MEDICAL OFFICE PORTFOLIO | 2 BUILDINGS 100% OCCUPIED BY ... · Class “A” medical office...
Transcript of MEDICAL OFFICE PORTFOLIO | 2 BUILDINGS 100% OCCUPIED BY ... · Class “A” medical office...
M E D I C A L O F F I C E P O RT F O L I O | 2 B U I L D I N G S
1 0 0 % O C C U P I E D B Y A L A M A N C E R E G I O N A L | A S U B S I D I A RY O F C O N E H E A LT H
A D J A C E N T T O C O N E H E A LT H A L A M A N C E R E G I O N A L M E D I C A L C A M P U S
B U R L I N G T O N | N O R T H C A R O L I N A
EXCLUSIVELY LISTED BY
Investment Overview 03 Executive Summary
04 Investment Highlights
Tenant Overview 08 Alamance Regional Medical Center
09 Cone Health (Parent Company)
10 Westside OB-GYN
Financial Overview 05 Rent Roll
06 Cash Flow Analysis / Operating Expenses
07 Lease Abstracts
Beau McIntosh, CCIM
Investment Sales
Vice President, Furman Capital Advisors
336 312 1835
Locat ion Overview
11 State Map
12 Regional Map
13 Area Map
14 Alamance Regional Proximity Bob Lewis, CCIM SIOR
Broker, NAI Piedmont Triad
336 214 1799
TABLE OF CONTENTS
Photography 16 Kirkpatrick Medical Center
17 Westside OB-GYN
Peter Couchell, CCIM
Shareholder/Broker
Managing Director, Furman Capital Advisors
864 678 5923
Howard Hawks, CCIM
Broker, NAI Piedmont Triad
336 516 2458
Market Overview 18 Market Analysis
Demographic Overview 19 Medical Expenditures - 3 Mile Radius
CONFIDENTIAL OFFERING MEMORADUM
Rob SchmidtBroker
Vice President, Furman Capital Advisors
864 678 5995
3 . 1041 & 1091 Kirkpatr ick Road | Bur l ington, NC
EXECUTIVE SUMMARY
Furman Capital Advisors and NAI Piedmont Triad are pleased to offer the opportunity
to purchase 1041 and 1091 Kirkpatrick Rd., Burlington, NC, a Class “A” medical
office portfolio consisting of two (2) buildings built in 1995 and strategically
located in the high growth, vibrant Greensboro, High Point, Winston-Salem MSA
(1,677,511 population). Totaling ±33,100 RSF, the buildings are 100% occupied
and located next to Cone Health Alamance Regional Medical Center Campus in
Burlington, NC. Alamance Regional Health Center, Inc, a subsidiary of Cone
Health Master Leases 100% of the building for all tenants at 1041 Kirkpatrick
Rd (23,500 SF) with ±7.5 years of lease term remaining, and Westside OB-
GYN also a subsidiary of Cone Health occupies 100% of 1091 Kirkpatrick Rd
(9,600 SF) with ±5 years of lease term remaining. Both leases have scheduled
2.25% and 2.50% annual rent increases respectively offering investors an ideal
combination of stable cash flow and staggered lease expirations.
RENT ROLL AT A GLANCE
Address RSF Tenant Lease GuarantorRemaining Lease Term
1041 Kirkpatrick Rd. ±23,500Cone Health d/b/a Alamance Regional Medical Center
Alamance Regional Medical Center, Inc.
±7.8 Years
1091 Kirkpatrick Rd. ±9,600Cone Health d/b/a Westside OB-GYN Center, P.A.
Moses Cone AffiliatedPhysicans, Inc.
±5.0 Years
TOTAL ±33,100
PHOTO
Asking Price $9,600,000
Cap Rate - Year 1 6.20%
NOI - Year 1 $595,339
Cap Rate - Year 5 6.81%
NOI - Year 5 $653,559
Cap Rate - Year 10 (Projected) 7.66%
NOI - Year 10 (Projected) $735,580
Annual Rent Bumps 2.25% / 2.50%
Lease Term (Weighted Average) ±7.00 years
THE OFFERING
(As of 1/1/2020)
INVESTMENT OVERVIEWExecut ive Summary
4 . 1041 & 1091 Kirkpatr ick Road | Bur l ington, NC
INVESTMENT OVERVIEW1041 & 1091 Kirkpatr ick Rd. - Bur l ington, NC
• 100% occupied by Alamance Regional, a subsidiary of Cone Health (S&P: AA-)
• Weighted average lease term of ±7.00 years as of 1/1/2020
• New HVAC system and completely resurfaced parking lot at 1041 Kirkpatrick
• Attractive rent increases of 2.25% & 2.50% annually
• Rent roll provides stable in-place cash flow and annual rent growth to hedge inflation
• Located in the Greensboro, High Point, Winston-Salem MSA with a population of 1,677,511
• Directly adjacent to the Cone Health Alamance Regional Medical Center Campus
• Prime visibility at the intersection of Kirkpatrick Rd and Grand Oaks Blvd
• Direct access to I-85 / I-40 (0.5 miles) and easy access to the greater market via I-840
• Central location along the commerce-rich I-85 corridor between Atlanta, GA and Raleigh Durham, NC
• The Triad continually ranks among the highest levels of foreign capital investment per capita in the US
• Proximity to 7 major public and private universities including Duke, NC State, University of North Carolina,
and Wake Forest.
• Located within 30 minutes from two international airports: Raleigh-Durham International and Piedmont Triad
International
I N V E S T M E N T H I G H L I G H T S
5 . 1041 & 1091 Kirkpatr ick Road | Bur l ington, NC
FINANCIAL OVERVIEWRent Rol l
Tenant Name Square Footage Annual Base Rent / SF Scheduled Rent Reimbursement Structure Remaining Option(s)
Address Prorata Share Annual Base Rent Increases CAM Caps
Lease Dates Monthly Base Rent
Alamance Regional 23,500 $16.79 2.25% Annually NNN (1) 10 Year
1041 Kirkpartrick Rd., Burlington, NC 2 71.00% $394,588 N/A
11/1/2017 ‐ 10/31/2027 $32,882.33
Westside OB‐GYN 9,600 $25.87 2.5% Annually MG (2) 10 Year
1091 Kirkpatrick Rd., Burlington, NC 29.00% $254,567 N/A
1/1/2015 ‐ 12/31/2024 $21,213.90
33,099
RENT ROLL
6 . 1041 & 1091 Kirkpatr ick Road | Bur l ington, NC
FINANCIAL OVERVIEWC a s h F l o w A n a l y s i s / O p e r a t i n g E x p e n s e s
SIZE (SF) 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10
Alamance Regional 23,500 $394,588 $403,466 $412,544 $421,826 $431,318 $441,022 $450,945 $461,091 $471,466 $482,074
Westside OB‐GYN 9,599 $254,567 $260,931 $267,454 $274,141 $280,994 $288,019 $295,220 $302,600 $310,165 $317,919
OpEx Reimbursements $45,635 $45,705 $46,619 $47,552 $48,503 $49,473 $50,462 $51,472 $52,501 $53,551
Scheduled Gross Income $694,790 $710,102 $726,618 $743,519 $760,814 $778,514 $796,627 $815,163 $834,132 $853,544
Current Vacancy 0.00%
Effective Gross Income $694,790 $710,102 $726,618 $743,519 $760,814 $778,514 $796,627 $815,163 $834,132 $853,544
$/SF YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10
Taxes $1.89 $62,665 $63,918 $65,197 $66,501 $67,831 $69,187 $70,571 $71,982 $73,422 $74,890
Insurance $0.13 $4,272 $4,357 $4,445 $4,533 $4,624 $4,717 $4,811 $4,907 $5,005 $5,105
Landscaping Westside OB‐GYN $0.14 $4,764 $4,859 $4,956 $5,056 $5,157 $5,260 $5,365 $5,472 $5,582 $5,693
Management Fee 3.00% $19,475 $19,932 $20,400 $20,879 $21,369 $21,871 $22,385 $22,911 $23,449 $24,000
Reserve Allowance $0.25 $8,275 $8,275 $8,275 $8,275 $8,275 $8,275 $8,275 $8,275 $8,275 $8,275
Total Operating Expenses $3.00 $99,450 $101,342 $103,272 $105,243 $107,256 $109,310 $111,407 $113,547 $115,733 $117,964
Net Operating Income $595,339 $608,761 $623,345 $638,275 $653,559 $669,204 $685,220 $701,616 $718,399 $735,580
Cap Rate 6.20%
Purchase Price $9,600,000
Equity Contribution $2,880,000
Loan Amount $6,720,000
PROPOSED DEBT OVERVIEW*LTV 70% Amortization (Years) 25
Interest Rate 4.25% Loan Term (Years) 10
*Property will be delivered free and clear of debt
10 YEAR CASH FLOW ANALYSISYEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10
Annual Debt Service (436,858)$ (436,858)$ (436,858)$ (436,858)$ (436,858)$ (436,858)$ (436,858)$ (436,858)$ (436,858)$ (436,858)$
Annual Cash Flow 158,482$ 171,903$ 186,488$ 201,418$ 216,701$ 232,347$ 248,363$ 264,758$ 281,542$ 298,723$
Annual Cash on Cash Return 5.50% 5.97% 6.48% 6.99% 7.52% 8.07% 8.62% 9.19% 9.78% 10.37%
Annual Equity Build‐up 154,239$ 160,923$ 167,897$ 175,174$ 182,765$ 190,686$ 198,950$ 207,572$ 216,568$ 225,953$
EOY Principal Balance (6,565,761)$ (6,404,838)$ (6,236,940)$ (6,061,766)$ (5,879,001)$ (5,688,315)$ (5,489,365)$ (5,281,793)$ (5,065,225)$ (4,839,272)$
Annual Equity Return on Equity Build‐up 5.36% 5.59% 5.83% 6.08% 6.35% 6.62% 6.91% 7.21% 7.52% 7.85%
Total Annual Return 10.86% 11.56% 12.31% 13.08% 13.87% 14.69% 15.53% 16.40% 17.30% 18.22%
OPERATING INCOME
OPERATING EXPENSES
7 . 1041 & 1091 Kirkpatr ick Road | Bur l ington, NC
FINANCIAL OVERVIEWL e a s e A b s t r a c t s
www.furmancapital.com 348 N. Elm St.
Greensboro, North Carolina 27401
Triple C Investments LLC – Kirkpatrick Medical LEASE ABSTRACT
Tenant Alamance Regional Health Center, Inc. (Master Lease) Guarantor Corporate – Alamance Regional Health Center, Inc. Premises 1041 Kirkpatrick Rd., Burlington, NC 27215
SquareFootage 23,500 RSF (Amended 3/1/2019) Term 10 years (11/01/2017 to 10/31/2027)
Rent(Annually) Year 1 $ 356,800.00 Year 2 $ 377,915.96 Year 3 $ 393,110.35 Year 4 $ 401,955.33 Year 5 $ 410,999.33 Year 6 $ 420,246.81 Year 7 $ 429,702.37 Year 8 $ 439,370.67 Year 9 $ 449;256.51 Year 10 $ 459,364.78
SecurityDeposit Forty Thousand Dollars ($40,000) Options One (1) x 10 years
HVACRepair Landlord responsibility for total replacement only CAM Tenant Responsibility Taxes Tenant Reimburses Landlord
Insurance Tenant Reimburses Landlord TerminationRight No
www.furmancapital.com 348 N. Elm St.
Greensboro, North Carolina 27401
Triple C Investments LLC – Westside OB/GYN Center LEASE ABSTRACT
Tenant Westend OB-GYN Center P.A. Guarantor Corporate – Moses Cone Affiliated Physicians, Inc. Premises 1901 Kirkpatrick Rd., Burlington, NC
SquareFootage 9,600 RSF Term 10 years (12/14/2014 to 12/3/2024)
Rent(Annually) Year 1 $ 225,000.00 Year 2 $ 230,625.00 Year 3 $ 236,390.63 Year 4 $ 242,300.39 Year 5 $ 248,357.90 Year 6 $ 254,566.85 Year 7 $ 260,931.02 Year 8 $ 267,454.29 Year 9 $ 274,140.65 Year 10 $ 280,994.17
SecurityDeposit N/A Options Two (2) x 10 years
HVACRepair Landlord responsibility for total replacement only CAM Landlord provides landscaping Taxes Landlord Responsibility
Insurance Landlord Responsibility TerminationRight No
Tripe C Investments LLC - Kirkpatrick Medical Tripe C Investments LLC - Westside OB/GYN Center
(11/1/19 - 10/31/20)
(1/1/2020 - 12/31/2020)
(1/1/15-12/31/2024)
8 . 1041 & 1091 Kirkpatr ick Road | Bur l ington, NC
Alamance Regional Medical Center, a part of the Cone Health network, is a not-for-profit community
healthcare organization. We are committed to improving the health of the citizens of Alamance
County and its surrounding communities through the provision of a continuum of high quality clinical,
educational, preventive-wellness, and support services in a safe and friendly environment.
We strive to provide excellent healthcare in a cost-effective manner that represents value to our
patients, physicians, payors, and the community. We aspire to provide a work environment and the
necessary resources that promote respect among staff and to encourage all staff members to achieve
their full potential.
ALAMANCE REGIONAL MEDICAL CENTER
TENANT OVERVIEW (Bui lding - 1041 Kirkpatr ick Rd.)
Alamance Regional Medical Center (Lease Guarantee - Subsid iary of Cone Heal th)
9 . 1041 & 1091 Kirkpatr ick Road | Bur l ington, NC
Cone Health is an integrated not-for-profit network of health care providers serving people in
Guilford, Forsyth, Rockingham, Alamance, Randolph, Caswell and surrounding counties. Our
tagline – “The Network for Exceptional Care” – highlights our commitment to excellence, which is
shared by our more than 12,000 employees, 1,300 physicians and 1,200 volunteers.
Business North Carolina magazine puts Cone Health at the top of its North Carolina’s Best
Hospitals list. The ranking identifies organizations that, in its words, “… are most successful at
their fundamental goal: providing quality care for patients.”
CONE HEALTH
TENANT OVERVIEW Cone Heal th (Parent company of A lamance Regional Medical Center )
1 0 . 1041 & 1091 Kirkpatr ick Road | Bur l ington, NC
Westside Ob-Gyn, a member of Cone Health Medical Group, offers an array of extended obstetrical and gynecological services including adult and adolescent gynecology, routine and high-risk obstetrics, minimally invasive surgical procedures, infertility counseling and treatment.
Our Women’s Center, located near Elon, N.C., provides primary care, obstetric, gynecological and mid-level care in one office – for women, by women. This unique healthcare model offers comprehensive care by an all-female staff, including doctors, and is backed by the expertise and experience of Westside Ob-Gyn.
With three locations across Alamance County, Westside Ob-Gyn and its affiliates care for a large percentage of our county’s women. We’ve been in the area since 1979 and have built long-term friendships with many of our patients. Our patients and our community are the heart of what we love about our jobs.
WESTSIDE OB-GYN
TENANT OVERVIEW (Bui lding - 1091 Kirkpatr ick Rd.)
Wests ide OB-GYN
1 1 . 1041 & 1091 Kirkpatr ick Road | Bur l ington, NC
LOCATION OVERVIEWState Map
SITE
1 2 . 1041 & 1091 Kirkpatr ick Road | Bur l ington, NC
LOCATION OVERVIEWRegional Map
SITE
Greensboro
18 MilesFrom Site
Charlotte
Winston-Salem
45 MilesFrom Site
109 MilesFrom Site
Raleigh
60 MilesFrom Site
1 3 . 1041 & 1091 Kirkpatr ick Road | Bur l ington, NC
LOCATION OVERVIEWArea Map
TO RALEIGH
TO GREENSBORO
SITE
1 4 . 1041 & 1091 Kirkpatr ick Road | Bur l ington, NC
LOCATION OVERVIEWAlamance Regional Prox imity
1091 KIRKPATRICK RD.WESTSIDE OB-GYN
1041 KIRKPATRICK RD.KIRKPATRICK MEDICAL CENTERALAMANCE REGIONAL HEALTH
1 5 . 1041 & 1091 Kirkpatr ick Road | Bur l ington, NC
PHOTOGRAPHYKirkpatr ick Medical Center
Covered Parking Area
1 6 . 1041 & 1091 Kirkpatr ick Road | Bur l ington, NC
PHOTOGRAPHYWests ide OB-GYN
1 7 . 1041 & 1091 Kirkpatr ick Road | Bur l ington, NC
ALAMANCE COUNTY OVERVIEW
The Property is situated within Alamance County located in north central North Carolina. The county seat is Graham, the second largest city, and the county accounts for 435 square miles. The county has deep historical roots within the textile manufacturing and agriculture industries, and is also home to many historic Civil War sites.
02 Market Overview
Alamance County Major Employers
Organization Employees
Alamance-Burlington School System 3,500
LabCorp of America 3,000
Cone Health Alamance Regional 2,000
Elon University 1,500
City of Burlington 1,100
Wal-Mart Stores Inc. 1,000
Alamance County 950
GKN Driveline North America 800
Alamance Community College 650
Honda Power Equipment 600 15
138,281
151,241
159,688
2005 2010 2016
+9.4% Growth
+5.2% Growth
1,335
2,115
2,385
3,477
10,532
10,815
14,812
51,703
Swepsonville
Green Level
Haw River
Gibsonville
Elton
Mebane
Graham
Burlington
2 Major
Interstates
2 State Ports
1 Freight & Passenger Railroad
2 International
Railroads (<1 hour)
1 Local
Airport
Source: Alamance Chamber
Population Growth
Population by City
I. LOCATION OVERVIEW CONTINUED
Elon
MARKET OVERVIEWMarket Analys is
Population Median HH Income
Population65+
HealthcareSpending
HealthInsurance
30,522 56,144 21.5% $72,452,165 $47,647,040
Elon
290,222
244,605
51,703
14,812
Greensboro
Winston-Salem
Burlington
Graham
Elon
Gibsonville
Haw River
3,477
10,532
2,384
1 8 . 1041 & 1091 Kirkpatr ick Road | Bur l ington, NC
MARKET OVERVIEWMarket Analys is
Several major public and private universities are within easy driving distance including Duke University, NC A&T, NC State University, North Carolina Central University, the University of North Carolina at Chapel Hill, UNC-Greensboro, and Wake Forest University.
Located within 30 minutes from two international airports:
- Raleigh Durham International (RDU): 400 flights/day, 47 daily nonstop destinations
- Piedmont Triad International (PTI): 80 flights/day
CITY OF GRAHAM OVERVIEW
The City of Graham is located near the center of the State of North Carolina, along the I-40/85 corridor, midway between the Triad and Triangle regions. This location has contributed to steady growth for several decades, changing the land around the city from rural to suburban and urban.
Graham is the county seat of Alamance County and has approximately 14,500 residents. It shares borders with the City of Burlington and the Town of Haw River.
02 Market Overview
16
I. LOCATION OVERVIEW CONTINUED
Demographics Distance from Property 1 miles 3 miles 5 miles
Population 2018 4,571 31,208 72,165 2023 Projected 4,815 32,561 75,245 Growth 2018-2023 5.34% 4.34% 4.27% Households 2018 1,877 12,338 28,802 2023 Projected 1,981 12,886 30,065 Growth 2018-2023 5.54% 4.44% 4.39% Average Household Income 2018 $50,026 $50,053 $50,921
Source: CoStar
Elon University
Children’s Museum of Alamance
Burlington Downtown
ALAMANCE COUNTY OVERVIEW CONTINUED
Only 25 minutes from both the Triad and Triangle regions, Burlington offers affordable, quality living with direct access to many of the nation’s finest universities, nationally ranked healthcare facilities, and internationally known employers, ranging from high-tech fields to transportation and logistics. Take a stroll downtown and you will also find the headquarters of the nation’s largest laboratory services company, Laboratory Corporation of America (Labcorp). Burlington is home to the famous Sunbrella brand fabrics manufactured by Burlington-based Glen Raven, Inc.
CITY OF BURLINGTON OVERVIEW
Distance From Property1 Mile 3 Miles 5 Miles
Population
2018 3,950 32,427 76,763
2023 Projected 4,300 34,509 80,908
Growth 2018-2023 1.71% 1.25% 1.06%
2018 Median Age 40.5 40.8 38.5
2018 Total Daytime Population 8,595 42,347 84,938
Households
2018 1,867 13,510 30,754
2023 Projected 2,033 14,397 32,456
Average Household Income
2018 $78,090 $79,787 $67,177
2023 Projected $86,982 $88,186 $75,364
1 9 . 1041 & 1091 Kirkpatr ick Road | Bur l ington, NC
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DEMOGRAPHICS OVERVIEWMedical Expendi tures - 3 Mi le Radius
2 0 . 1041 & 1091 Kirkpatr ick Road | Bur l ington, NC
DISCLAIMER
This Offering Memorandum contains select information pertaining to the business and affairs of the property located at 1041 &
1091 Kirkpatrick Place, Burlington, NC (“Property”). It has been prepared by Furman Capital Advisors (“Agent”). This Offering
Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information
contained in the Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser
of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of
Owner or Agent. The material is based in part upon information supplied by the Owner and in part upon financial information
obtained from sources it deems reliable. The Owner, nor their officers, employees, or agents make any representation or
warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no
legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections
and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum for the Property, you agree:
1. The Offering Memorandum and its contents are confidential;
2. You will hold it and treat it in the strictest of confidence; and
3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum
or its contents in any fashion or manner detrimental to the interest of the Owner.
Owner and Agent expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the
Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the
Property unless and until a written agreement for the purchase and sale of the Property has been fully executed by all parties and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such
negotiations, then you agree to purge all materials relating to the Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information
provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed
Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims
against Seller or Agent or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or
agents for any damages, liability, or cause of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there
has been no change in the state of affairs of the Property since the creation of this Offering Memorandum.
348 N Elm Street | Greensboro, NC 27401
336.373.0995 FurmanCapital.com
Bob Lewis, CCIM SIORBroker
Peter Couchell, CCIMShareholder/Broker
Managing Director
Beau McIntosh, CCIMInvestment Sales
Vice President
Howard Hawks, CCIMBroker
Investment Services Division of NAI Piedmont Triad
Rob SchmidtBroker
Vice President