Pinnacle Real Estate Advisors Announces the Sale of a Two-Tenant Medical Building in Overland Park, KS
Pinnacle Real Estate Advisors, LLC has completed the sale of a two-tenant medical building located at 7555 W 150th St in Overland Park, Kansas. The 3,066 square foot building sold for $1,251,500 or $408 per square foot. This sale represents the lowest cap rate for a multi-tenant property within Kansas in the past 6 months.
The property is strategically located just off interstate 69 along 151st street with traffic counts of more than 34,000 vehicles per day. This property benefits from being located along one of the dominant retail trade areas in Overland Park. The surrounding affluent area features household incomes of more $159,063 within a one-mile radius.
The property is leased to Auto Accident Urgent Care (ASR) and Albright Family Chiropractic. ASR is a personal injury healthcare provider for neck and spine injuries as a result of motor vehicle accidents. Albright Family Chiropractic has been serving the chiropractic needs of the Overland Park community for more than 20 years.
Brandon Gayeski, Tom Ethington & Rob Edwards of The Edwards | Ethington Team represented the Seller; a repeat Kansas-based client. The buyer was a California 1031 exchange buyer.
“Service based tenants in affluent areas continue to be highly sought after amongst investors evidenced by the substantial interest we received in the property. Given the attractive price point and significant high-end tenant build out we quickly received an offer near full price,” stated Brandon Gayeski, Associate Advisor.
Tom Ethington, Principal, added “This was the 2nd transaction we completed with the Seller this year. He was looking to unlock his equity in this building and deploy it into another real estate project to maximize returns. He was able to capitalize on the appreciation of this asset.”