[sheet: Consent Tracker]
Location ID | Clinic Name / Identifier | Street Address | City | State | Landlord Name | Lease Execution Date | Lease Expiration Date | Remaining Term (Years) | Monthly Base Rent | Lease Type | Change of Control / Assignment Provision (Y/N) | Consent Required (Y/N) | Consent Status | Date Consent Obtained | Consent Request Sent Date | Responsible Attorney | Seller's Counsel Contact | Notes / Issues
1 | Nashville — West End | 4012 West End Avenue, Suite 100 | Nashville | TN | Crescent Ridge Realty Partners LLC | 2017-03-01 | 2027-02-28 | 2.67 | $38,500 | Triple Net | Y | Y | Obtained | 2024-05-14 | 2024-04-08 | Tiffany Rosenthal | Samuel Otieno | Consent obtained without conditions.
2 | Nashville — Midtown | 1500 Church Street, Suite 210 | Nashville | TN | Volunteer Properties Inc. | 2019-06-15 | 2029-06-14 | 5.00 | $42,200 | Triple Net | Y | Y | Obtained | 2024-05-22 | 2024-04-08 | Tiffany Rosenthal | Samuel Otieno | Landlord requested estoppel certificate; delivered 5/18/2024.
3 | Nashville — Green Hills | 3800 Hillsboro Pike, Suite 140 | Nashville | TN | Hillsboro Commons LLC | 2020-01-01 | 2028-12-31 | 4.50 | $35,750 | Triple Net | Y | Y | Obtained | 2024-06-03 | 2024-04-10 | Tiffany Rosenthal | Samuel Otieno | Consent conditioned on security deposit increase of $10,000; Buyer approved.
4 | Nashville — Donelson | 2525 Lebanon Pike, Unit 8 | Nashville | TN | Lebanon Pike Holdings LP | 2018-09-01 | 2025-08-31 | 1.17 | $28,900 | Triple Net | N | N | Not Required | Tiffany Rosenthal | Lease permits assignment without consent; no change of control clause. Short remaining term — renewal negotiation recommended post-closing.
5 | Nashville — Bellevue | 7610 Highway 70 South, Suite 300 | Nashville | TN | Bellevue Medical Plaza LLC | 2016-04-01 | 2026-03-31 | 1.75 | $31,400 | Triple Net | Y | Y | Obtained | 2024-06-10 | 2024-04-12 | Tiffany Rosenthal | Samuel Otieno
6 | Nashville — Hermitage | 4400 Andrew Jackson Parkway, Unit 12 | Nashville | TN | Hermitage Gateway Partners LLC | 2021-08-01 | 2031-07-31 | 7.08 | $33,600 | Triple Net | Y | Y | Pending | 2024-04-12 | Tiffany Rosenthal | Samuel Otieno | Landlord's counsel reviewing; follow-up sent 6/12/2024 and 6/21/2024. Consent received informally via email 6/28/2024; awaiting executed consent letter. Treated as obtained for closing purposes per BKP confirmation.
7 | Murfreesboro | 1890 Medical Center Parkway, Suite 205 | Murfreesboro | TN | Rutherford Medical Properties Inc. | 2019-02-01 | 2026-01-31 | 1.58 | $27,300 | Triple Net | Y | Y | Obtained | 2024-05-30 | 2024-04-15 | Tiffany Rosenthal | Samuel Otieno
8 | Clarksville | 2200 Memorial Drive, Unit 4A | Clarksville | TN | Memorial Drive Investments LLC | 2020-11-01 | 2027-10-31 | 3.33 | $24,800 | Triple Net | Y | Y | Obtained | 2024-06-05 | 2024-04-15 | Tiffany Rosenthal | Samuel Otieno
9 | Chattanooga | 5100 Brainerd Road, Suite 150 | Chattanooga | TN | Lookout Realty Group LLC | 2017-07-01 | 2025-06-30 | 1.00 | $29,100 | Triple Net | N | N | Not Required | Tiffany Rosenthal | No assignment restriction in lease. Lease expiring June 30, 2025 — flag for renewal/relocation analysis.
10 | Knoxville — West | 9200 Kingston Pike, Suite 110 | Knoxville | TN | Farragut Town Center LLC | 2018-03-01 | 2026-02-28 | 1.67 | $30,500 | Triple Net | Y | Y | Obtained | 2024-05-28 | 2024-04-18 | Tiffany Rosenthal | Samuel Otieno
11 | Knoxville — Downtown | 512 Gay Street, 2nd Floor | Knoxville | TN | Old City Partners LLC | 2022-01-01 | 2032-12-31 | 8.50 | $36,200 | Triple Net | Y | Y | Obtained | 2024-06-14 | 2024-04-18 | Tiffany Rosenthal | Samuel Otieno | Landlord required SNDA with Pinnacle National Bank; executed 6/12/2024.
12 | Memphis | 6050 Poplar Avenue, Suite 220 | Memphis | TN | Poplar Avenue Medical LLC | 2019-10-01 | 2027-09-30 | 3.25 | $34,100 | Triple Net | Y | Y | Obtained | 2024-06-18 | 2024-04-20 | Tiffany Rosenthal | Samuel Otieno
13 | Franklin | 1020 Murfreesboro Road, Suite 300 | Franklin | TN | Cool Springs Commercial LLC | 2021-05-01 | 2029-04-30 | 4.83 | $37,900 | Triple Net | Y | Y | Obtained | 2024-06-07 | 2024-04-20 | Tiffany Rosenthal | Samuel Otieno
14 | Jackson | 185 Oil Well Road, Building C | Jackson | TN | West Tennessee Health Properties LP | 2016-08-01 | 2026-07-31 | 2.08 | $22,600 | Triple Net | N | N | Not Required | Tiffany Rosenthal | Lease silent on assignment/change of control; TN law permits assignment absent express restriction.
15 | Atlanta — Buckhead | 3380 Peachtree Road NE, Suite 400 | Atlanta | GA | Buckhead Tower Associates LLC | 2018-01-15 | 2028-01-14 | 3.54 | $48,200 | Triple Net | Y | Y | Obtained | 2024-05-20 | 2024-04-10 | Tiffany Rosenthal | Samuel Otieno
16 | Atlanta — Midtown | 1100 Peachtree Street NE, Suite 210 | Atlanta | GA | Midtown Medical Realty LP | 2019-04-01 | 2027-03-31 | 2.75 | $45,600 | Triple Net | Y | Y | Obtained | 2024-06-01 | 2024-04-10 | Tiffany Rosenthal | Samuel Otieno
17 | Atlanta — Sandy Springs | 7000 Roswell Road, Suite 150 | Sandy Springs | GA | Roswell Road Properties Inc. | 2020-09-01 | 2028-08-31 | 4.17 | $39,800 | Triple Net | Y | Y | Obtained | 2024-06-11 | 2024-04-12 | Tiffany Rosenthal | Samuel Otieno | Consent subject to $25,000 transfer fee paid by Seller per APA Section 6.4.
18 | Marietta | 1425 Roswell Street, Suite 200 | Marietta | GA | Cobb County Medical Holdings LLC | 2017-06-01 | 2025-05-31 | 0.92 | $27,400 | Triple Net | Y | Y | Obtained | 2024-05-15 | 2024-04-12 | Tiffany Rosenthal | Samuel Otieno | Short remaining term. Renewal option exercisable within 90 days of expiration.
19 | Savannah | 340 Eisenhower Drive, Suite 102 | Savannah | GA | Coastal Properties Group LLC | 2021-02-01 | 2031-01-31 | 6.58 | $26,300 | Triple Net | Y | Y | Obtained | 2024-06-20 | 2024-04-15 | Tiffany Rosenthal | Samuel Otieno
20 | Augusta | 1200 Walton Way, Suite 105 | Augusta | GA | Augusta Health Realty Inc. | 2019-11-01 | 2027-10-31 | 3.33 | $25,800 | Triple Net | N | N | Not Required | Tiffany Rosenthal | Lease expressly permits assignment to an affiliate or successor acquiring substantially all assets.
21 | Athens | 295 Prince Avenue, Suite 101 | Athens | GA | Classic City Properties LLC | 2022-03-01 | 2030-02-28 | 5.67 | $23,500 | Triple Net | Y | Y | Obtained | 2024-06-17 | 2024-04-18 | Tiffany Rosenthal | Samuel Otieno
22 | Macon | 3780 Riverside Drive, Suite 210 | Macon | GA | Riverside Professional Center LLC | 2020-06-01 | 2028-05-31 | 3.92 | $24,100 | Triple Net | Y | Y | Obtained | 2024-06-22 | 2024-04-18 | Tiffany Rosenthal | Samuel Otieno
23 | Charlotte — SouthPark | 6035 Fairview Road, Suite 300 | Charlotte | NC | SouthPark Medical Office Partners LP | 2018-10-01 | 2028-09-30 | 4.25 | $44,300 | Triple Net | Y | Y | Obtained | 2024-05-25 | 2024-04-10 | Tiffany Rosenthal | Samuel Otieno
24 | Charlotte — University | 8700 North Tryon Street, Suite 140 | Charlotte | NC | University Place Holdings LLC | 2019-08-01 | 2027-07-31 | 3.08 | $38,700 | Triple Net | Y | Y | Obtained | 2024-06-08 | 2024-04-12 | Tiffany Rosenthal | Samuel Otieno
25 | Raleigh | 3500 Blue Ridge Road, Suite 200 | Raleigh | NC | Triangle Health Properties LP | 2020-04-01 | 2030-03-31 | 5.75 | $36,400 | Triple Net | Y | Y | Obtained | 2024-06-13 | 2024-04-15 | Tiffany Rosenthal | Samuel Otieno
26 | Durham | 4110 North Roxboro Street, Suite 220 | Durham | NC | Duke Medical Realty Inc. | 2021-01-01 | 2029-12-31 | 5.50 | $32,800 | Triple Net | Y | Y | Obtained | 2024-06-19 | 2024-04-15 | Tiffany Rosenthal | Samuel Otieno
27 | Wilmington | 1620 Physicians Drive, Suite 105 | Wilmington | NC | Cape Fear Medical Properties LLC | 2022-06-01 | 2032-05-31 | 7.92 | $28,600 | Triple Net | N | N | Not Required | Tiffany Rosenthal | Lease contains no change of control or anti-assignment clause.
28 | Charleston | 1750 Sam Rittenberg Boulevard, Suite 100 | Charleston | SC | Low Country Medical Office LP | 2019-05-01 | 2027-04-30 | 2.83 | $35,200 | Triple Net | Y | Y | Obtained | 2024-06-04 | 2024-04-12 | Tiffany Rosenthal | Samuel Otieno
29 | Columbia | 220 Stoneridge Drive, Suite 150 | Columbia | SC | Midlands Realty Group LLC | 2020-08-01 | 2028-07-31 | 4.08 | $29,400 | Triple Net | Y | Y | Obtained | 2024-06-15 | 2024-04-15 | Tiffany Rosenthal | Samuel Otieno
30 | Greenville | 25 Woods Lake Road, Suite 220 | Greenville | SC | Upstate Health Properties Inc. | 2021-10-01 | 2029-09-30 | 5.25 | $27,800 | Triple Net | Y | Y | Obtained | 2024-06-21 | 2024-04-18 | Tiffany Rosenthal | Samuel Otieno | Landlord initially requested guaranty from Ardent Capital Partners III LP; negotiated down to security deposit equal to 3 months' rent.
31 | Spartanburg | 690 Asheville Highway, Suite 102 | Spartanburg | SC | Spartanburg Medical Park LLC | 2018-12-01 | 2026-11-30 | 2.42 | $21,900 | Triple Net | N | N | Not Required | Tiffany Rosenthal | Assignment permitted to purchaser of all or substantially all assets without landlord consent per Section 12.3 of lease.
32 | Birmingham | 2800 Lakeshore Drive, Suite 180 | Birmingham | AL | Lakeshore Medical Center LLC | 2019-03-01 | 2027-02-28 | 2.67 | $33,100 | Triple Net | Y | Y | Obtained | 2024-06-09 | 2024-04-15 | Tiffany Rosenthal | Samuel Otieno
33 | Huntsville | 4900 Whitesburg Drive South, Suite 110 | Huntsville | AL | Rocket City Realty Partners LP | 2020-07-01 | 2028-06-30 | 4.00 | $26,700 | Triple Net | Y | Y | Obtained | 2024-06-16 | 2024-04-18 | Tiffany Rosenthal | Samuel Otieno
34 | Mobile | 3150 Springhill Avenue, Suite 200 | Mobile | AL | Gulf Coast Commercial Properties LLC | 2021-04-01 | 2029-03-31 | 4.75 | $24,500 | Triple Net | Y | Y | Obtained | 2024-06-24 | 2024-04-20 | Tiffany Rosenthal | Samuel Otieno | Last consent obtained pre-closing among AL locations.
35 | Richmond | 7600 Forest Avenue, Suite 120 | Richmond | VA | Forest Avenue Professional Center LLC | 2020-02-01 | 2028-01-31 | 3.58 | $34,600 | Triple Net | Y | Y | Obtained | 2024-06-06 | 2024-04-12 | Tiffany Rosenthal | Samuel Otieno
36 | Virginia Beach | 3020 Virginia Beach Boulevard, Suite 180 | Virginia Beach | VA | Tidewater Office Park LLC | 2021-11-01 | 2029-10-31 | 5.33 | $30,200 | Triple Net | N | N | Not Required | Tiffany Rosenthal | No consent required; lease permits assignment to acquirer of all or substantially all assets of tenant.
37 | Lexington | 1500 Harrodsburg Road, Suite 100 | Lexington | KY | Bluegrass Medical Holdings LLC | 2022-09-01 | 2032-08-31 | 8.17 | $28,900 | Triple Net | Y | Y | Obtained | 2024-06-25 | 2024-04-20 | Tiffany Rosenthal | Samuel Otieno | Consent obtained subject to execution of new SNDA with Pinnacle National Bank; SNDA executed 6/27/2024.
SUMMARY | Total: 37 Locations | Avg: 3.95 | Total: $1,179,950/mo | All Triple Net | Y: 29 / N: 8 | Y: 29 / N: 8 | Obtained: 27 / Pending: 2 / Not Required: 8 | All 29 consents effectively resolved for closing purposes as of June 30, 2024.
[sheet: Summary & Analysis]
Category | Count / Value | Notes
Total CPI Clinic Locations | 37 | Across 7 states: TN (14), GA (8), NC (5), SC (4), AL (3), VA (2), KY (1)
Lease Structure | All Triple Net | CPI owns no real property; all locations are leased
Locations Requiring Landlord Consent | 29 | Consent triggered by asset purchase structure (assignment or change of control provisions in lease)
Locations Not Requiring Consent | 8 | Leases either silent on assignment/COC, or expressly permit assignment to a purchaser of substantially all assets
Consents Obtained as of Closing (June 30, 2024) | 27 | Includes Location 6 (Nashville — Hermitage) where informal email consent received 6/28/2024; formal executed letter pending
Consents Pending as of Closing | 2 | Location 6 (Nashville — Hermitage) — informal consent received, formal letter pending; treated as obtained for closing per Seller's counsel confirmation. All 29 consents effectively resolved for closing purposes.
Consents Waived | 0 | No landlord waivers requested or granted
Total Monthly Base Rent (All 37 Locations) | $1,179,950 | Aggregate monthly rent obligation across all CPI clinic leases
Average Monthly Base Rent per Location | $31,891 | Range: $21,900 (Spartanburg) to $48,200 (Atlanta — Buckhead)
Average Remaining Lease Term | ~4.0 years | Calculated across all 37 locations from closing date of June 30, 2024
Leases Expiring Within 18 Months of Closing | 3 | Locations 4 (Nashville — Donelson, Aug 2025), 9 (Chattanooga, Jun 2025), 18 (Marietta, May 2025) — renewal/relocation analysis recommended
Landlords Requesting SNDA | 2 | Location 11 (Knoxville — Downtown) and Location 37 (Lexington) — SNDAs executed with Pinnacle National Bank, N.A.
Landlords Imposing Transfer Fees | 1 | Location 17 (Atlanta — Sandy Springs) — $25,000 transfer fee, payable by Seller per APA Section 6.4
Landlords Requesting Additional Security | 1 | Location 30 (Greenville, SC) — Landlord initially requested guaranty from Ardent Capital Partners III LP; negotiated to 3 months' rent security deposit
States with Change-of-Ownership Filings Made (March 4, 2024) | 3 | Tennessee, Georgia, North Carolina — filed per healthcare regulatory requirements coordinated with Hargrove, Sinclair & Demarest LLP
States with Additional Healthcare Regulatory Filings | 4 | South Carolina, Alabama, Virginia, Kentucky — filings coordinated separately; see Healthcare Regulatory Compliance Memorandum
Cornerstone Land Title Company | Title review | Title searches conducted by Cornerstone Land Title Company for leasehold interests at all 37 locations
Tracker Maintained By | Tiffany Rosenthal | Calderwood & Harkness LLP, Working Associate, M&A
Last Updated | June 30, 2024 | As of closing date
Matter No. | 2024-M&A-0142 | Calderwood & Harkness LLP
[sheet: State Breakdown]
State | Number of Locations | Consents Required | Consents Not Required | Consents Obtained | Consents Pending | Avg. Remaining Lease Term (Years)
Tennessee | 14 | 11 | 3 | 11 | 0 | 3.46
Georgia | 8 | 7 | 1 | 7 | 0 | 3.86
North Carolina | 5 | 4 | 1 | 4 | 0 | 5.30
South Carolina | 4 | 3 | 1 | 3 | 0 | 3.65
Alabama | 3 | 3 | 0 | 3 | 0 | 3.81
Virginia | 2 | 1 | 1 | 1 | 0 | 4.46
Kentucky | 1 | 1 | 0 | 1 | 0 | 8.17
TOTAL | 37 | 30 | 7 | 30 | 0 | 4.00