The HCA Freestanding Emergency Department & Imaging Center in Richmond, Va., is being marketed by Stan Johnson Co. Rendering courtesy Stan Johnson Co.
Net-leased Richmond, Va., asset being marketed at less than replacement cost
- Name: HCA FED & Imaging Center
- Address: 9275 Chamberlayne Road
- City: Richmond, Va.
- Square feet: 22,000
- Land size: 3.7 acres
- Occupancy: 100%
- Tenant: HCA Health Services of Virginia
- Lease term: 10 years starting in June
- Seller: Undisclosed developer
- Asking price: $8.8 million
- Total construction cost: $10+ million
- First year NOI: $550,000
- Assumed first-year cap rate: 6.25%
- Brokers: Toby Scrivner, Jeff Matulis and Joey Odom of Stan Johnson Co.
RICHMOND, Va. – Freestanding emergency departments (FEDs) seem to be all the rage in a growing number of metropolitan areas, as the facilities provide health systems with another strategy for gaining footholds in new markets without having to build full-blown hospitals or large outpatient campuses.
Yet some healthcare and healthcare real estate (HRE) professionals have expressed concern that the enthusiasm for the product type could lead to an overbuilding of FEDs – a troubling possibility for everyone involved, from the health systems to the patients to any third-party firms that might develop and/or own such facilities.
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