SRS’ National Net Lease Group brokers sale of WellNow Urgent Care assets: $11.97 million total

Syracuse, NY SRS Real Estate Partners’ National Net Lease Group (NNLG) has completed four sales of WellNow Urgent Care-occupied assets totaling $11.97 million.

SRS NNLG’s vice president Britt Raymond and Kyle Fant represented the buyer and seller in all the transactions. The sold properties include:

• WellNow at 1600 Erie Blvd. East in Syracuse, NY;
• WellNow at 6555 4^th Section Rd. in Brockport, NY – sold with Syracuse property as a portfolio for $5.445 million;
• WellNow – 204 S Broadway in Saratoga Springs, NY – sold for $3.51 million;
• WellNow and Aspen Dental at 200 E 1^st St. in Oswego, NY – sold for $3.015 million;

For the past two years, SRS has been working with Streamline Real Estate Partners, a specialized retail development group based in Upstate, NY, to market WellNow locations. All of the WellNow-occupied assets are newly developed, build-to-suit assets.

“SRS has teamed with Streamline to bring coast-to-coast exposure to the WellNow brand, which was primarily located in the Northeast and Midwest, and is now on the radar of net lease investors nationwide. Out-of-state investors now understand WellNow’s proven success, rapid growth, and the opportunity to invest in real estate occupied by an emerging top 10 urgent care provider in the U.S.,” said Raymond.

She highlighted that WellNow assets are now being listed at a 5.5% cap rate, which is a compression of over 100 basis points over the past 24 months. “This speaks the amount of demand for inventory in the medical sector, as well as investors that have confidence in the future of WellNow as a company.”

Fant said, “We are excited to continue working on WellNow opportunities as they expand in New York along with growing a national presence in select Midwest markets like Illinois, Michigan, and Ohio.”

The team currently has several other locations in New York and Illinois in various stages of marketing.

WellNow Urgent Care is one of the fastest-growing providers of urgent medical care, telehealth and occupational health services in the United States, with more than 110 across New York, Illinois, Ohio, Indiana, and Michigan and plans to expand to 200 locations over the next three years. Founded as Five Star Urgent Care in 2011 by Dr. John Radford, the company rebranded as WellNow Urgent Care in 2018 to better reflect its mission of offering quick, convenient and quality care for non-life-threatening injuries and illnesses. As WellNow Urgent Care has continued to open new facilities, the company has also grown through the strategic acquisitions of MASH Urgent Care in 2018 and Hometown Urgent Care & Occupational Health in 2020.