9715 Liberia Ave
Manassas, VA 20110
Patient First · Commerce de détail Propriété À vendre

Expanding Regional Urgent Care – The Tenant, Patient First is subject to a NNN corporate ground lease that commenced in June 2010 and has 4.5 years remaining. Patient First operates within a 6,552-square-foot building on 0.72 acres which is cross-parked with the neighboring Evergreen Terrace Shopping Center in Manassas, Virginia, a suburb of the greater Washington, D.C. metropolitan area. As with any medical fit out, its expensive buildout is costly to replicate therefore increasing the probabilities of renewal in this location. The buildout features a design enabling the tenant to provide a large range of medical services including urgent care, immunizations, lab testing, x-rays, and occupational health practices.
Strong Placer.ai & Unique Option Structure - The Patient First lease features a unique, highly beneficial, option renewal structure. Set to expire in 4.5 years, Patient First has three, 10-year options available. In the first option, the rent resets to Fair Market Value, protected by a floor of the current rent. Additionally, over the next 15-years, rent escalates by 14% every 5 years, before resetting to Fair Market value in Option 3. According to Placer AI, this location recorded 104.6K visits over the past year which ranks in the 82nd percentile across the chain nationally and as the most visited location within a 15-mile radius. When combined with the chain’s expensive medical buildout and strong Placer.ai ranking, it is likely the new owner will benefit immensely from the renewal structure.
Positioned at the heart of a growing Northern Virginia Retail Corridor - Situated on Liberia Avenue, Patient First sits at the center of a dense, retail corridor featuring a high volume of national tenants. On each end of the corridor sits a Walmart that records 2.4 million annual visits and Harris Teeter which adds another 785.7K visits annually. Just across from the subject property is another grocery store, Aldi, which reports 354K visits annually. The corridor also features desired national tenants, Wawa, Chick-Fil-A, Wendy’s, Chipotle, Starbucks, Raising Canes, among others. The strong commercial and retail demand in this location lead to the development and opening of Evergreen Village Shopping Center immediately south. Consisting of more than 110,000 SF of retail space with key names such as Lidl, Texas Roadhouse, Jersey Mike’s, and Cold Stone Creamery, the project also includes over 240 apartment units. The retail corridor is supported by a population of 88,230 with an average household income of $152,001.
2ND LARGEST URGENT CARE BRAND IN THE REGION – Patient First is a privately held regional chain of urgent care centers in the Mid-Atlantic region. Patient First offers Primary Care, Urgent Care and Occupational Health Services with on-site Lab tests, prescription drugs and X-Rays. The company, which is based in Glen Allen, Virginia, opened its first medical center in 1981 and now has 79 locations, which makes it the second largest brand in the Mid-Atlantic. Initially opening in the Richmond area, the tenant went on a significant expansion into the Washington, DC, Baltimore, and Philadelphia markets over the last decade. In the Washington D.C. region, the company has 35 locations. It is a well-respected brand that has associated with world-renowned hospital chains, and in its four market areas, commands dominant market share making it among the top 10 largest urgent care chains in the United States.