Feb
11

Berkeley Sells FastMed Facility in Greensboro

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fastmedBerkeley Capital Advisors has announced the sale of the FastMed Urgent Care in Greensboro, NC for $2.264MM, satisfying a 1031 tax exchange. Located at 5402 West Market Street, FastMed had 14 years remaining on the net lease at time of sale. Steve Horvath and Ransome Foose exclusively represented the seller.

The following notes were  taken from the Loopnet listing:

  • Absolute Net Lease. Landlord has no responsibilities or obligations.
  • Strong Operator. FastMed is a rapidly growing company with two year revenue growth of 203%, with very little debt or long term obligations.
  • Rapidly Growing Operator. As the sixth largest urgent care provider in the United States with 81 locations in NC and AZ, FastMed recently acquired Advanced Urgent Care.
  • First Mover Advantage. FastMed has already established a presence in the market, therefore most likely keeping other competition out.
  • Significant Tenant Investment. Tenant spent an estimated $20/square foot in addition to the $30/square foot tenant improvement allowance built into their lease.
  • Outside Equity Investment. In 2012, Blue Cross Blue Shield made an investment with the purchase of more than $19MM in preferred stock of FastMed.

Categories : Greensboro

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