Los Angeles, CA – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate firm, announces the sale of Physicians Alliance ASC in Cape Girardeau, MO for $7.3M. Rahul Chhajed and Michael Moreno, Associate Vice President and Directors of Matthews™ Healthcare Division, brokered the transaction.
The Physicians Alliance Center (ASC) was built in 2002, consists of 13,201 square feet, and is located at 3241 Percy Drive in Cape Girardeau, MO, across from the Saint Francis Medical Center. The property is a fully accredited medical center and Level III trauma center. Physicians Alliance ASC is a state-of-the-art facility providing surgical procedures that do not require hospital admission. Specialties serviced by the subject property include ENT, General Surgery, Gynecology, Ophthalmology, Orthopedics, and Retinal Specialties.
“We are pleased to have successfully brokered this transaction. The escrow process was quick, and both parties benefitted from the sale. The buyers were able to add another high-performing ASC to their existing medical portfolio and the sellers were able to close seamlessly with a well-equipped buyer” said Associate Vice President and Director Rahul Chhajed. “We effectively followed up and checked in with the seller’s agent about the opportunity for months and were ultimately able to agree on a price that made sense for both parties.”
The selling entity was a group of physicians who had the property on the market for nearly a year. The multi-specialty ambulatory surgery center in Cape Girardeau was leased on an absolute net structure, featured strong annual increases, and housed a reputable tenant. The tenant, made up of St. Francis Healthcare and a group of 25 practicing physicians, offered the buyer comfort given the size and experience of the operators. The asset was purchase by a medical office REIT represented by Matthews™.
“It was our goal to find a property with a solid cap rate and strong lease fundamentals for our client. After overcoming a few challenges, we were able to achieve that goal. We ultimately closed sooner than expected,” concluded Associate Vice President and Director Michael Moreno.
Matthews™ Healthcare Division was recently honored by GlobeSt.com Real Estate Forum as Influencers in Healthcare. For more information regarding this sale or if you have any other questions related to healthcare property investments, please reach out to Rahul Chhajed and Michael Moreno.
Matthews Real Estate Investments Services™, the nation’s fastest-growing commercial real estate brokerage firm, holds recognition as an industry leader in investment sales and leasing. Founded in El Segundo, CA, and strategically positioned with over 300 agents and support staff in over 10 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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