FOR IMMEDIATE RELEASE
Echo Development Group, Inc. Sells Class A Medical Office Building in Topeka, Kansas
Chicago, IL (December 23, 2020) – Echo Development Group, Inc., in association with Quivet Neck HCRE, LLC announces it has sold a class A medical office building anchored by the University of Kansas Health System and Stormont Vail Health for $8 million dollars.
The property is approximately 27,000 square feet and is located at 601 SW Corporate View, Topeka KS in the heart of the Tallgrass Medical District – the dominant medical submarket in Topeka. The building was 100% 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.
“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,” commented 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.”
Echo Development Group, Inc. (www.echodg.com) is an acquisition and development firm based in Chicago, Illinois. Echo’s primary focus is healthcare, industrial and retail assets as well as nationwide programmatic build-to-suit development.
Quivet Neck HCRE Investments, LLC is an investment group founded by Andrew Lawler, a Regional Partner for Cornerstone Companies – a specialist in Healthcare Real Estate.
Echo Development Group, Inc.
225 W. Washington Street
Chicago, IL 60606
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