Edmonds Medical Center
7315 212th St SW, Edmonds, WA 98026, United States
OFFERS REQUESTED BY FRIDAY, FEBRUARY 16th, 2018 - 5:00 PM PST
 

 
 


OFFERING PRICE

Best Offer

TOTAL SIZE
54,516 RSF

PERCENTAGE LEASED
100%

YEAR BUILT
1991

RENOVATED/EXPANDED
2007

IN-PLACE NOI
$1,314,282

PRO-FORMA NOI
$1,431,960

 
 
THE OFFERING
 
CBRE’s U.S. Healthcare Capital Markets Group is pleased to exclusively offer the opportunity to acquire the Edmonds Medical Center (the “Property”). The Property is a two-story, 54,516 rentable square foot medical office building located near the Swedish Edmonds hospital campus in Edmonds, Washington. The Edmonds Medical Center was constructed in 1991 and was expanded and renovated in 2007 to accommodate more room for additional medical services. 

The Property is 100% leased to a variety of healthcare provider tenants with outpatient specialty practices that include podiatry, physical therapy, ophthalmology, family medicine, surgery, chiropractic, pain management, cardiology, pulmonary/asthma, and a pharmacy. The Property has an average remaining lease term of 7.8 years with only one tenant’s term scheduled to expire in the next five years, providing a new owner with a stable and long-term cash flow for the foreseeable future.

The Property is anchored by Edmonds Family Medicine which occupies approximately 52% of the building and provides comprehensive family medicine, including multiple subspecialties and an urgent care clinic. The practice was established in 1975 and has grown to become the largest family practice group serving South Snohomish and North King counties with over thirty physicians. Virgina Mason Health System (“VMHS”) is currently in the process of acquiring Edmonds Family Medicine with an estimated closing date in 1Q 2018. VMHS is a nonprofit regional health care system based in Seattle that serves the Pacific Northwest and currently maintains ‘Baa2’ and ‘BBB’ investment grade credit ratings by Moody’s and Standard & Poor’s, respectively. Once the acquisition transaction is complete, the anchor tenancy will gain a credit enhancement to the benefit of the new owner.

In addition, the Property is 12% leased to Providence Health & Services (d/b/a Swedish Heart & Vascular) which operates a cardiology practice. Providence Health & Services currently maintains ‘Aa3’, ‘Aa-‘, and ‘AA+’ investment grade credit ratings from Moody’s Investors Service, Standard & Poor’s and Fitch Ratings, respectively, for its long-term rated bonds. 
   

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