Echo Development Group, Inc., in association with Quivet Neck HCRE, LLC, has acquired a class-A medical office building in Topeka, Kansas, anchored by the University of Kansas Health System and Stormont Vail Health.
The property is about 27,000 square feet and is located at 601 SW Corporate View in the heart of the Tallgrass Medical District – the dominant medical submarket in Topeka. The building was 100 percent occupied at the time of sale by four tenants that include an imaging center operated by KU Health/St. Francis, an urgent care operated by Stormont/Vail Health, a hearing, balance & physical therapy clinic and a pharmacy.
Adjacent to the site is an additional 1.5 acres that were included with the acquisition. Echo Development is currently in the pre-development phase for an additional +/- 20,000 square feet of complementary class-A medical space.
“We are very excited about this acquisition as it gives us a foot hold into the Kansas City, Lawrence, and Topeka markets. Strategically, we’ve made similar progress in Indianapolis, Denver and Colorado Springs where we have active projects,” said Echo Development Principal Jon Boyajian. “With Topeka, we have a fully occupied MOB, with great health system tenancy and credit, and the ability to expand on site if either system has a change in their space needs. There are a number of ways we can create value.”