Aurora Health Center

2408 10th Street, Menominee, MI 49858

$2,840,033

Cap Rate 6.00%

Views: 3 DOM: 220 Updated: 11.28.23 Posted: 05.04.23 Status: Active

Summary

Price $2,840,033	Built/Renov 2018	Tenant Aurora Health Center
Cap Rate 6.00%	Lease Type Double NN	Guarantor Corp Rated
Size/SF 4,540	Lease Start 09-17-2018	#Units 224
Price/SF $625.56	Expiration 09-30-2038	Tenant Type Medical/Health
NOI $170,402	R. Term 14.9	Ownership Fee Simple
Rent/SF $37.53	Increases 1.0%/1/yrs	Pop 5Mi 22,872
Lot/AC 1.70	Options 4/5yrs/1%	AHHI 5Mi $65,560

Randy Blankstein

The Boulder Group

Contact

Lease Highlights

2018 construction
Tenant has 15.5 years remaining on the primary lease term with 4 (5-year) options to renew
Lease has favorable 1% annual rent increases
Aurora Bay Area Medical Group is part of Advocate Aurora Health, which is an investment grade tenant (S&P: AA)

Location Description

The 4,540-square-foot building is located along 10th Street (Hwy 41) which is a primary thoroughfare for the area and experiences over 18,900 vehicles per day. Retailers in the area include Burger King, True Value, Perkins, Little Caesars Pizza, Dollar General, A&W, Shell, McDonald’s, & Taco Bell. The property is also one mile from the Menominee-Marinette Regional Airport and across from the...

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Features

Build to suit
Major thoroughfare
Near major nationals
Strategically located
Highway location
Long 10+ yr lease
Annual rent increases
Corporate Guarantee
Investment grade tenant
Credit rated company

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Links

Aurora Health Care Wikipedia Advocate Aurora Health Wikipedia Menominee, Michigan Zip Code 49858 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Aurora Health Center
Guarantor:Corp Rated
Company:Advocate Health
# Units:224
Tenant S&P: AA
Moody’s: Aa3
Stock:Private

About Tenant

Aurora Health Care is an integrated, not-for-profit health care provider serving communities throughout eastern Wisconsin and northern Illinois. Aurora got its start in 1984 when two established...

Aurora Health Care is an integrated, not-for-profit health care provider serving communities throughout eastern Wisconsin and northern Illinois. Aurora got its start in 1984 when two established Milwaukee hospitals, St. Luke’s Medical Center, and Good Samaritan Medical Center, came together to form Aurora Health Care. Aurora Bay Area Medical Group (dba Aurora Health Center) was formed in 2014 when Bay Area Medical Center became an affiliate of Aurora Health Care. Aurora Bay Area Medical Group comprises nearly 50 primary care and multi-specialty providers practicing out of five local clinics and an urgent care facility. Today, Aurora Health Care and its affiliates serve patients across 17 hospitals, more than 200 sites of care and 70 pharmacies, with 3,900 doctors and nearly 11,000 nurses. In 2018, Aurora Health Care merged with Advocate Health Care of Illinois to form Advocate Aurora Health, one of the top 12 not-for-profit health systems in the country. Aurora Health Care is headquartered in Milwaukee, Wisconsin.

Advocate Health (formerly Advocate Aurora Health) is the 5th largest non-profit health care system. The health system formed as a result of a merger (2018) between Advocate Health Care and Aurora Health Care and second merger (2022) with Atrium Health (formerly Carolinas HealthCare System). In April 2019, Aurora Bay Medical was also incorporated into Advocate Aurora Health. As of 2021, the AAH system had 26 hospitals and more than 500 sites of care, with 75,000 employees, including 10,000 employed physicians. Today, the Advocate Health health care network consists of over 65 hospitals, more than 1,000 sites of care, and over 63,000 doctors and nurses. The network employs nearly 150,000 people and has a combined footprint across six states (Alabama, Georgia, Illinois, North Carolina, South Carolina and Wisconsin). The company has an investment grade S&P credit rating of AA and a long term Moody’s rating of Aa3. Together, they earn approximately $27B in annual revenue. The company is now headquartered in Charlotte NC.

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	5,148	18,583	22,510
2023 Total Population :	5,190	18,829	22,841
2023 Employed Civilian Pop :	2,560	8,658	10,429
2023 Total Businesses :	249	859	1,149
2023 Average Household Income :	$ 68,058	$ 66,970	$ 68,284
2023 Total Consumer Spending :	$ 157 M	$ 518 M	$ 639 M
2023 Median Age :	45	44	45
2023 Total Households :	2,605	8,720	10,559
2023 Pop Age 25+: Bachelor's Degree :	399	1,789	2,304
2023 Average Home Value :	$ 137,001	$ 144,600	$ 153,331

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
10th St	23rd Ave	2015	18,900	0.14 mi
150 FEET N OF 18TH (IN MENOMINEE)	Sheridan Cir	2021	69	0.27 mi
BETWEEN 20TH AND 21ST	20th Ave	2021	5,452	0.32 mi
US 41	26th Ave	2021	16,204	0.38 mi
BETWEEN 15TH AND 16TH (IN MENOMINEE)	16th St	2021	1,041	0.41 mi
US 41	30th Ave	2021	16,278	0.42 mi
18th Ave	17th Ave	2021	2,428	0.42 mi
BETWEEN 16TH AND 17TH (IN MENOMINEE)	16th St	2021	1,446	0.59 mi
BETWEEN 16TH AVE AND 17TH AVE (IN MENOMINEE)	14th St	2021	573	0.59 mi
23rd Ave	20th Ave	2021	991	0.60 mi

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