Project Description

Baptist Health of Powderly, Kentucky

1010 Medical Center Drive,
Powderly, KY 42345
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Property Type:
Single Tenant Medical Office Building

Sale Price:
$10,650,000

Square Footage:
56,500

Tenant:
Baptist Health System

Highlights

•  Brand New, 10-Year Lease with Baptist Health Madisonville, Inc. | Double Net (NN) Lease with Landlord Responsible for Roof and Structure

•  Baptist Health: Seven Hospitals and Revenue Exceeding $1.9 Million in 2014 (Fitch A+)

•  Full-Service Healthcare Center | Primary Care Physicians, Nurse Practitioners, Lab/X-Ray Services, CAT Scan, Mammography, Bone Density, Ultrasound, Nuclear Medicine, Physical Therapy, and Cardiac Stress Tests and Studies

•  “Hub-and-Spoke” Model | National Trend of Health Systems Focusing on More Care to be Delivered in the Outpatient Setting to Help Drive Down Costs and Increase Access to Routine Healthcare Services

Print Details

Contact Agents:

Scott Niedergang Managing Director Direct: (312) 338-7060 Cell: (312) 342-4495 scott.niedergang@cushwake.com
Gino Lollio Managing Director, Healthcare Advisory Practice | Capital Markets Direct: (312) 338-7061 Cell: (239) 810-4714 gino.lollio@cushwake.com

Kentucky Broker of Record:

Aaron Johnson

Summary

The single-tenant, net-leased Baptist Health facility recently sold in rural Kentucky. The subject property is a full-service healthcare center inclusive of urgent care, primary care, lab/x-ray, CAT scan, mammography, bone density, ultrasound, physical therapy, otolaryngology, general surgery, cardiology, OB/GYN, orthopaedics, and ophthalmology.

Our team represented the seller, a physician group, and the buyer, a healthcare real estate development, leasing, property management, consulting, and investment company. The physician seller built the facility for their practice in 2005 and shortly after became employed by Trover Health System. In 2012, Trover Health System was acquired by Baptist Health and the lease on the facility was assumed by the health system.

Prior to IPA taking this asset to the market, we assisted in the negotiations between ownership and Baptist Health for a brand new 10-year, triple-net (NNN) lease inclusive of annual rental increases and multiple options to renew. IPA was able to add significant value through the combination of the new lease extension and a marketing campaign targeted at a national network of the most aggressive and qualified healthcare real estate investors.

 

Seller Profile: Physician Group affiliated with Baptist Health – Powderly Kentucky

Buyer Profile: Healthcare Real Estate Development, Leasing, Property Management, Consulting, and Investment Company –

Additional Photos

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