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Office Medical

Pankratz Eye Institute

3135 Middle Rd, Columbus, IN 47203

Listing Price: $5,236,046

Cap Rate
6.50%
Gross SF
12,926
Rentable SF
12,926
Price/Gross SF
$405.08
Occupancy
100.0%
Year Built
2006
Lot Size
2.06 acres

Investment Overview

The Pankratz Eye Institute is a 12,926 square-foot medical office and ambulatory surgery center located in Columbus, Indiana. The building consists of a 7,667 square-foot eye specialty clinic and a 5,259 square-foot, state-of-the-art ambulatory surgery center used exclusively for eye-specific surgical procedures including cataract removal, implantable contact lenses, removal of lid lesions, laser procedures, vitrectomies and more. The practice was recently acquired by Covenant Surgical Partners, an owner and operator of freestanding ambulatory surgery centers, anatomic pathology laboratories, anesthesia entities and physician practices. Covenant operates 75 single or limited-specialty ambulatory surgery centers across 19 states. Dr. Pankratz has a personal guaranty on 49% of the rent for the Covenant Columbus MSO Suite through 2/15/2028. The property is strategically located in Columbus, Indiana within a medical office park that includes several clinics, specialty centers, surgery centers and orthodontic/dental practices. Located one mile south is The Columbus Regional Hospital. Owned and operated by the Columbus Regional Health System, the 225-bed hospital has over 225 physicians providing emergency and surgical services and comprehensive care in numerous specialty areas. Columbus, Indiana is a city and the county seat of Bartholomew County, Indiana with a population of over 44,000. Located 40 miles south of Indianapolis, Columbus has become known for its rich history and modern architecture. National Geographic Traveler ranked Columbus 11th in its historic destination list in 2008. It was also named in GQ magazine as one of the "62 Reasons to Love Your Country".

Investment Highlights

  • 12,926 Square-Foot Medical Office & Surgery Center
  • Both Tenants on 10+ Year NNN Leases
  • 2% Annual Rent Increases
  • Practice Recently Acquired by Covenant Surgical Partners
  • Strategically Located within a Medical Office Park
  • One Mile from Columbus Regional Hospital (225 beds)

Exclusively Listed By

Broker of Record

  • Josh Caruana

    First Vice President/District Manager

    (317) 218-5300

    License(s) IN: RB14034355

    Indiana

Office Medical

Pankratz Eye Institute

Listing Price: $5,236,046

Cap Rate
6.50%
Gross SF
12,926
Rentable SF
12,926
Price/Gross SF
$405.08
Occupancy
100.0%
Year Built
2006
Lot Size
2.06 acres

Investment Highlights

  • 12,926 Square-Foot Medical Office & Surgery Center
  • Both Tenants on 10+ Year NNN Leases
  • 2% Annual Rent Increases
  • Practice Recently Acquired by Covenant Surgical Partners
  • Strategically Located within a Medical Office Park
  • One Mile from Columbus Regional Hospital (225 beds)

Investment Overview

The Pankratz Eye Institute is a 12,926 square-foot medical office and ambulatory surgery center located in Columbus, Indiana. The building consists of a 7,667 square-foot eye specialty clinic and a 5,259 square-foot, state-of-the-art ambulatory surgery center used exclusively for eye-specific surgical procedures including cataract removal, implantable contact lenses, removal of lid lesions, laser procedures, vitrectomies and more. The practice was recently acquired by Covenant Surgical Partners, an owner and operator of freestanding ambulatory surgery centers, anatomic pathology laboratories, anesthesia entities and physician practices. Covenant operates 75 single or limited-specialty ambulatory surgery centers across 19 states. Dr. Pankratz has a personal guaranty on 49% of the rent for the Covenant Columbus MSO Suite through 2/15/2028. The property is strategically located in Columbus, Indiana within a medical office park that includes several clinics, specialty centers, surgery centers and orthodontic/dental practices. Located one mile south is The Columbus Regional Hospital. Owned and operated by the Columbus Regional Health System, the 225-bed hospital has over 225 physicians providing emergency and surgical services and comprehensive care in numerous specialty areas. Columbus, Indiana is a city and the county seat of Bartholomew County, Indiana with a population of over 44,000. Located 40 miles south of Indianapolis, Columbus has become known for its rich history and modern architecture. National Geographic Traveler ranked Columbus 11th in its historic destination list in 2008. It was also named in GQ magazine as one of the "62 Reasons to Love Your Country".

Exclusively Listed By

Broker of Record

  • Josh Caruana

    First Vice President/District Manager

    (317) 218-5300

    License(s): IN: RB14034355

    Indiana

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