Our Newest Property
West Central Medical Center
Everest West Central LLC is pleased to present accredited investors the opportunity to invest in West Central Medical Center, a core medical office building in the Columbus, Ohio metropolitan area.
Everest West Central LLC, a wholly owned subsidiary of Everest Medical Core Properties acquired the property on March 25, 2016 and will recapitalize the equity in the asset over the next six weeks. The total acquisition cost, including closing costs, fees, and capital improvements is approximately $4.9 million.
Acquisition Date: 03/25/16
Purchase Price: $4,500,000
Price PSF: $182
NNN Rent PSF: $17.17
Cap Rate: 7.84%
Average Remaining Lease Term: 4.5 Years
Key Deal Highlights
This acquisition fits with Everest’s investment strategy focused on institutional-quality medical core commercial properties, net-leased to creditworthy businesses.
- Strategic Location: Property is 0.2 miles from Grady Memorial Hospital on a primary traffic artery
- Credit Tenancy: OhioHealth System (Aa2, Aa-) occupies 39% of total leasable space
- Below-Market Rents: Current in-place rents are 19% below West Central’s competitive set.
- Low Submarket Vacancy Rates: 1.8% vacancy rate for medical office buildings over 5,000 RSF within one mile of hospital