Lee's Summit MOB
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2861 NE Independence Ave
This state-of-the-art new development is a two-story 40,519 square foot Healthcare and Ambulatory Surgery Center facility on a 6-acre site that provides 360 parking spaces for patients, visitors, and employees. The steel framed building’s exterior façade includes custom metal panels, brick, native stone, and glass wall systems. A canopy on the East side of the building provides protection for patients entering or leaving the building’s first floor surgery center.
Upon entry into the building, a two-story lobby with a 28’0” tall water feature greets patients and visitors. The expansive glass curtainwall system and clerestory glass structure all provide an abundance of natural daylight, designed to enhance the overall patient experience.
Project Development Costs: $14.2 million, completed in March 2020
Developed By: Capital Assets and Development
Project Built By: Excel Constructors
Sold to Montecito Medical Real Estate in December 2021
Development Summary
•Four Healthcare Tenants Total (2 Tenants Located on Each Floor)
•Outpatient Ambulatory Surgery Center on First Floor with Five (5) Operating Rooms
•Total Project Development Costs $14.2 Million
•Year One Annual Net Operating Income Before Debt Service $1,009,000
•Annual Free Cash Flow During Interest Only Period (First 2 Years) of $560,000 Per Year Available for Distributions to Investors (Because of Low Interest Rate!)
•All Leases Full Triple Net (NNN)
•Clinical Tenants on 11 Year Leases
•Surgery Center Tenant on 15 Year Lease
•2% Annual Rent Escalators on All Leases
•State-Of-The-Art Technology Throughout the Building
•Zoned for 70,000 Square Feet Enabling a Phase Two Future Building
•Developer Has Retained the Site for the Phase Two Future Building (Not Sold)
•$3.7 Million Total Equity Raised by Investors (25% of Total Development Costs)
•Construction Financing by Arvest Bank
•Refinancing After Construction by Academy Bank (Returned Over $1 Million in Equity at Refinancing to Investors)
•Sold to Montecito Medical Real Estate out of Nashville, TN in December 2021 for $20,550,000- See www.montecitomac.com