Echo Development Group, Inc., in association with Quivet Neck HCRE, LLC has sold a class-A medical office building anchored by the University of Kansas Health System and Stormont Vail Health for $8 million.
The property is about 27,000 square feet and is located at 601 SW Corporate View in Topeka, Kansas, 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 and physical therapy clinic and a pharmacy.
“This was a great deal for us and a nice one to close at the end of an otherwise strange year. We had great capital partners with First Midwest Bank and T2 Capital Management, and we were able to create value with a lease extension and exit the deal in a little over 13 months,” said Echo Development Principal Jon Boyajian. “I think this is a prime example of the resiliency of healthcare properties and why we are so focused on the medical space.”