The 75 basis points is doing two jobs at once and only one of them is credit. Building B has a longer term and a lease signed by an entity you haven't seen a balance sheet for. A system subsidiary with no parent guarantee is not system credit. It's a special purpose entity that can be dissolved or defunded, and whether the parent has any obligation depends entirely on the lease language and on state law where the entity is organized, which is a question for your counsel rather than a spreadsheet input. Ask for the parent's audited financials, ask whether the subsidiary is a consolidated affiliate, and ask for a parent guarantee or a letter of credit as a price condition. If they refuse, you've learned something about how the system views that location.
On A, four partners at $32 psf on 9,200 sf means about $295k of annual rent against a practice whose revenue you can partially test. Ask for three years of practice financial statements, payer mix by percentage, the ages of the owner physicians, and whether the group has an outstanding acquisition LOI. A group with two partners in their sixties and no younger partner track is a rollover event with a lease attached. Guarantees capped at twelve months each buy you roughly two years of carry combined, not a decade of income.
What I'd test on both: whether renewal options are at market or at a fixed rate, and what the exclusive use clause blocks. An orthopedic exclusive in a multi-tenant setting kills your best backfills.
The assumption your spread rests on is that the ortho practice stays independent for ten years. Consolidation is the base case in most metros, and an acquirer may honor the rent and abandon the location at expiration.
