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580 Providence Park Dr E 21,012 SF 81% Leased Office Building Mobile, AL 36695 $12,235,098 CAD ($582.29 CAD/SF) 6.49% Cap Rate
Investment Highlights
- 77% Occupied By Forefront Management, LLC dba Advanced Dermatology & Skin Care Centre and Advanced Care Pharmacy
- Main Hub for Advanced Dermatology & Skin Care Centre – One of Forefront Dermatology’s Top-Producing Clinics Serving All of Mobile County and South MS
- Forefront Lease Is Guaranteed by Forefront Dermatology –Forefront Is The Largest, Most Diversified Dermatology Group Practice In The US
- Value-Add Opportunity Through Build-Out and Lease-Up of Remaining Vacant Space
- Built-To-Suit Facility for Tenant in 2015 and Expansion of Additional Space in 2025
- Property Is Strategically Located Next To Ascension Providence Hospital: A 349-Bed Hospital With 24/7 Emergency Care Level III Trauma Center
Executive Summary
Cook Commercial Partners is pleased to present the Forefront Dermatology facility (dba Advanced Dermatology & Skin Care Centre) located in Mobile, Alabama. This two-story, 21,012-square-foot medical office building was built-to-suit in 2015 for Advanced Dermatology & Skin Care Centre and features high-quality construction tailored for medical use. The property is currently 77% occupied, with Forefront Management, LLC leasing approximately 74% of the space and Advanced Care Pharmacy occupying an additional 3%.
Forefront Dermatology recently expanded into 4,330 additional square feet and extended its lease through January 31, 2032. The lease includes attractive 1.50% annual rental increases and one 5-year renewal option, providing stable long-term income growth. This offering presents investors with a well-located, cash-flowing medical asset anchored by a strong tenant, along with value-add upside through the lease-up of the remaining 5,039 square feet (23%) of vacant space.
Forefront is the largest, most diversified dermatology group practice in the US, with over 250+ clinic locations across 26 states. Forefront Dermatology enables its partner physicians to enjoy the financial and personal rewards of private practice, along with the professional support of a large, successful, physician-led dermatology practice.
Forefront Dermatology recently expanded into 4,330 additional square feet and extended its lease through January 31, 2032. The lease includes attractive 1.50% annual rental increases and one 5-year renewal option, providing stable long-term income growth. This offering presents investors with a well-located, cash-flowing medical asset anchored by a strong tenant, along with value-add upside through the lease-up of the remaining 5,039 square feet (23%) of vacant space.
Forefront is the largest, most diversified dermatology group practice in the US, with over 250+ clinic locations across 26 states. Forefront Dermatology enables its partner physicians to enjoy the financial and personal rewards of private practice, along with the professional support of a large, successful, physician-led dermatology practice.
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
21,012 SF
Building Class
B
Year Built
2015
Price
$12,235,098 CAD
Price Per SF
$582.29 CAD
Cap Rate
6.49%
NOI
$793,850 CAD
Percent Leased
81%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
10,506 SF
Building FAR
0.50
Lot Size
0.96 AC
Zoning
B-3: Community Business - B-3: Community Business
Parking
77 Spaces (3.66 Spaces per 1,000 SF Leased)
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Advanced Dermatology & Skin
- Health Care and Social Assistance
- 15,405 SF
- -
- Dec 2032
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Advanced Dermatology & Skin | Health Care and Social Assistance | 15,405 SF | - | Dec 2032 |
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
Two suites available for lease on the first floor of this high-quality building constructed for medical use. Suites can be combined for a total of +/-4,082sf.
- 1st Fl-Ste C
- 2,049 SF
- Office/Medical
- Full Build-Out
- Now
| Space | Size | Space Use | Condition | Available |
| 1st Floor | 2,033 SF | Office/Medical | Full Build-Out | Now |
| 1st Fl-Ste C | 2,049 SF | Office/Medical | Full Build-Out | Now |
1st Floor
| Size |
| 2,033 SF |
| Space Use |
| Office/Medical |
| Condition |
| Full Build-Out |
| Available |
| Now |
1st Fl-Ste C
| Size |
| 2,049 SF |
| Space Use |
| Office/Medical |
| Condition |
| Full Build-Out |
| Available |
| Now |
1st Floor
| Size | 2,033 SF |
| Space Use | Office/Medical |
| Condition | Full Build-Out |
| Available | Now |
Two suites available for lease on the first floor of this high-quality building constructed for medical use. Suites can be combined for a total of +/-4,082sf.
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Property Taxes
| Parcel Number | 28-04-20-3-000-008.048 | Improvements Assessment | $1,085,390 CAD |
| Land Assessment | $139,621 CAD | Total Assessment | $1,225,012 CAD |
Property Taxes
Parcel Number
28-04-20-3-000-008.048
Land Assessment
$139,621 CAD
Improvements Assessment
$1,085,390 CAD
Total Assessment
$1,225,012 CAD
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580 Providence Park Dr E
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