Brown Gibbons Lang & Company | Real Estate Partners has been retained by ownership to offer qualified investors the exceptional opportunity to acquire Evergreen Medical Building (the “Property” or the “Building”). Evergreen Medical Building, totaling approximately 35,855 rentable square feet, is located in Pottsville, Pennsylvania, the county seat of Schuylkill County. Completed in 2004, the Building provides exceptional patient access and convenience from Pottsville St. Clair Highway and is located less than two miles from both Schuylkill Medical Center-South Jackson Street and Schuylkill Medical Center-East Norwegian Street, which are a part of Schuylkill Health. These two hospitals together control nearly 70% of the market share for inpatient admissions in Pottsville.
The Property was designed and built for the current tenants and is 100% leased to a variety of physician practice groups, including its anchor tenant, Integrated Medical Group (“IMG”), which occupies 64% of the Building. Evergreen Medical Building offers a diverse mix of specialty services ranging from MRI, endoscopy, gastroenterology, orthopaedics, neurology, internal medicine, urology, and cardiology, and offers the only Open MRI services in Schuylkill County featuring a 1.5 T Siemens Symphony and the Siemens Concerto Open MRI system.
The Building houses one of the few ambulatory surgery centers in Pottsville where the physicians perform over 9,000 endoscopy procedures annually. Nearly all of the physicians practicing at Evergreen Medical Building have admitting privileges at Schuylkill Health, providing a strong referral base for the practice groups. In addition, the Chairman of the Surgery Department and the President of the medical staff at Schuylkill Health are both physicians within IMG.
Opportunity Highlights
- 100% leased multi-tenant medical office building with established multi-specialty physician groups.
- The Property has a Year-1 NOI of $744,097 with annual rent escalations of the greater of CPI or 2%.
- The Property will be delivered free and clear of any debt.
- Triple-net leases with a property wide weighted average remaining term of 5.9 years (beginning June, 2016).
- The Property houses the only Open MRI machine in Schuylkill County.
- Less than 2 miles from Schuylkill Medical Centers East Norwegian Street and South Jackson Street where nearly all of the physicians within the Building have practicing privileges.
- The Building is anchored by the Endoscopy Center, an ASC where over 9,000 cases are performed annually.
Call For Offers: Thursday, March 10, 2016
Submit Offers To: cstai@bglco.com
Exclusive Advisors
Christopher L. Stai, CPA | Managing Director
BROWN GIBBONS LANG | Real Estate Partners
D: 949.936.2665 | E: cstai@bglco.com
Andrew R. Larwood | Senior Associate
BROWN GIBBONS LANG | Real Estate Partners
D: 312.658.4756 | E: alarwood@bglco.com
Brian Lenahan | Senior Real Estate Advisor
BROWN GIBBONS LANG | Real Estate Partners
PA RE Broker
Clinton J. Parker | Managing Director
BROWN GIBBONS LANG | Real Estate Partners
D: 210.352.5832 | E: cparker@bglco.com
Allen C. Inman | Senior Associate
BROWN GIBBONS LANG | Real Estate Partners
D: 312.658.4754 | E: ainman@bglco.com
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