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Four Corners Property Trust Acquires Medical Office Properties From Riverview Hospital For $13.5M

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SOLD
$13,500,000

Indiana

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Medical Office65,488 SF
Sold 12/24/2024
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Property Image
SOLD

Four Corners Property Trust Acquires Medical Office Properties From Riverview Hospital For $13.5M

205 Noble Creek Drive & 865 Westfield Road

See Similar Deals
Medical Office65,488 SF
Sold 12/24/2024
the dealplayerscompscontact
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Summary

INDIANA
Asset Type:Medical Office
Price Per Square Foot:$206
Total Square Footage:65,488 SF
Transaction Type:Sale

The transaction involved a medical office asset located at 205 Noble Creek Drive and 865 Westfield Road in Noblesville, IN. The properties were sold for $13,500,000, encompassing a total area of 32,744 square feet, resulting in a price per square foot of $412.

Summary of transaction details:

  • Property Type: Medical Office
  • Transaction Amount: $13,500,000
  • Square Footage: 32,744
  • Sale Cap Rate: 7.3%
  • Buyer: Four Corners Property Trust
  • Seller: Riverview Hospital
  • Broker: Christian Vaughan - NorthMarq

Christian Vaughan from NorthMarq represented the interests of Riverview Hospital in this sale-leaseback transaction, successfully facilitating the deal for the two outpatient primary care properties.

Players

Christian Vaughan
NorthMarq
Christian Vaughan
1 deal$13.5M volume(918) 794-9544
BROKER

Details

SOLD
IMAGE: 12/24/2024 ADDRESS: 205 Noble Creek Drive & 865 Westfield Road MARKET: Noblesville, IN ASSET TYPE: Medical Office BUYER: Four Corners Property Trust SELLER: Riverview Hospital BROKER: Christian Vaughan - NorthMarq SALE PRICE: $13,500,000 SF: 32,744 ~ PPSF: $412 NOTE: Northmarq facilitated the $13.5 million sale-leaseback of two outpatient primary care properties in Noblesville, Indiana, totaling 32,744 square feet. Riverview Hospital sold the properties to Four Corners Property Trust at a 7.3% cap rate, with Christian Vaughan brokering the deal.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$720,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$47,962.65
Cash-on-Cash Return-1.27%
Monthly Debt Service$63,996.89
Annual Debt Service$767,962.65