Everest Medical Properties Acquires Foxhill Medical Building
Scottsdale, AZ—December 5, 2016
WestEv Acquisitions, LLC has purchased Foxhill Medical Center, a 52,000 square foot medical office building in Overland Park, Kansas, for $9 million.
The Foxhill Medical Center is a 52,000 square foot three-story medical office building featuring medical and dental suites with superior amenities. This property was renovated in 1998, and major exterior enhancements were completed in 2016. The property features excellent visibility from I-435, the major arterial beltway in metropolitan Kansas City, and is strategically located within a prime medical corridor in close proximity to several major hospitals and surgical centers.
Overland Park is home to over 3,800 local and national businesses, including the global headquarters of Sprint Corp., YRC Worldwide Inc., and Black & Veatch. Overland Park’s corporate growth is complimented by its consistent population growth over the last decade and attractive entertainment amenities, which have established this Kansas City suburb as a desirable destination to both live and work.
“We are pleased to have developed a deep pipeline of off-market and limited market high-quality medical office buildings,” said David Lynn, PhD, CEO of Everest Medical Core Properties. “Foxhill Medical Center is a great addition to our growing portfolio of institutional-quality medical commercial properties.”
Key Deal Highlights
- Premier Overland Park location with easy access to I-435, the region’s major thoroughfare with over 140,000 cars per day.
- 97% occupied with the majority of current leases featuring annual rent bumps and personal guarantees.
- 4.5 years weighted average remaining lease term.
- Attractive submarket with only 2% vacancy and strong absorption.
About Everest Healthcare Properties
Everest Healthcare Properties is an institutional real estate manager focusing on medical real estate properties across the United States. Its mission is to provide high current and total returns to institutional investors by acquiring and adding value to high-quality healthcare properties. The Everest team has significant institutional quality real estate experience with firms such as Cole Real Estate Investments, ING/Clarion, AIG Real Estate, Simon Properties, Principal Financial and Healthcare Trust of America. For more information on Everest Healthcare Properties, please visit www.everesthealthcareproperties.com or contact us at firstname.lastname@example.org.