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Offering Memorandum
Baptist Health & American Health Network
New Albany, IN
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to bereviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person orentity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary,unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property.The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has notmade any investigation, and makes no warranty or representation, with respect to the income or expenses for the subjectproperty, the future projected financial performance of the property, the size and square footage of the property andimprovements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State andFederal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects ofany tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained inthis Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has notverified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigationregarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of theinformation provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap.All rights reserved.
Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in thismarketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, orsponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product,service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lesseeinformation about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
5130 CHARLESTOWN RDNew Albany, INACT ID X0260373
P R E S E N T E D B Y
Jordan Klink
Vice President InvestmentsSenior Director - National Retail GroupIndianapolis OfficeTel: (317) 218-5316Fax: (317) [email protected]: IN AB21401453, IN RB14043752
Benjamin Sullivan
AssociateIndianapolis OfficeTel: (317) 218-5333Fax: (317) [email protected]: IN RB16000227
TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01Offering Summary
Tenant SummariesProperty Photos
Regional Map
Local Map
Aerial Photo
FINANCIAL ANALYSIS 02Rent Roll Summary
Pricing Detail
MARKET OVERVIEW 03Market Analysis
Demographic Analysis
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INVESTMENT
OVERVIEW
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EXECUTIVE SUMMARYOFFERING SUMMARY
MAJOR EMPLOYERS
EMPLOYER # OF EMPLOYEES
WW Williams Midwest Inc 1,028
Trustees Indiana University 703
Indiana University South East 700
Walmart 700
Indiana University Southeast 660
Clark Memorial Hospital 528
Essroc Cement Corp 516
Sears Roebuck and Co 500
Floyd Mem Hosp & Hlth Svcs 477
Pegatron Technology Svc Inc 413
Fireking 350
Meijer 220 327
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2015 Estimate Pop 5,545 31,664 83,933
2010 Census Pop 5,436 30,532 81,113
2015 Estimate HH 1,815 12,384 34,137
2010 Census HH 1,777 11,902 32,914
Median HH Income $71,879 $58,861 $54,697
Per Capita Income $28,483 $28,356 $27,414
Average HH Income $85,814 $71,894 $67,020
VITAL DATA
Price $1,450,000 CAP Rate 7.50%
Down Payment 25% / $362,500 Net Operating Income $108,708
Loan Amount $1,087,500 Net Cash Flow After Debt Service 10.49% / $38,011
Loan Type New Financing Total Return 17.37% / $62,972
Interest Rate / Amortization 4.25% / 25 Years
Total Rentable SF 8,640
Price/SF $172.33
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OFFERING SUMMARY
Investment Highlights
Marcus & Millichap is pleased to present Baptist Health & American Health Network, a two-tenant medical office building in New Albany, Indiana
that is occupied by Baptist Health Floyd Urgent Care Center and American Health Network of Indiana LLC. The property sits on a one acre parcel
of land less than one and one-half miles down from Clark Memorial Hospital Diagnostic Center and less than six and one-half miles from Baptist
Health Floyd Hospital. Nearby tenants include Walgreens, CVS, Meijer, Autozone, Dollar General, Regal Cinemas, Jimmy Johns, BB&T, KFC, and
more. Less than five miles outside of Louisville, New Albany is the third largest city in the Louisville MSA boasting affluent demographics well
above the national average with 14.92 percent projected growth over the next five years.
Investment Highlights
Strategically Located Between Clark Memorial Hospital
Diagnostic Center & Major Retailers, 6.5 Miles From
Baptist Health Floyd Hospital
Only 11 Miles outside of Louisville, New Albany is the
Third Largest City in Louisville MSA
Quality Tenants including American Health Network &
Baptist Health
5 Mile Population of 83,000+
1 Mile Average Household Income of $85,000+
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OFFERING SUMMARY
BAPTIST HEALTH & AMERICAN HEALTH NETWORK
TENANT SUMMARY
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General Information
Address10689 North Pennsylvania Street Suite 200
Indianapolis, IN 46280Website www.ahni.com
Key PersonnelBen H. Park, M.D. Chief Executive Officer & President
Walt Beaver, M.D. Managing Partner of Indiana
“American Health Network (AHN) is Indiana’s largest physician-owned group practice with over 70
offices and more than 200 primary care physicians and specialists in Indiana and Ohio. The organization
is driven with the visionary purpose of providing high-quality, cost-effective care, supported by a robust
electronic infrastructure in its quest to provide exceptional care to its patients. American Health
Network aspires to be the best healthcare organization, period. The company specializes in providing
healthcare services in the areas of family medicine, bone and spine, cardiology, dermatology,
endocrinology, eye, foot and ankle, common disorders, general surgery, hematology/oncology, imaging,
internal medicine, neurology, nephrology, obstetrics/gynecology, radiation oncology, reproductive
medicine, orthopedics, pain management, pediatrics, physical therapy, plastic surgery, sleep
management, spine surgery, and urology. ”
PRICING AND VALUATION MATRIX
PROPERTY NAMECORPORATE MELLOW MUSHROOM
PRICING AND VALUATION MATRIX
PROPERTY NAME
TENANT SUMMARY
American Health Network
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TENANT SUMMARY
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General Information
Address2701 Eastpoint Parkway Louisville, KY 40223
Website www.baptisthealth.com
Key PersonnelStephen C. Hanson Chief Executive Officer
Timothy Jahn, MD Chief Medical Officer
David J Bensema, MD Chief Information Officer
Stephen R. Oglesby Chief Financial Officer
Baptist Health
PRICING AND VALUATION MATRIX
PROPERTY NAMECORPORATE MELLOW MUSHROOM
PRICING AND VALUATION MATRIX
PROPERTY NAME
TENANT SUMMARY
“Founded in 1924, Baptist Health has been bringing advanced medical technology, modern facilities, and
many of the region's most prominent physicians and medical professionals to the communities of
commonwealth for nearly a century. Headquartered in Louisville, the Baptist Health family of hospitals, care
centers, physician offices and health facilities has experienced tremendous growth in recent years. Baptist
Health Floyd in New Albany, IN (formerly known as Floyd Memorial Hospital and Health Services), is the
newest member, joined on Oct. 1, 2016. In 2012, Baptist Health Richmond (formerly Pattie A. Clay Regional
Medical Center) and Baptist Health Madisonville (formerly Trover Health System) were added to the fold as
well. Baptist Health’s other hospitals include Baptist Health Paducah, Baptist Health Louisville, Baptist Health
La Grange, Baptist Health Lexington and Baptist Health Corbin. They also manage Hardin Memorial Health in
Elizabethtown. Counting all nine hospitals, Baptist Health has more than 2,700 licensed beds.”
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OFFERING SUMMARY
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LOCAL MAP
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LOCAL MAP
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LOCAL MAP
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LOCAL MAP
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REGIONAL MAP
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LOCAL MAP
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LOCAL MAP
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AERIAL PHOTO
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FINANCIAL
ANALYSIS
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FINANCIAL ANALYSIS
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RENT ROLL SUMMARY
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*Baptist Health-Floyd recently renewed their lease early which will take effect in September 2017.At closing, Seller will credit Buyer any differential in rent between the day of closing rental rate and the rental rate commencing in September 2017.
FINANCIAL ANALYSIS
PRICING DETAIL
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FINANCIAL ANALYSIS
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MARKET
OVERVIEW
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Louisville Metro
Market Highlights
Centralized location Approximately 60 percent of U.S. cities are within a one-day drive of the metro.
Major distribution center Louisville’s strategic location in the country has made it a hub for the logistics and distribution industries.
The Derby Every year, attention is focused on Louisville when it hosts the Kentucky Derby, the most acclaimed horse-
racing event in the world.
LOUISVILLE
The Louisville metro comprises seven counties in north-central Kentucky and five in southern Indiana. The Ohio
River passes through the region, providing a wide and vast flood plain, surrounded by hilly terrain at the
metro’s perimeter. The Knobs region, in southern Louisville, hosts the Jefferson Memorial Forest and is largely
undeveloped. With few natural barriers to limit outward expansion, the metro has recorded 21 percent
population growth since 1990.
Geography
MARKET OVERVIEW
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MARKET OVERVIEW
Interstates 64 and 65 run through Louisville, while I-71 has its southern terminus there. All three of these
highways intersect just east of downtown, in an area referred to as “Spaghetti Junction.” I-264 and I-265 are
beltways for Louisville motorists, and construction has begun on more bridges to span the Ohio River and link
the cities of Louisville and Jeffersonville.
Most air traffic in Louisville is handled at Louisville International Airport, which houses the UPS Worldport global
air hub. Additional air service is provided by Bowman Field and Clark Regional Airport. CSX, Norfolk Southern
and regional carriers operate freight rail service. On the Ohio River, the McAlpine Locks and Dam assist
maritime shipping. More than 50 million tons of cargo pass through the locks annually. Regional transportation
in and around Louisville is offered by the Transit Authority of River City (TARC), which operates the area’s bus
network.
Infrastructure
Louisville is home to nearly 1.3 million residents residing within Indiana’s Harrison, Washington, Clark, Floyd
and Scott counties, as well as Kentucky’s Jefferson, Spencer, Oldham, Trimble, Meade, Nelson, Shelby,
Hardin, Larue, Bullitt and Henry counties. Louisville in Kentucky is the region’s largest city with more than
617,400 citizens, followed by Jeffersonville, Indiana, which has 46,000 residents.
Metro
Largest Cities in Metro by Population
Louisville 617,400
Jeffersonville 46,000
New Albany 37,200
Jeffersontown 27,300
Clarksville 22,000
St. Matthews 17,800
* ForecastSources: Marcus & Millichap Research Services; U.S. Census Bureau; Experian
LOUISVILLE
The Louisville Metro is: 100 miles from Cincinnati 115 miles from Indianapolis 175 miles from Nashville 260 miles from St. Louis
Airports Louisville International Airport Bowman Field and Clark Regional Airport
Major Roadways Interstates 64, 65, 71, 264 and 265 U.S. 31, 42, 6 and 150
Rail Freight – CSX and Norfolk Southern Regional Freight – Paducah and Louisville Railway and Louisville and Indiana Railroad
Ports Port of Louisville
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MARKET OVERVIEW
Although the region’s economy has been historically dominated by the shipping
and rail industries, contemporary Louisville boasts a well-diversified economy
focused on advanced manufacturing, logistics, life sciences and healthcare,
among other industry sectors. The metropolitan area is headquarters to three
Fortune 500 companies, including Humana, Yum Brands and Kindred Healthcare.
In recent decades, the area has attracted numerous medical and healthcare
organizations. Louisville’s downtown medical research campus draws some of
the nation’s top medical talent.
In line with the metropolitan area’s legacy in the transportation industry,
Louisville’s economy still benefits from being centrally located in the United
States. It is within a one-day drive of 60 percent of U.S. cities. The UPS
Worldport global air-freight hub at Louisville International Airport makes the
region an important player in global shipping and logistics. Automotive and
appliance manufacturing are also part of Louisville’s economic fabric, as is the
spirits industry. In addition, roughly one-third of all bourbon is produced in the
area.
The Louisville economy is accelerating, with the region’s gross metropolitan
product on the rise. GMP is forecast to grow by approximately 3.1 percent this
year. Local retail sales will continue to increase this year, expanding by 4.5
percent. This figure is slightly below the national average of 5.4 percent.
Economy
LOUISVILLE
Port of Louisville Quick Facts
A Foreign-Trade Zone
Intermodal transportation transfer to rail, truck or barge
Bulk commodity transfer terminal
Can handle more than 4 million tons of dry bulk commodities per year
On-site warehousing
* ForecastSources: Marcus & Millichap Research Services; Bureau of Economic Analysis; Moody’s Analytics; U.S. Census Bureau; Port of Louisville
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MARKET OVERVIEW
The Louisville metropolitan area provides a total of 650,000 jobs and over the last five years, nonfarm
employment grew at an annual pace of 2.2 percent. Through 2020, annual employment gains are expected to
slow slightly to 1.5 percent.
Trade, transportation and utilities is the largest major employment sector in Louisville, accounting for 21
percent of all jobs, or nearly 139,000 positions. This segment of employment is expected to grow 1.1 percent
annually through 2020. Education and health services comprises the second-biggest share of local jobs with
89,200 positions, or 14 percent of total metro employment. Jobs in this field are forecast to increase 2.6
percent annually over the next five years. The professional and business services, and the government sectors,
each contribute another 13 percent of employment. Louisville is also a major manufacturer of both automotive
components and electrical appliances. Jobs in manufacturing represent 12 percent of regional payrolls.
Through 2020, jobs in construction are projected to post the most robust growth of all major employment
sectors, at an average of 4.1 percent expansion each year. All employment sectors are forecast to grow over
the next five years and nine of 11 of them will grow in excess of 1.0 percent annually during this time.
Labor
* ForecastSources: Marcus & Millichap Research Services, BLS, Moody’s Analytics
LOUISVILLE
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MARKET OVERVIEW
Louisville has evolved from a transportation- and logistics-dominated employment landscape to a more diversified economy. Still, some of the most important employers in
the metropolitan area are in transportation services. UPS’ central hub at Louisville International Airport provides a dynamic shipping and distribution industry to the region.
UPS alone employs more than 20,000 workers. Additionally, Amazon is rapidly expanding operations in the Louisville metro.
The metropolitan area’s lively healthcare industry is also a major source of Louisville residents’ income. Numerous private hospitals and health insurance providers abound
in the region. Humana, Northern Healthcare, KentuckyOne Health and the Baptist Healthcare System comprise some of the largest local names in these industries. Humana
itself provides more than 12,000 regional jobs. The continued expansion of Louisville’s downtown medical research campus will likely attract an even greater presence of
healthcare firms into the area.
Among the metro’s 75,900 jobs in manufacturing, many stem from automotive and household appliance fabrication. Ford Motor Co. employs approximately 9,000 workers
at its Kentucky Truck Plant and Louisville Assembly Plant. Meanwhile, another 6,000 local manufacturing jobs are provided by GE Appliances in Louisville, which has been
purchased by Electrolux.
Employers
Major Employers
United Parcel Services
Humana Inc.
Norton Healthcare Inc.
KentuckyOne Health Inc.
Ford Motor Co.
GE Appliances
The Kroger Co.
Baptist Healthcare System Inc.
Catholic Archdiocese of Louisville
LG&E and KU Energy LLC
* ForecastSources: Marcus & Millichap Research Services; BLS; Moody’s Analytics; Experian
LOUISVILLE
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MARKET OVERVIEW
The Louisville metro has a population of nearly 1.3 million residents, a figure that grew roughly 14 percent from 2000 to 2015. Over the next five years, the metro population
is expected to expand at a pace of 4.0 percent, adding a total of nearly 50,900 people.
The population in Louisville is slightly older than the national level. The metro’s median age, at 38.7 years, is above the U.S. median of 37.5 years. This older and more
settled workforce has helped boost Louisville’s homeownership rate above the national average. In the metro, roughly 68 percent of residents own their own homes,
compared with just 64 percent nationally.
The Louisville median household income stands at $52,400 annually, slightly below the U.S. median of $56,100 per year. That said, the metro median income is rising. By
2019, the Louisville median income level is forecast to be nearly $60,000 per year.
Although Louisville’s education attainment levels fall below the national average, these figures are trending higher. Currently, 26.4 percent of residents 25 or older have also
earned at least a bachelor’s degree, and 10 percent have earned a graduate or professional degree. The continued attraction of young professionals to Louisville’s growing
medical community will help boost these numbers in the coming years.
Demographics
LOUISVILLE
* ForecastSources: Marcus & Millichap Research Services; AGS; Experian; Moody’s Analytics; U.S. Census Bureau
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MARKET OVERVIEW
The Louisville metro offers residents a wide array of entertainment and cultural amenities. The most famous is the Kentucky Derby, which annually attracts horse-racing
enthusiasts and visitors from all over the world. The Derby itself plays a large part in Louisville’s culture, and both Churchill Downs and the Kentucky Derby Museum are
open to the public year-round.
Other popular museums in the metro include the Louisville Slugger Museum and Factory and the Frazier History Museum. Visual arts can be found at the Speed Art
Museum, which houses works by some of the world’s most famous painters. Louisville is also home to a number of renowned estates and historical houses. Louisville
Palace, Conrad’s Castle, Locust Grove and the Belle of Louisville steamboat are all popular attractions. The metro also provides a multitude of performing arts options. The
Louisville Ballet, Louisville Orchestra, Bourbon Baroque, the Kentucky Opera and other organizations stage events across the city, from the Actors Theatre of Louisville to
the Kentucky Center and Brown Theatre. The metro also has a vast independent music scene. The Louisville Zoo and Renaissance Fun Park are both popular attractions for
children. Additionally, nature lovers can spelunk in the region’s widely popular Louisville Mega Cavern, and hike or bike the many miles of trails.
Louisville prides itself as one of the best college sports towns in the world. The NCAA’s University of Louisville Cardinals are a major source of entertainment for residents,
and the metro’s other sports options include teams in minor league baseball to indoor soccer.
* ForecastSources: Marcus & Millichap Research Services; National Association of Realtors; Moody’s Analytics; U.S. Census Bureau
Quality of Life
LOUISVILLE
PROPERTY NAME
MARKETING TEAMDEMOGRAPHICS
Source: © 2015 Experian
Created on October 2016
POPULATION 1 Miles 3 Miles 5 Miles 2020 Projection
Total Population 5,678 33,176 87,328
2015 Estimate
Total Population 5,545 31,664 83,933
2010 Census
Total Population 5,436 30,532 81,113
2000 Census
Total Population 3,074 26,350 71,760
Daytime Population
2015 Estimate 7,440 33,238 83,726
HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2020 Projection
Total Households 1,855 13,080 35,714
2015 Estimate
Total Households 1,815 12,384 34,137
Average (Mean) Household Size 2.85 2.52 2.42
2010 Census
Total Households 1,777 11,902 32,914
2000 Census
Total Households 1,068 10,142 28,906
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2015 Estimate
$250,000 or More 1.88% 1.33% 1.13%
$200,000 - $249,999 1.49% 0.94% 0.76%
$150,000 - $199,000 5.37% 3.41% 2.63%
$100,000 - $149,000 20.76% 15.38% 13.18%
$75,000 - $99,999 17.72% 14.71% 14.15%
$50,000 - $74,999 22.76% 22.82% 22.76%
$35,000 - $49,999 10.61% 13.21% 14.76%
$25,000 - $34,999 7.40% 9.20% 10.56%
$15,000 - $24,999 6.47% 9.54% 10.36%
Under $15,000 5.53% 9.47% 9.71%
Average Household Income $85,814 $71,894 $67,020
Median Household Income $71,879 $58,861 $54,697
Per Capita Income $28,483 $28,356 $27,414
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IncomeIn 2015, the median household income for your selected geography is$54,697, compare this to the US average which is currently $54,148.The median household income for your area has changed by 27.86%since 2000. It is estimated that the median household income in yourarea will be $64,621 five years from now, which represents a changeof 18.14% from the current year.
The current year per capita income in your area is $27,414, comparethis to the US average, which is $29,638. The current year averagehousehold income in your area is $67,020, compare this to the USaverage which is $77,468.
PopulationIn 2015, the population in your selected geography is 83,933. Thepopulation has changed by 16.96% since 2000. It is estimated thatthe population in your area will be 87,328.00 five years from now,which represents a change of 4.04% from the current year. Thecurrent population is 48.15% male and 51.85% female. The medianage of the population in your area is 38.84, compare this to the USaverage which is 37.55. The population density in your area is1,067.49 people per square mile.
HouseholdsThere are currently 34,137 households in your selected geography.The number of households has changed by 18.10% since 2000. It isestimated that the number of households in your area will be 35,714five years from now, which represents a change of 4.62% from thecurrent year. The average household size in your area is 2.42 persons.
EmploymentIn 2015, there are 37,795 employees in your selected area, this is alsoknown as the daytime population. The 2000 Census revealed that58.76% of employees are employed in white-collar occupations inthis geography, and 41.13% are employed in blue-collar occupations.In 2015, unemployment in this area is 5.19%. In 2000, the averagetime traveled to work was 22.00 minutes.
Race and EthnicityThe current year racial makeup of your selected area is as follows:86.87% White, 6.05% Black, 0.04% Native American and 1.36%Asian/Pacific Islander. Compare these to US averages which are:70.98% White, 12.77% Black, 0.19% Native American and 5.25%Asian/Pacific Islander. People of Hispanic origin are countedindependently of race.
People of Hispanic origin make up 5.71% of the current yearpopulation in your selected area. Compare this to the US average of17.53%.
PROPERTY NAME
MARKETING TEAM
HousingThe median housing value in your area was $143,494 in 2015,compare this to the US average of $185,104. In 2000, there were20,465 owner occupied housing units in your area and there were8,441 renter occupied housing units in your area. The median rent atthe time was $481.
Source: © 2015 Experian
DEMOGRAPHICS
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DEMOGRAPHICS
www.MarcusMillichap.com
Jordan Klink
Vice President Investments
Senior Director - Net Leased Properties GroupIndianapolis OfficeTel: (317) 218-5316
Fax: (317) 218-5310
Licenses: IN AB21401453, IN RB14043752
Benjamin Sullivan
Associate
Indianapolis OfficeTel: (317) 218-5333Fax: (317) 218-5310
License: IN RB16000227
P R E S E N T E D B Y