Office Medical

Amsurg | Ambulatory Medical Office

16663 Midland Dr, Shawnee, KS 66217

Listing Price: $2,100,000

Cap Rate
8.12%
Gross SF
6,772
Rentable SF
6,772
Price/Gross SF
$310.10
Year Built
1997
Lot Size
0.61 acres

Investment Overview

Marcus & Millichap is pleased to present the Amsurg & WestGlen GI Medical Office building located in the AAA bond rated Johnson County and just 1,000 feet from the I-435 Exit at Midland Dr, in Shawnee, Kansas. The investment consist of 100% occupied two-tenant NNN medical office building. The property is within the by the WestGlen shopping center which contains a 2017 multi-million-dollar remodel of various offices, retail shops and restaurants with 25 years of operating history. The average household income (HHI) is $106,900 within a 3-mile radius and a population of 144,000 in a 5-mile radius. The Amsurg & WestGlen GI Medical Office building was built in 1997. Both tenants are original to the building and have exercised all lease extensions throughout its history. The property sits on a 0.61-acre parcel and has 6,772 square feet of gross leasable area (GLA).
Amsurg is a multi billion-dollar ambulatory (outpatient) surgery company with over 250 + locations nationwide, who merged with larger parent companies Envision Healthcare (NYSE: EVHC) in 2016 and then EVHC was purchased in an all cash deal by KKR (NYSE: KKR) in 2018 for nearly $10B. (p. 19 for more detail.) KKR is investing in the trending healthcare sector and specifically, the ambulatory medical office industry. (p. 20 for more detail) WestGlen GI is the local group of experienced Gastroenterology doctors who directly support the the Amsurg surgery center. WestGlen GI consults patients in their newly remodeled offices in the north part of the building and perform the same day surgery in the Amsurg portion which makes up for 70% of the GLA. Amsurg executed another 5-year lease extension in March of 2018 and WestGlen GI in Fall of 2019. Both tenants are under a triple-net lease whereas they pay their proportionate share of property taxes, insurance, CAM, HVAC replacement and management reimbursement. The Landlord is responsible for roof and structure. The parking lot was sealed and striped in 2019.
This investment is an opportunity to own a property in the heart Johnson County, KS with Amsurg of the ambulatory medical services industry which is projected to play an even more vital role as a key revenue driver in the future of the Healthcare sector as more hospital space will be kept free due to the 2020 pandemic. Ambulatory services industry to see minor impact from Covid-19 (p 21 for more detail).

Investment Highlights

  • Two Tenant Medical Office Building | NNN Leases With MGMT Reimbursement
  • AMSURG Corporate Guarantee (250+ Locations) | Owed By KKR & Co Inc. (NYSE: KKR)
  • Ambulatory Medical Industry Key Revenue Driver of Future Healthcare (see p. 20)
  • WestGlen GI Signed New 5-Year Lease Extension in 2019 & Remodeled Office Space
  • Amsurg Purchased New Rooftop HVAC Unit in 2018 Showing Commitment to Location
  • Johnson County is Highest Income Tax Bracket County of Kansas | $100,000 + HHI

Exclusively Listed By

Financing By

Office Medical

Amsurg | Ambulatory Medical Office

Listing Price: $2,100,000

Cap Rate
8.12%
Gross SF
6,772
Rentable SF
6,772
Price/Gross SF
$310.10
Year Built
1997
Lot Size
0.61 acres

Investment Highlights

  • Two Tenant Medical Office Building | NNN Leases With MGMT Reimbursement
  • AMSURG Corporate Guarantee (250+ Locations) | Owed By KKR & Co Inc. (NYSE: KKR)
  • Ambulatory Medical Industry Key Revenue Driver of Future Healthcare (see p. 20)
  • WestGlen GI Signed New 5-Year Lease Extension in 2019 & Remodeled Office Space
  • Amsurg Purchased New Rooftop HVAC Unit in 2018 Showing Commitment to Location
  • Johnson County is Highest Income Tax Bracket County of Kansas | $100,000 + HHI

Investment Overview

Marcus & Millichap is pleased to present the Amsurg & WestGlen GI Medical Office building located in the AAA bond rated Johnson County and just 1,000 feet from the I-435 Exit at Midland Dr, in Shawnee, Kansas. The investment consist of 100% occupied two-tenant NNN medical office building. The property is within the by the WestGlen shopping center which contains a 2017 multi-million-dollar remodel of various offices, retail shops and restaurants with 25 years of operating history. The average household income (HHI) is $106,900 within a 3-mile radius and a population of 144,000 in a 5-mile radius. The Amsurg & WestGlen GI Medical Office building was built in 1997. Both tenants are original to the building and have exercised all lease extensions throughout its history. The property sits on a 0.61-acre parcel and has 6,772 square feet of gross leasable area (GLA).
Amsurg is a multi billion-dollar ambulatory (outpatient) surgery company with over 250 + locations nationwide, who merged with larger parent companies Envision Healthcare (NYSE: EVHC) in 2016 and then EVHC was purchased in an all cash deal by KKR (NYSE: KKR) in 2018 for nearly $10B. (p. 19 for more detail.) KKR is investing in the trending healthcare sector and specifically, the ambulatory medical office industry. (p. 20 for more detail) WestGlen GI is the local group of experienced Gastroenterology doctors who directly support the the Amsurg surgery center. WestGlen GI consults patients in their newly remodeled offices in the north part of the building and perform the same day surgery in the Amsurg portion which makes up for 70% of the GLA. Amsurg executed another 5-year lease extension in March of 2018 and WestGlen GI in Fall of 2019. Both tenants are under a triple-net lease whereas they pay their proportionate share of property taxes, insurance, CAM, HVAC replacement and management reimbursement. The Landlord is responsible for roof and structure. The parking lot was sealed and striped in 2019.
This investment is an opportunity to own a property in the heart Johnson County, KS with Amsurg of the ambulatory medical services industry which is projected to play an even more vital role as a key revenue driver in the future of the Healthcare sector as more hospital space will be kept free due to the 2020 pandemic. Ambulatory services industry to see minor impact from Covid-19 (p 21 for more detail).

Exclusively Listed By

Financing By

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