# Portfolio

## Current Portfolio

Eight properties across seven states. Six dialysis clinics, two medical office assets and a healthcare-anchored center. 213,099 square feet, $37.4M of acquisition volume since July 2025.

| Property | Location | Type | SF | Anchor tenant | Price | Closed | Status |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Harvard Medical Park | Roseburg, OR | Medical office | 94,855 | CommonSpirit Health | $12.9M | Feb 2026 | Owned |
| Fleming Island Village | Fleming Island, FL | Healthcare retail | 36,398 | FL Cancer Specialists | $7.9M | May 2026 | Owned |
| DaVita Beaumont | Beaumont, TX | Dialysis, net lease | 15,041 | DaVita, Inc. | $4.4M | Jul 2025 | Owned |
| DaVita Jenkins | Jenkins, KY | Dialysis, net lease | 5,523 | DaVita, Inc. | $1.3M | Jul 2026 | Owned |
| DaVita Browns Mills | Browns Mills, NJ | Dialysis, net lease | 8,000 | DaVita, Inc. | $2.5M | Aug 2026 | Owned |
| Fresenius Chicago | Chicago, IL | Dialysis, net lease | 10,947 | Fresenius | $2.8M | Aug 2026 | Owned |
| 5 Shaw's Cove | New London, CT | Medical office | 36,400 | DaVita + 7 others | $5.0M | Q4 2026 | Under contract |
| Fresenius Uvalde | Uvalde, TX | Dialysis, net lease | 5,935 | Fresenius | $0.5M | Q4 2026 | Under contract |
| Total: 8 properties, 7 states | 213,099 |  | $37.4M |  |  |

## Harvard Medical Park

Medical office · Roseburg, Oregon · 1813 & 1887 W. Harvard Avenue, a multi-building medical campus adjacent to Mercy Medical Center

Multi-building medical office park across the street from Mercy Medical Center, anchored by CommonSpirit Health. We bought it with short lease term, deferred roof and HVAC work, and vacancy.

- Size: 94,855 SF

Price
$12.9M
Closed
February 2026
Anchor
CommonSpirit Health
Anchor space
20,000+ SF
Manager
PREF (Yardi)

### 2026 progress

- Weighted average lease term: ~2.4 years at closing, ~4.2 years today.
- Annual base rent: ~$1.64M at closing, ~$1.81M today.
- Five-year lease signed with Aviva Health (Suites 110 to 125, 3% annual increases); five-year early renewal with Oregon Oral & Facial Surgeons.
- $937K roof and HVAC replacement completed.
- CommonSpirit renewal discussions underway; the tenant is replacing its MRI at the property.

## Fleming Island Village

Healthcare-anchored retail · Fleming Island, Florida · 4689 US-17 (Jacksonville MSA), a neighborhood center with a 10,000 SF outparcel

Neighborhood center in the Jacksonville MSA anchored by Florida Cancer Specialists and Community Hospice. At acquisition it had a vacant 10,000 SF outparcel and unleased shell space.

- Size: 36,398 SF + 10,000 SF pad

Price
$7.9M
Closed
May 2026
Anchor
Florida Cancer Specialists
Lender
SouthState Bank
Construction
In-house

### 2026 progress

- 10,000 SF lease signed with The Learning Experience on the outparcel at $44/SF; $5.5M SouthState construction loan.
- Community Hospice expansion into Suite 8: LOI signed, lease in negotiation.
- Ten-year lease signed with JMJ Clinic (OB/GYN); five-year Allstate renewal.
- In discussions with Optum and Valvoline for remaining space.

## DaVita Dialysis, Beaumont

Dialysis · Beaumont, Texas · 1020 N. 14th Street, on the CHRISTUS St. Elizabeth Hospital campus · 33-station clinic, built 2014

33-station DaVita clinic on the CHRISTUS St. Elizabeth Hospital campus. We bought it with about four years of lease term remaining.

- Size: 15,041 SF on 1.9 acres

Price
$4.4M
Closed
July 2025
Tenant
DaVita, Inc.
Lease
Absolute net
Remaining term
~13 years

### Since acquisition

- Lease amended March 2026: extended nine years, ~13 years remaining.
- Two 10% rent increases added in the extension.
- Acquired at a 7.85% cap rate.
- Prior DaVita sales by the partners: bought at 7.6% and 8.1% caps, sold at 5.9% and 6.3% after lease extensions.

## Dialysis Portfolio

Three corporate-guaranteed dialysis clinics · 24,470 SF · $6.63M · closed Jul to Aug 2026 · SouthState Bank

Jenkins, KY · DaVita483 Gateway Industrial Park · 5,523 SF Price$1.33MGoing-in cap10.0%Term~3 to 11 yrs (+8)MarketNear Jenkins Community Hospital Browns Mills, NJ · DaVita107 Trenton Road · 8,000 SF Price$2.50MGoing-in cap8.3%Term~3.5 to 13 yrs (+10)MarketDeborah Heart & Lung corridor Chicago, IL · Fresenius3134 W. 76th Street · 10,947 SF Price$2.80MGoing-in cap8.4%Term~7.8 yrsUtilization39 machines · 130+ patients Lease extensionsDaVita extended Jenkins by eight years and Browns Mills by ten, signed within a month of closing. Portfolio term is now ~10 years.

### Lease structure

Corporate guaranties from DaVita, Inc. (S&P BB) and Fresenius (S&P BBB-). Tenants pay all expenses except roof and structure.

## Shaw's Cove Medical Portfolio

Dialysis-anchored medical · New London, CT and Uvalde, TX · 5 Shaw's Cove, across from Yale New Haven / L+M Hospital, plus a Fresenius clinic in Uvalde

A 36,400 SF medical office building across from Lawrence + Memorial Hospital (Yale New Haven Health), anchored by DaVita, and a net-leased Fresenius clinic in Uvalde, TX. Dialysis tenants pay 54% of base rent.

- Size: 42,335 SF

Contract price
$5.56M
Expected closing
Q4 2026
Anchors
DaVita & Fresenius
Dialysis share
54% of base rent
Lenders
Flagstar, SouthState

### Key terms

- DaVita lease extended during diligence, now with a DaVita, Inc. corporate guaranty (the prior lease had none).
- Financing: Flagstar (SOFR + 200) on New London; SouthState, non-recourse, on Uvalde.
- Plan: re-lease below-market suites as they roll; replace the roof, with DaVita reimbursing its share.
- Projected Year-1 cash yield of ~10%.

## Riverhead Medical Campus

Partners' portfolio · Riverhead, New York · East Main Street (Long Island), a multi-tenant medical office with a development outparcel

Rendering: proposed 27,800 SF medical building on the outparcel (Gensler).

Medical office property on Long Island's East End, anchored by NYU Langone Health and Northwell Health (50,000+ SF combined). Bought with rents about 20% below market, deferred capital work and an outparcel for development.

- Size: ~100,000 SF

Occupancy
100%
Anchor space
50,000+ SF
Closed
2025
Purchase price
$22.8M
NOI today
$2.15M, up from ~$1.9M

### Since acquisition

- Leases extended: NYU 5 years, Stony Brook 6 years, Long Island Select 10 years.
- Tenant improvement allowance to NYU for a long-term commitment; NYU opened a 26,000 SF MRI center after a $10M+ build-out.
- New NYU roof, curbs and sidewalks; new HVAC for Long Island Select.
- Development: build-to-suit proposal presented to NYU. Site plan with the Town of Riverhead; public hearing expected December 2026. Team includes Gensler and Gabriel Marquez.
- ~11 years weighted average lease term; $151K annual property tax savings.

Canonical: https://candor.rubentouitou.com/portfolio/