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Clinical Research Partners 

Medical & Commercial Office Building

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 Investment Opportunity -Limited Equity Remaining

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Tidegate Capital has recently acquired a medical and commercial office building located in Richmond, Virginia

 

This Property represents an excellent opportunity to invest in a current cash flowing medical and commercial office building, located in Virginia's growing capital city, Richmond. Surrounded by numerous medical and commercial facilities that support the large, top ranked regional hospital, it is located less than 1/4 mile from highly ranked Henrico Doctor's Hospital. Additionally, since acquisition a new lease has been executed at a higher rate per square foot which increases the property valuation by over $300,000. 

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Preliminary Investor Projections

 

Average Investor Cash-On Cash: 9.0%
Gross IRR: 15%

Net to Investor IRR: 14%  

MOIC/Equity Multiple: 2.8X

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Holding Period: 7-10 years

7% preferred dividend plus 75% of net profit upon disposition

 

 

Acquired December 15, 2022

 

  • Cost: $7,600,000 total project cost inclusive of:

  • $6,900,000 Acquisition price

  • Over $450,000 Reserves and Capital Improvements to include:

    • Landscaping and Curb Appeal

    • Lighting Green EnergyUpgrades

    • Working Capital Reserve

    • 10 Year I/O Loan at attractive Fixed 6.345% rate

    • Conservative 53% LTV

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Key Dates

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  • Acquired /  Closing Date: 12/15/2022 

  • Dividend Payments: Current (Quarterly, started period ending 12/31/2022) 

 

Subject Property

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  • Year Built: 1986

  • Steel frame with brick and glass exterior

  • Lobbies and common areas fully renovated in 2019. All tenant spaces have been renovated since 2019

  • One hydraulic elevator

  • Partial LED lighting. Remainder to be upgraded for additional energy consumption savings

  • Over 90% tenant reimbursement of Operating Expenses​

 

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Clinical Research Partners is a highly desirable combination of 4 Medical Tenants occupying 20,391 sf along with 4 Commercial Tenants occupying 10,725 sf. 

Total rentable square footage is 31,116 sf.

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All units are currently paying at or below market rents with many leases held by long-term tenants. We are looking to execute rent increases via tenant turnover in a high demand location.
 

The proposition reflects an excellent opportunity as a result of its superb location in a vibrant medical district in Richmond’s exclusive West End.

 

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Time Horizon

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Clinical Research Partners represents a solid “Core Investment”, producing consistent and growing cash flows over the projected 7-10 year holding period. 

 

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Preliminary projections, subject to revision. Real Estate investing involves risk,

including the potential for complete loss of principal. 

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