KY MOB Changes Hands

A subsidiary of Everest Healthcare Properties recently purchased a 60,000-square-foot medical office building in Louisville, Ky. The property was 95 percent occupied at the time of the sale.

New Albany Medical Center
New Albany Medical Center, 2125 State St. in Louisville, Ky.

Everhealth Properties LP—a subsidiary of Everest Healthcare Properties LLC—has acquired the New Albany Medical Center. The company purchased the property as its initial investment in the market-leading, tax-deferred IRS Section 721 program. The program offers investors access to high-quality medical office real estate with the potential of long-term capital appreciation, within a diversified portfolio with an attractive target distribution of 6.5 percent annually.

Located at 2125 State St. in Louisville, Ky., the property comprises a total of 60,000 square feet. The asset is 95 percent occupied, with a weighted average lease term of almost six years and investment-grade tenancy representing 64 percent of total rentable square feet.

“The Everhealth Properties program is a compelling alternative to sellers who desire deferral of taxable capital gains, access to a diversified medical office portfolio and professional asset management,” said David Lynn, president & CEO of Everest Healthcare Properties, in prepared remarks.

Image courtesy of Everest Healthcare Properties