August 11, 2016
Everest Medical Core Properties of Scottsdale, AZ, has added the 117,000-square-foot Fort Wright Center, a medical office complex in Fort Wright, KY. The listed seller was Fort Wright Medical Plaza LLC, which sold the 20-year old property for $13.1 million and a 6.7% going in cap rate.
The property at 1975 Dixie Hwy. is part of the Cincinnati metropolitan area, with 60% of the asset leased to The Christ Hospital. Everest Medical liked the steady cash flow from its investment grade tenant. There is also plenty of upside, due to available space and below-market rents. As such, Everest Medical is predicting a 12% stabilized yield.
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