Institutional Property Advisors, a division of Marcus & Millichap specializing in serving institutional and private real estate investors, recently sold a 56,500-square-foot, single-tenant medical office building in Powderly, Kentucky, for $10.65 million.
Located at 1010 Medical Center Drive, the facility will continue to operate as a multi-specialty Baptist Health medical center.
Gino Lollio and Scott Niedergang, senior directors at IPA Healthcare, represented both the buyer, a health care real estate development company, and seller, a physician group affiliated with Baptist Health.
The Powderly building was developed by the physician group in 2005, before its affiliation with Baptist Health. The practice was subsequently acquired by Trover Health System, which in turn was acquired by Baptist Health in 2012, increasing the credit of the property’s sole tenant. Today, it is part of Baptist Health’s network of seven hospitals, health centers and physician offices, offering care in Kentucky, Illinois and Indiana.