HCA Urgent Care (Dark)

-Investment Overview Constructed in 2017, the 3,547 square foot grey shell condition property was initially developed as a build-to-suit facility for Texan Urgent Care, a regional 14 unit operator with locations in the Austin, San Antonio, Tomball and Waco metropolitan areas; however, prior to the commencement of development, Texan Urgent Care was acquired by FastMed, a dominant player in the urgent care sector with an extensive footprint across Arizona, California, Florida, North Carolina, and Texas. Following the FastMed acquisition, the building remained inactive, yet the tenant maintained its lease commitments, including uninterrupted rent payments, from the onset. In a strategic move in May 2023, FastMed was acquired by HCA Healthcare, leading to a notable enhancement of the lessee's creditworthiness. The lease is now secured by a wholly owned subsidiary of HCA, which holds an investment-grade credit rating from Standard & Poor's. This rating signifies a robust ability to meet financial obligations, translating to a secure and continuous revenue stream for the duration of the lease. Value-Add with Stability With 4.8 years of primary term remaining, the lease calls for 2.5% rental rate escalations annually. Given the lease's triple net structure, a new owner will benefit from the guaranteed income stream, while having the opportunity to reposition the asset through reletting and/or obtaining an early lease buyout. About the Tenant HCA Healthcare (S&P: BBB- Stable) is a leading global healthcare provider, operating the largest number of hospitals in the United States. With its headquarters in Nashville, Tennessee, HCA Healthcare manages a vast network of healthcare facilities, including over 180 hospitals and approximately 2,000 sites of care such as surgery centers, freestanding ERs, urgent care centers, and physician clinics, across 21 states and the United Kingdom. The organization's commitment to the care and improvement of human life is evident through its extensive clinical services, research initiatives, and involvement in community health. In recent strategic moves, HCA Healthcare has expanded its urgent care and outpatient services footprint, further solidifying its position as a pivotal player in the healthcare industry with a focus on delivering high-quality, patient-centered care.