The subject property is a 5,000-square foot single-tenant Lumin ER in Fort Worth, Texas. The new 15-year, absolute net lease has zero landlord responsibilities. The lease has a corporate guarantee by Star Medical Center, LLC, a $146.6 million company, and also has a limited personal guaranty by the CEO, Dr. Douglas Won. Ten percent rent escalations are scheduled every five years, including two five-year renewal options. The building was originally constructed in 1982 and is currently undergoing substantial renovations by the tenant.
The subject property is located on the signalized hard corner of Camp Bowie Boulevard and Hulen Street with ingress/egress points from both streets. Cumulative traffic counts exceed 25,400-vehicles per day. Neighboring retailers include Walgreens, BB&T bank, Domino’s, Pizza Hut, 7-Eleven, Sherwin-Williams, and Edward Jones.
The property benefits from close proximity to Fort Worth’s most prestigious and well established residential neighborhoods (Arlington Heights, River Crest, Monticello and Crestwood), the Cultural Arts District, West 7th Street District, Downtown Fort Worth, and Interstate 30. The location has excellent demographics with a one mile average household income of $89,950 and five mile population exceeding 255,675 residents.
