May 30, 2022
SOLD – MIDWEST PHYSICIANS SURGERY MEDICAL OFFICE BUILDING – LEE’S SUMMIT, MISSOURI
J.H. Winokur, Inc. is pleased to announce the closing of a healthcare real estate sale and partial leaseback transaction for Midwest Physicians Surgery Medical Office Building located in Lee’s Summit, Missouri.
The 20,000 square foot medical-office building is 100% leased to three tenants: Midwest Physician’s Surgery Center, Clay Platte Summit Family and Sports Medicine, and Midwest Gastroenterology. The three operating room surgery center (ASC) is a partnership between the principals of Midwest Gastroenterology and USPI (Tenet Health). Clay Summit Sports & Medicine is part of largest medical group in the area. Midwest GI Midwest GI Health consists of Board Certified Gastroenterologists, Physician Assistants, and Nurse Practitioners who serve the Kansas City market.
As part of the transaction J.H. Winokur, Inc. renegotiated the Primary Care medical clinic lease. Previously the lease had been a gross lease with the landlord being responsible for the tenants CAM, taxes and insurance. Successfully modifying the lease provided the buyer pool with the ability to accurately project their net income on a go forward basis. J.H. Winokur also proposed the terms of The Midwest Gastroenterology, which was also modified to be a NNN lease under the terms of a sale-leaseback. The lease modifications resulted in a higher NOI and sale price.
The sellers had previously engaged with local brokers who quoted prices based upon the existing leases. By modifying the terms of the leases, we created a win-win which benefited both the tenants with a number of improved lease terms and the physician owner of the real estate, who achieved a significantly higher sale price.
For more information, contact Jason Winokur.
