
y
S C le a r
Hw
61
Earhart Expwy
Earhart Expwy
Mo
son
Es
Or
Ca
fer
d
Jef
METAIRIE
10
. Sim
Franklin Ave
Airline Hwy
L. C
LAKE
FRONT
AIRPORT
Robert E. Lee Blvd
610
Clearly Ave
W. Metairie Ave
49
Blvd
e
Paris Ave
Av e
n ar d
10
BRIDGEDALE
61
BONNABEL
PLACE
Filmore Av
S t. B er
Dr
WESTGATE
BUCKTOWN
Elysian Fields Ave
emy
Clearview
Pkwy
Acad
Veteran's Hwy
SOUTH
KENNER
W. Esplanade Ave
N. Causeway
Blvd
W. Esplanade Ave
49
NEW ORLEANS
INTERNATIONAL
AIRPORT
(MOISANT FIELD)
University of
horeNew Orleans
Ave
S U M M A R Y
a Dr
E X E C U T I V E
MEADOWCREST
MEDICAL OFFICE
BUILDING
lle
Blvd
Ch
as
la
od
wn
Hw
y
406
E
W
eH
wy
0
S
1.5 Miles
5
Atlanta
Austin
Contact Information
Boston
Carolinas
HFF Chicago
181 West Madison | Suite 3900
Chicago, IL 60602
Telephone: 312.528.3650
Fax: 312.528.3651
Chicago
Denver
Investment Contacts
Phil Mahler
Managing Director
pmahler@hfflp.com
312.300.7319
Michael Bennett
Managing Director
mbennett@hfflp.com
312.528.3694
Mike Janus
Analyst
mjanus@hfflp.com
312.528.3677
Matt DiCesare
Analyst
mdicesare@hfflp.com
312.300.7305
Financing Contact
Evan Kovac
Managing Director
ekovac@hfflp.com
858.812.2356
Ben Appel
Director
bappel@hfflp.com
484.532.4214
Edward Comer
LA License #: BROK0995684220-ACT
nedcomer@soundassetservices.com
504.836.5230
Colby Mueck
Managing Director
cmueck@hfflp.com
713.852.3575
Dallas
Florham Park (NJ)
Houston
Indianapolis
Los Angeles
Miami
New York
Orange County (CA)
Orlando
Philadelphia
Pittsburgh
Portland (OR)
San Diego
San Francisco
Tampa
Washington, DC
©2015 HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial
real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform
including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter
at twitter.com/hff.
HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF and we make
no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any
other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on
assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained
herein is subject to change.