The Offering
- Offering Price: $5,700,000
- In-Place Cap Rate: 6.50%
- Building Size: 18,629 SF
- Year Built: 2005
- Ownership: Fee Simple
- Percentage Leased: 100%
- In-Place NOI: $369,916
CBRE’s U.S. Healthcare Capital Markets Group is pleased to exclusively offer the opportunity to acquire the Everwood Medical Center (the “Property”), a Class A medical office building in University Place, Washington. The Property, which was constructed in 2005, is currently 100% leased with CHI Franciscan Health as the anchor tenant occupying 76% of the Property’s square footage. CHI Franciscan Health is a wholly owned subsidiary of Catholic Health Initiatives (“CHI”). CHI (Moody’s ‘A1’ and Fitch Ratings ‘A+’) is the second largest non-profit health system in the United States with over $23 billion in assets. The remainder of the Property’s square footage is currently leased and occupied by Light Dental Studios, a full service dental practice with six offices serving the South Puget Sound area.
University Place is located in Washington’s Puget Sound region, which is host to one of the country’s most vibrant economies that has long been recognized as the business, financial, and cultural center of the Pacific Northwest.
Investment Highlights
- Prominent Investment Grade Health System Anchor Tenancy
- 100% Occupied with Absolute Net Leases
- Proximity to Major Medical Institutions
- Easily Accessible, High Traffic Location
- Appealing Aging Trends
- “Recession Resistant” Property Category
- Delivered Free and Clear of Existing Debt
Contact Information
CBRE U.S. Healthcare Capital Markets Group
Chris Bodnar
Executive Vice President
+1 303 628 1711
chris.bodnar@cbre.com
Lee Asher
Executive Vice President
+1 404 504 5965
lee.asher@cbre.com
CBRE Puget Sound Healthcare Properties Team
Paul Carr
First Vice President
+1 206 292 6005
paul.carr@cbre.com
Steven Perovich
First Vice President
+1 206 292 6059
steven.perovich@cbre.com
Marcus Yamamoto
Senior Associate
+1 206 292 6062
marcus.yamamoto@cbre.com
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