ERE Healthcare Real Estate Advisors (“ERE”) is pleased to announce the successful sale of a 14,384 square foot ambulatory surgery center (“ASC”) in the southeastern United States.
The property features 4 operating rooms, 10 pre-op bays, and 10 PACU bays. The operation serves as hub for 26 specialty physicians in the areas of ENT, neurosurgery, ophthalmology, orthopedics, pain management, plastics, podiatry, and urology.
The ERE team was engaged by the physician partners, many of whom were retired and in search of an exit strategy. Through a comprehensive understanding of the existing lease and market rents, ERE re-negotiated and extended the lease with the physicians’ management partner, a national ASC operating company.
Over the course of the negotiations and transaction, ERE educated the physicians on their options and the impact of each. With a better understanding of the variables affecting value, the partners were able to stabilize their property with a new long-term lease, making it an attractive investment target for a real estate private equity fund.
The sale of the property was successfully executed, meeting the partnership’s key objective of maximizing the value of their facility.
The transaction was led by Collin Hart and Marc Flynn.