Medical Arts Center, adjacent To The Hospital. The tenant is The Department Of Veterans Affairs. The subject property is a medical office condo that was built to suit for the Department Of Veterans Affairs, located in The Medical Arts Center that consists of 112,636 SF of medical offices and is adjacent to the new South Lake Hospital. The medical park is also surrounded by senior and assisted living communities, thousands of roof tops and majoe retail center that includes Home Depot and more. The Medical Park includes 16 buildings with a two story parking guarage. Accessability is excellent due to the shared intersection with the hospital and the immediate proximity of Hwy 50 which is one of the busiest arteries in Central Florida. The remaining lease term is 3 years plus one renewal option of 5 years. Increase - 4% at renewal. The tenant has the right to cancel at any time with a 60 days notice which is standard for government building and the potential risk involved is priced in. The govenment normally vacates a building only if they outgrow the space. The tenant could be replaced by a medical tenant fairly quickly due to the proximity to the hospital. Adjacent to the hospital in Clermont.
|Property Type:||Office Bldg|
|Building Size:||5,635 SF|