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Conviva Care Center, San Antonio, TX

Conviva Care Center, San Antonio, TX


Investment Summary

Price $6,783,000
Cap Rate 5.75%
NOI $390,000
Lease Term 10 years
Lease Type NN lease, with tenant responsible for all taxes, insurance, and maintenance, excluding roof, structure, and parking lot
Rental Increases 2% rental increases after Year 5, then 10% rental increases every five (5) years in option periods
Year Built 2023
Building Size +/- 15,003 SF
Lot Size +/- 2.93 Acres (127,631 SF)
Status Available
Lead Brokers Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 10-YEAR NN LEASE TO GROWING MEDICAL TENANT
» 10-year NN lease to HUM Provider Holdings, LLC with 2% rental increases after year 5 followed by 10%rental increases every five (5) years in option periods
» HUM Provider Holdings, LLC is a wholly-owned subsidiary of Humana Inc.
» Humana (NYSE: HUM”) is the fourth largest insurance provider in the U.S.
» In 2023, Humana ranked #4 on the Fortune 500 list as the highest ranked (by revenues) company based in Kentucky
» High-quality 2023 construction with ample on-site parking and multiple access points

PRIME LOCATION NEAR WELL-ATTENDED EDUCATIONAL INSTITUTIONS WITH ACCESS TO OVER 37K VEHICLES PER DAY
» Strategic location near the signalized intersection of Saint Cloud Road and State Highway Spur 421/Bandera Road, which experiences a combined traffic count of 37,177 vehicles per day
» Ideal location between two major transportation corridors, Interstate 10 (188,000 AADT) and Interstate 410 (199,289 AADT), providing ideal accessibility to the site
» Across from James Madison Elementary School (518 students) and near Memorial High School (1,294 students) and Thomas Jefferson High School (1,622 students)
» Walking distance from Mexican American Catholic College and five minutes from St. Mary’s University, home to more than 2,300 students
» Situated next to Raising Cane’s in a dense retail corridor, with nearby tenants such as Walmart Supercenter, McDonald’s, Wells Fargo, Dollar General, Great Clips, and more

STRATEGIC HEALTHCARE HUB WITH ACCESS TO A BOOMING METROPOLITAN AREA OF 2.6 MILLION RESIDENTS
» 355,410 residents within a five-mile radius, providing an extremely large customer base for the site
» Five miles from Downtown San Antonio (1.41 million residents), the second largest city in Texas and part of San Antonio MSA, home to 2.6 million people and experiencing robust growth
» According to the San Antonio Economic Development Foundation, healthcare and biosciences account for over 1 in 6 jobs in San Antonio
» San Antonio is a hub for prestigious medical and healthcare education institutions, including the University of Texas Health Science Center at San Antonio, and benefits from a robust healthcare workforce of skilled healthcare professionals
» The number of people with health insurance in the U.S. was over 300 million in 2021, approximately 92% of the population
» San Antonio acts as a regional hub for business, health care, and shopping, with an influence that reaches north to Austin (one hour), as far south as Corpus Christi (three hours), and is a major gateway between the U.S. and Mexico

Property Description

» Strategic High-Traffic Location with Excellent Accessibility: Cano Health is situated near the signalized intersection of St. Cloud Road and State Highway Spur 421/Bandera Road. This site benefits from a high combined daily traffic count of 37,177 vehicles, ensuring maximum visibility and accessibility. Additionally, the property is positioned between two major transportation corridors, Interstate 10 (188,000 AADT) and Interstate 410 (199,289 AADT), which offers seamless access to the location
» Proximity to Well-Attended Educational Institutions: Boasting a coveted position across from James Madison Elementary School and within walking distance of Mexican American Catholic College, the site also maintains beneficial proximity to Memorial High School and Thomas Jefferson High School. Additionally, the property is just five minutes from St. Mary’s University, a renowned educational institution with over 2,300 students
» Thriving Retail Corridor: Nestled within a bustling retail corridor, the property is adjacent to Raising Cane’s with neighboring prominent tenants such as Walmart Supercenter, McDonald’s, Wells Fargo, Dollar General, and Great Clips, making this location an ideal setting for businesses seeking a vibrant and diverse customer base
» Robust Community and Promising Market Prospects: With a five-mile population of 355,410, this location presents a strong consumer base and ample growth potential. The site is five miles from Downtown San Antonio, the second-largest city in Texas and part of the San Antonio Metropolitan Statistical Area (MSA) with 2.6 million residents, further enhancing its market attractiveness and opportunities
» Healthcare Industry Hub: San Antonio boasts a thriving healthcare industry and benefits from proximity to prestigious medical and healthcare education institutions, including the University of Texas Health Science Center at San Antonio

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