NEW YORK, June 3, 2016 /PRNewswire/ -- Everest West Central LLC, a wholly owned subsidiary of Everest Medical Core Properties acquired the property on March 25th, 2016 and recapitalized the equity in the asset over the following eight weeks. The total equity required for this transaction was $1,000,000, of which Everest plans to retain $100,000. The final equity closing occurred on June 1, 2016. The total acquisition cost is approximately $4.9 million.
The property consists of a fee interest in approximately 3.22 acres of land and two medical office buildings located in Delaware, OH. The buildings contain approximately 24,730 RSF and are currently 86% leased and occupied to established medical practices through NNN leases with approximately 39% of total rentable space leased to OhioHealth (Aa2, AA-). West Central's weighted average lease expiration is in excess of 4.5 years.
Key Deal Points
- The offering was oversubscribed and closed to new investors in eight weeks.
- Attractive basis and below-market existing rents: The property was acquired for $182/SF. At an average of $17.10/ SF NNN, current in-place rents are 19% below its competitive set.
- Close proximity to hospital anchor: West Central Medical Center is located 0.2 miles from Grady Memorial Hospital, which is owned and operated by OhioHealth System (Aa2, Aa-).
- Stabilized, with credit tenancy: The property is 86% occupied, with OhioHealth and its affiliates occupying 39% of the leasable space.
- Highly experienced team: Over 100 years of combined Principal commercial real estate and finance experience with major companies including AIG, ING Clarion, Avalon Bay, Accenture, Cole Capital, and United Health Group.
- This offering was available exclusively to accredited investors through the CrowdStreet Marketplace.
About Everest Medical Core Properties
Everest Medical Core Properties is an institutional-grade real estate manager focusing on medical core real estate properties across the United States. Its mission is to provide high current and total returns to institutional and individual investors by acquiring high-quality medical office properties throughout the country.
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SOURCE Everest Medical Core Properties