NNN Old Line Professional Centre, LLC

Available for §1031 exchange w llc investment

Offering Purchase Price: $16,050,000

Offering Price Per SF: $211.57

  • Purchase Date: 3rd Quarter 2007
  • Offering LTV: 58.57%
  • Offering Price Cap Rate: 5.68%
  • 1st Year Cash Flow: 6.48%

Old Line Professional Centre is a three-story medical office building totaling approximately 76,000 square feet in Waldorf, Maryland. The property features abundant amenities, including 12,000 square feet of adjacent retail and banking services in addition to tenant access to an onsite gym and locker rooms.

Available for §1031 exchange w llc investment

Built in 1990, Old Line Professional Centre features a campus-like setting on nearly five acres and retains superior visibility, as signage is prominently featured on the busy arterial Leonardtown Road.

Property Summary

Old Line Professional Centre is a three-story medical office building totaling approximately 76,000 square feet in Waldorf, Maryland. The property features abundant amenities, including 12,000 square feet of adjacent retail and banking services in addition to tenant access to an onsite gym and locker rooms. Patrons and tenants alike enjoy the convenience of state-ofthe- art onsite imaging technology, including an MRI and CAT scan machine. Built in 1990, Old Line Professional Centre features a campus-like setting on nearly five acres and retains superior visibility, as signage is prominently featured on the busy arterial Leonardtown Road. Located just thirteen miles outside of the Capital Beltway, the property offers easy access to the Washington, DC metropolitan area, as well as a vibrant local business community. Old Line Professional Centre is 81 percent leased to numerous tenants, including Pace and Leatherwood, P.C. and Apollo Medical Management, Inc.

Property Information

  • Address: 12070 Old Line Centre Waldorf, MD 20602
  • Building Type: Office
  • Year Built: 1990
  • Total SF: 75,860
  • % Leased: 81%

TIC Offering

  • Offering Size: $6,650,000
  • Price Per 1% Ownership: $66,500 equity and $94,000 assumed debt
  • Minimum Investment per SPE: 3.00% = $199,500 equity and $282,000 assumed debt for a total purchase price of $481,500
  • Suitability: Accredited Investors Only

LLC Offering

  • Offering Size: $332,500
  • Price Per Unit: $5,000
  • Minimum Investment: $25,000
  • Suitability: Accredited investors only
NNN Old Line Professional Centre

Business Plan

NNN Old Line Professional Centre
  • Preserve the capital investment.
  • Realize income through the acquisition, operation and sale of the
    property.
  • Make monthly distributions, which may be partially tax-deferred as a result of depreciation and amortization expenses.
  • Within approximately eight years, profitably sell the property based on the value added through effective management and operation of the property.
  • There is no guarantee that the business plan will be successfully executed, that the property’s value will be enhanced, or that the property will be sold within the planned time period.
  • Unless extended by the tenants, the leases representing approximately 70 percent of the property will expire within the next six calendar years.
  • The Property may require capital improvements that could negatively affect cash flow.
  • The valuation of the property may be inaccurate due to a lack of availability of recent sales comparables for the property.

Description of Tenants (18 Total Tenants)

The property is a multi-tenant medical office building with offices ranging from 1,005 to 8,125 square feet. The property is comprised of a multitude of physician practices with varying degrees of specialties. The primary specialties practiced within the building include family practice, internal medicine, geriatrics, gynecology, cardiology, endocrinology, gastroenterology, audiology, podiatry, dentistry and orthodontics. Related healthcare practices within the building include cosmetic surgery, diagnostic imagery, and a physical and occupational therapy practice that provides outpatient rehabilitation care.

Location Information

Old Line Professional Centre is located in the Washington, D.C. suburb of Waldorf, Maryland. Named after George Washington, military leader of the American Revolution and the first president of the United States, Washington, D.C. is not only the seat of the federal government but also a major showcase for the nation’s cultural achievements, the information center of the world, and a pivot of global politics. The city’s metropolitan area is the eighth largest in the nation with more than 5,000,000 residents. According to the 2006 survey released by the Association of Foreign Investors in Real Estate (AFIRE), Washington, D.C. ranks fourth for global real estate investments and second for national. In addition to its economic stability and large government presence, the Greater Washington metropolitan region enjoys an unemployment rate of just 2.9 percent as of May 2007, mirroring the historically-low national average.

Office Market

  • The Washington, D.C. metropolitan region, totaling 278 million square feet, started 2007 with a strong performance, marked by rising rents and a falling vacancy rate.
  • Regionally, the first quarter recorded net absorption of 448,651 square feet, and a vacancy rate of 11.1 percent, a 50 basis point improvement from fourth quarter 2006.
Economic Trends
  • By 2030, the number of households in the three-county Southern Region is projected to increase by 77 percent.
  • Waldorf currently has a low unemployment rate of 3.4 percent, and its job growth is projected to increase 35 percent over the next ten years, nearly triple the national average.

ABOUT Triple Net Properties, LLC

Triple Net Properties, LLC has time-tested experience in real estate syndications, acquisitions, development, construction, leasing and property management. Triple Net currently manages a growing portfolio of over 34 million square feet of property in 28 states valued at more than $4.6 billion. Although past performance is no guarantee of future results, Triple Net Properties, LLC has an unparalleled track record and has acquired 249 properties to date. Triple Net and affiliates have sold 90 properties for over $2.0 billion since 2000.

Triple Net Properties, LLC is a wholly-owned subsidiary of NNN Realty Advisors, Inc., a nationwide commercial real estate asset management and services firm.

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