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 –