Ft. Wright Center Sold to California Company
Fort Wright Center has a new owner.
Everest Medical Core Properties purchased the center from Covington-based Corporex for $13.2 million according to Kenton County property records.
The site was developed in 1995 and previously housed tenants like Blockbuster Video and Stein Mart. Now, after a substantial renovation in 2012, Christ Hospital is the main tenant, taking up 60 percent of the 117,000 sq. ft. available.
According to a news release from San Francisco-based Everest, the center was purchased for its "in-place cash flow and occupancy, allowing for the upside of leasing the 35 percent currently vacant space".
WestEv Fort Wright, LLC bought the current net operating income (NOI) at a 6.7% going-in cap rate and projects a 12 percent stabilized yield, according to a news release.
"We are pleased to have developed a deep pipeline of off-market and limited market high-quality medical office buildings," said David Lynn, PhD, CEO of Everest Medical Core Properties, in a statement. "Fort Wright Center is a great addition to our growing portfolio of institutional-quality medical commercial properties."
The new owners also noted the property's high visibility near Interstate 71/75, and its below-market rents. Urgent care, general medicine, occupational therapy, and other medical uses are being sought by Everest to fill the vacant space.