| Metric | Details |
|---|---|
| Parent / Legal Entity | Fast Pace Health (parent operating entity) |
| S&P / Moody‑s / Fitch | Not rated (private company, no public debt) |
| Investment Grade Status | Not Rated — Private Equity-Backed Growth Chain |
| Sector | Healthcare — Rural / Small-Town Urgent Care |
| Ownership | Private — Revelstoke Capital Partners (Denver-based PE firm) |
| US Location Count | ~270 clinics across 10 states |
| Geographic Concentration | TN, KY, AL, GA, MS, VA, LA, AR, OK, FL — rural and small-town focus |
| Cap Rate Range | 6.25% – 7.50% |
| Typical Lease Term Remaining | 8 – 14 years on new builds; 5 – 10 years on mid-lease product |
| Guarantee Type | Corporate (Fast Pace Health parent) or operating subsidiary |
| Typical Building Size | 3,500 – 5,000 SF (freestanding) or inline |
| Typical Price Range | $1.5M – $3.5M |
Fast Pace Urgent Care Business Overview & NNN Investment Profile
Fast Pace Health is the largest dedicated rural and small-town urgent care operator in the southeastern United States, operating approximately 270 clinics across Tennessee, Kentucky, Alabama, Georgia, Mississippi, Virginia, Louisiana, Arkansas, Oklahoma, and Florida as of Q1 2026. The company’s strategic differentiation is a deliberate focus on non-urban markets where the value proposition of an urgent care clinic is strongest: one- and two-hospital trade areas where the alternative to Fast Pace is a 30+ minute drive to the emergency room. This geographic focus has allowed the company to grow unit counts rapidly through both de novo construction and acquisition.
For NNN investors, Fast Pace sits in a distinct category from publicly-traded healthcare tenants like HCA Healthcare. As a privately-held PE-backed operator, Fast Pace is not publicly rated and does not file public financial statements. Credit underwriting therefore relies on sponsor quality (Revelstoke Capital Partners is the Denver-based PE sponsor), store-level P&L disclosure (when made available), the geographic and format characteristics of the specific property, and the track record of the operator at the subject location. The absence of a public rating is a structural feature of the private-equity-backed urgent care category, not a negative signal specific to Fast Pace. Cross-reference against the tenant credit ratings database for context on how non-rated healthcare tenants price against IG peers.
Fast Pace Health Credit Rating Analysis
Fast Pace Health carries no public credit rating from S&P Global Ratings, Moody’s Investors Service, or Fitch Ratings. This is standard for privately-held, PE-backed urgent care chains — none of the major private-equity-owned urgent care operators (Fast Pace, NextCare, MedPost, AFC Urgent Care, WellNow) carry traditional public credit ratings. NNN investors should price Fast Pace leases as non-rated, PE-backed operator credit with specific attention to the sponsor’s track record, the company’s trajectory through the 2024–2025 period, and the specific lease guarantor entity.
The primary credit considerations for NNN investors underwriting a Fast Pace property are: the company’s dependence on Medicare, Medicaid, and commercial payer reimbursement (exposure to rate pressure and prior-authorization policy shifts), the concentration of clinic economics in one- and two-hospital trade areas where local demographic and employer shifts can move patient volume materially, and the absence of public financial disclosure that would allow direct rent coverage analysis. Offsetting these considerations: the rural focus provides defensive market positioning versus metro urgent care competition, the long initial lease terms (8–14 years) provide predictable base-term cash flow, and the sponsor’s healthcare specialization provides operational credibility.
Fast Pace NNN Lease Structure
Fast Pace Health NNN leases typically feature 10–15 year initial terms on new construction, with two to three 5-year renewal options, true NNN lease language (tenant pays taxes, insurance, routine maintenance), and rent escalations of 2% annually or 10% every 5 years. Mid-lease product (acquired through secondary market NNN brokerage) typically has 5–10 years remaining, with the same structural terms. The corporate guarantee is signed by Fast Pace Health’s parent operating entity; verify the specific guarantor in every transaction and, for larger-dollar purchases, request the most recent audited or reviewed financial statements under NDA.
The clinic format is typically a 3,500 to 5,000 SF freestanding building on a pad site in a suburban or small-town retail corridor, often in a strip center outparcel or a former bank branch site that has been repurposed. The build-out includes specialized medical gas, OR-grade HVAC, exam rooms, a lab draw station, and a modest imaging suite for on-site x-ray. Lease terms reflect the specialized tenant improvement cost, which is typically $200–$350 per SF depending on whether the landlord or tenant bears the initial TI burden. Review the investment grade guide for the framework on evaluating non-rated PE-backed operator credit quality within the NNN underwriting process.
Fast Pace NNN Cap Rate & Pricing Trends
Fast Pace urgent care clinics trade at cap rates of 6.25% to 7.50% as of Q1 2026, with the tightest pricing on newly-constructed pad-site properties in strong rural trade areas with 12+ year remaining terms. Mid-lease product (5–10 years remaining) trades at 6.75% to 7.50%, and shorter-tail product (under 5 years) trades at 7.50%+ with pricing weighted toward residual medical office value. The cap rate premium over IG healthcare operators like HCA, Fresenius, or UHS runs 75–150 bps, reflecting the non-rated credit profile and the narrower buyer pool for private-equity-backed operator credit.
Pricing typically ranges from $1.5 million to $3.5 million, reflecting the small-box (3,500–5,000 SF) format and the suburban/rural market context. This check size is well-matched to individual 1031 exchanges, family office, and passive investor capital, which is one of the reasons PE-backed urgent care has become a popular NNN sub-category. Cross-reference against the NNN cap rates 2026 report for the full cross-sector benchmark context and how non-rated healthcare pricing compares to IG healthcare and non-healthcare retail NNN product.
Fast Pace Real Estate Footprint
Fast Pace’s approximately 270 clinics are heavily concentrated in Tennessee (the home state, where the company operates its largest network), Kentucky, Alabama, Mississippi, and Georgia. The deliberate rural and small-town focus means clinics are typically located in markets with population densities below 50,000 in the primary trade area — communities where the nearest hospital is 20+ miles away and the nearest metro-scale urgent care network is 45+ minutes. This positioning provides durable competitive moat against metro-focused urgent care chains and big-box healthcare systems.
The clinic footprint has grown rapidly since Revelstoke’s 2019 acquisition, from fewer than 100 clinics at the time of the buyout to approximately 270 as of early 2026. Growth has come through a combination of de novo construction (build-to-suit NNN properties that become institutional NNN product after stabilization) and bolt-on acquisitions of smaller regional urgent care chains. The pipeline of new NNN product from Fast Pace has been one of the more consistent flows in the rural healthcare category. Cross-reference against NextCare Urgent Care, AFC Urgent Care, and CityMD for comparable urgent care NNN tenant positioning.
Fast Pace Growth Strategy & Forward Outlook
Fast Pace’s forward growth strategy centers on three pillars: continued geographic expansion in existing southeastern states (particularly Georgia, Florida, and Oklahoma where the clinic count is below the Tennessee/Kentucky/Alabama saturation level), deepening the service mix within existing clinics (on-site x-ray, behavioral health integration, specialty clinic add-ons), and opportunistic acquisition of smaller regional urgent care chains in the company’s core geography. Revelstoke’s hold period on Fast Pace is approaching the 7-year mark, which in PE-industry terms positions the company somewhere in the mid-to-late hold cycle.
The primary forward risks flagged for non-rated PE-backed healthcare tenants include: reimbursement rate pressure on Medicare/Medicaid (the rural market mix tends to have higher Medicare exposure than metro urgent care), potential sponsor exit or recapitalization that could alter operating strategy, and payer mix shifts in trade areas where employer health plans are the primary commercial payer. For NNN landlords, the practical implication is that Fast Pace is a solid-operator credit tenant with long base-term leases and a disciplined sponsor, but the absence of public disclosure and the PE hold-period dynamic warrant somewhat tighter landlord-protective lease provisions (shorter dark-space cure periods, personal guarantees where negotiable on smaller deals, strong assignment and subletting covenants).
Fast Pace NNN Investment: Pros & Cons
| Pros | Cons |
|---|---|
| Rural Market Moat: Clinics positioned in one- and two-hospital trade areas where metro urgent care competition is 45+ minutes away; defensive market share. | Non-Rated Credit: No public S&P/Moody’s/Fitch rating; credit underwriting relies on sponsor quality and operator disclosure rather than letter grades. |
| Healthcare-Specialist Sponsor: Revelstoke Capital Partners specializes in healthcare services with sector continuity rather than generalist PE rotation. | Sponsor Hold Cycle: 7+ year PE hold positions Fast Pace in mid-to-late hold; sponsor exit could alter operating strategy or capitalization. |
| Check Size Fit: $1.5M–$3.5M price range aligns well with 1031 exchange, family office, and individual investor capital. | Medicare/Medicaid Exposure: Rural mix has higher Medicare/Medicaid share than metro urgent care; subject to reimbursement rate pressure. |
| Long Base-Term Leases: 10–15 year initial terms, true NNN structure, 2% annual or 10%/5yr escalations, renewal options. | Specialty TI Cost: Medical build-out at $200–$350/SF limits alternative-use conversion without material capital; residual value is medical-specific. |
Comparable NNN Tenants
| Tenant | Rating | Sector | Cap Rate Range |
|---|---|---|---|
| Fast Pace Health | Not Rated (PE-backed) | Rural Urgent Care | 6.25% – 7.50% |
| NextCare Urgent Care | Not Rated (PE-backed) | Urgent Care | 6.50% – 7.75% |
| AFC Urgent Care | Not Rated (Franchise) | Urgent Care | 6.50% – 7.75% |
| CityMD | Not Rated (Summit Health) | Urban Urgent Care | 6.00% – 7.25% |
| HCA Healthcare | BBB- / Baa3 | Hospital / MOB / ASC | 5.50% – 7.00% |
Frequently Asked Questions About Fast Pace Urgent Care NNN Investments
No. Fast Pace Health is privately held by Revelstoke Capital Partners and carries no public credit rating from S&P Global Ratings, Moody’s Investors Service, or Fitch Ratings. This is standard for private-equity-owned urgent care chains. NNN investors should price Fast Pace leases as non-rated, PE-backed operator credit and underwrite using sponsor quality, operator trajectory, and property-specific factors rather than a letter grade.
Fast Pace urgent care NNN properties trade at 6.25% to 7.50% cap rates as of Q1 2026. Tightest pricing is on newly-constructed pad-site properties in strong rural trade areas with 12+ year remaining terms. Mid-lease product (5–10 years remaining) trades at 6.75% to 7.50%. Cap rate premium over IG healthcare operators like HCA runs 75–150 bps, reflecting the non-rated credit profile.
Revelstoke Capital Partners, a Denver-based lower-middle-market private equity firm specializing in healthcare services. Revelstoke acquired Fast Pace Health in 2019 through its second fund and has supported growth from under 100 clinics at acquisition to approximately 270 by Q1 2026. Revelstoke maintains long hold periods and a healthcare-specialist sector focus, providing stronger sponsor continuity than generalist PE firms.
New construction Fast Pace leases typically run 10–15 year initial terms with two to three 5-year renewal options, true NNN language (tenant pays taxes, insurance, routine maintenance), and rent escalations of 2% annually or 10% every 5 years. Mid-lease product commonly offers 5–10 years remaining. Verify the specific guarantor entity: corporate parent Fast Pace Health guarantee is stronger than operating subsidiary guarantees.
Fast Pace operates approximately 270 clinics concentrated in Tennessee (home state and largest network), Kentucky, Alabama, Mississippi, Georgia, Virginia, Louisiana, Arkansas, Oklahoma, and Florida. The clinic format is deliberately rural and small-town: communities with trade-area population under 50,000 where the nearest hospital is 20+ miles away and the nearest metro-scale urgent care network is 45+ minutes. This positioning provides defensive market moat against metro urgent care chains.
All three are non-rated private-equity-backed urgent care chains with similar NNN lease structures and cap rate ranges (6.25%–7.75%). Fast Pace is focused on rural and small-town southeastern markets; NextCare operates in diverse mid-market metros including Phoenix, Denver, Dallas, and Raleigh; AFC Urgent Care is primarily a franchise system with approximately 400 locations. For NNN diversification, holding all three across a multi-property healthcare allocation provides geographic and operating-model diversity within the urgent care category.
Urgent care medical build-outs offer exceptional cost segregation potential. Specialty medical gas systems, OR-grade HVAC, clinical utilities, x-ray shielding, and highly specific interior build-outs can be reclassified from 39-year real property to 5-, 7-, or 15-year recovery periods at meaningfully higher ratios than generic retail. For Fast Pace’s PE-backed non-rated credit profile, front-loaded depreciation helps offset the cap rate premium inherent in non-rated healthcare product. See our full ranking of net lease sectors by depreciation value: Best NNN Tenants for Bonus Depreciation: The Complete Ranking.
The Only Fast Pace NNN Advisor Whose Fee Comes From the Deal, Not From You
In NNN buyer representation, the listing broker pays the cooperating commission. That means you get a dedicated urgent care NNN advisor handling sourcing, underwriting, financing, and closing — and on the majority of transactions, there is no separate fee to you as the buyer.
Here’s what that buys you on a PE-backed urgent care acquisition:
Find It — On-market and off-market Fast Pace NNN properties sourced and underwritten on your behalf, with particular attention to the specific trade area demographics (population density, competing hospitals, payer mix), the guarantor entity (parent vs. subsidiary), and the lease structural terms. We know which rural markets are correctly priced for the PE-backed credit, which listings are compressing cap rates too aggressively on short-tail leases, and where the underlying real estate fundamentals add residual medical-office value.
Fund It — Non-rated urgent care NNN is a specialized lending segment. Bank paper, specialty healthcare real estate lenders, and select life companies compete in this space but with more restrictive terms than IG healthcare MOB product. We maintain 150+ lender relationships including the specific healthcare-real-estate desks that consistently underwrite PE-backed urgent care at reasonable LTV and rate terms.
Exit It — Selling a Fast Pace asset, repositioning through a 1031, or running a portfolio aggregation play? Our Capital Markets desk targets the private family offices, healthcare REITs, and passive investors actively acquiring small-box urgent care NNN — not a public blast that signals desperation.
Not committed to Fast Pace? Tell us your criteria — cap rate floor, credit tier, lease structure, geography, equity check size — and we’ll find the deal that fits. We represent investors across the full NNN credit spectrum, from QSR and pharmacy to industrial, medical, and big box retail. The tenant is a variable. Your criteria is the constant.
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Related NNN Tenants
Own a Fast Pace Property? Capital Markets Strategies Beyond Selling
Maturing debt and considering refinancing? Our capital markets team maintains 150+ lender relationships underwriting non-rated PE-backed urgent care across bank, specialty healthcare, and select life company desks. We structure rate-and-term refinancing, cash-out refis, and bridge-to-perm takeouts matched to the specific lease term and guarantor entity.
Evaluating a 1031 exchange or disposition? We represent both sides of Fast Pace NNN transactions — whether you are looking to exit ahead of a sponsor exit cycle, exchange into IG healthcare or QSR product for stronger credit, or reposition through a sale-leaseback with Fast Pace’s operating subsidiary.
Building a rural healthcare NNN allocation? Fast Pace is the anchor-operator credit across the southeastern rural market. Off-market portfolio opportunities — 3 to 6 clinics, typically $7M–$15M total — trade at cap rate discounts of 25–50 bps to single-asset pricing, making portfolio acquisitions the most cap-efficient entry point.
Own multiple Fast Pace Health properties? Considering an off-market sale?
Investment Grade represents owners on confidential disposition of Fast Pace Health portfolios and individual properties through off-market direct-to-principal distribution to specialty REITs, private equity funds, and family offices. Fast Pace Health buyer demand runs deep, and portfolio sales consistently produce stronger pricing than sequential individual sales because the institutional buyer pool is structured around portfolio acquisition.
For multi-property owners considering a portfolio disposition, see Selling Investment Grade NNN Off-Market: Tenant-by-Tenant Buyer Demand. For the full off-market framework covering individual property dispositions, sale-leasebacks, and 1031 coordination, see Off-Market CRE Sales: The Complete 2026 Guide.
The pre-listing conversation is at no cost and fully confidential. Email team@investmentgrade.com or see contact Investment Grade.
