Topeka, KS

System-Anchored Medical Office Acquisition

601 SW. Corporate View | Topeka, KS

  • Property Type

    Multi-Tenant Medical Office Building

  • Size

    27,060 Square Feet

  • Key Tenants

    KU Health, Stormont Vail, Balance Hearing & PT, Tallgrass Pharmacy

  • Date Closed

    November 2019

  • Transaction Value

    $8,000,000

THE ASSET

  • 27,060 SF class A medical office building anchored by KU Health and Stormont Vail - the two, most dominant health systems in the state of Kansas.

THE OPPORTUNITY

  • Acquired a best-in-market stabilized asset with major health system tenancy.
  • Created value through amending/extending KU Health lease for an additional 10 years of firm term.
  • Additional 1.5 acres of developable land included with the acquisition.

THE RESULT

  • Successfully executed lease extension with KU Health within sixty days of owning the property.
  • Discussed with both health systems about an expansion opportunity on adjacent developable land.
  • Maintained & improved the asset with several capital projects including new parking lot, lighting, and building signage.