KY MOB Changes Hands
- Nov 17, 2017
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