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Overland Park MOB I
11340 Nall Avenue
This development consists of new construction of a two-story 37,493 square feet sports medicine, orthopedic, physical therapy, chiropractic, and out-patient ambulatory surgery center on a 2.2-acre site that provides 122 parking spaces. This building is located in the Galleria 115 Phase I development at the northwest corner of 115th and Nall Avenue in Overland Park, Kansas.
The steel framed building’s exterior façade includes custom metal panels, brick, native stone, and glass wall systems line the southern corners of the building. A canopy on the Southeast side of the building provides protection for patients entering or being discharged from the Building’s Ambulatory Surgery Center.
Project Development Costs: $18.3 million
Developed By: Capital Assets and Development
Project Built By: Excel Constructors
Sold to Montecito Medical in October 2026
Development Summary
•Three Healthcare Tenants Total – One on First Floor, and Two on Second Floor
•First Floor Tenant is Out-Patient Ambulatory Surgery Center with Five (5) Operating Rooms
•Second Floor Leases are Clinical Specialty Provider Tenants
•Total Project Development Costs $18.3 Million
•Year One Annual Net Operating Income Before Debt Service $1,311,009
•Annual Free Cash Flow During Interest Only Period (First 2 Years) of $456,000 Per Year Available for Distributions to Investors
•All Leases Full Triple Net (NNN)
•Clinical Specialty Provider Tenants on 11 Year Leases
•Ambulatory Surgery Center Tenant on 15 Year Lease
•3% Annual Rent Escalators on All Leases
•State-Of-The-Art Technology Throughout the Building
•Pad Available Immediately Adjacent to OPMOB I for a Second 29,500 Square Feet OPMOB II Development in Planning Stage
•Part of the Galleria 115 Mixed Use Development - Anchored by Restaurants, Banks, Luxury Multi-Family Developments, Retailers, and Corporate Offices in High Traffic Area at the Heart Of the Overland Park Business Area
•$4.6 Million Total Equity Raised by Investors (25% of Total Development Costs)
•Construction Financing by Academy Bank
•Sold to Montecito Medical Real Estate out of Nashville, TN in October 2026 for $27,550,000