Raymore MOB
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121 N Dean Avenue
This development involved the adaptive re-use and retrofitting construction of a single-story 17,480 sf retail building on a 2.12-acre site that is part of a 400,000 SF +/- Raymore Galleria power center with Walmart, Sam’s Club, and Lowe’s. The building now serves as a sports medicine, orthopedic, and physical therapy center.
Project Development Costs: $5.2 million, completed in March 2024
Developed By: Capital Assets and Development
Project Built By: Excel Constructors
Sold to Crown Med Realty in October 2024
Development Summary
•Three Healthcare Tenants Total – All on First Floor (Single Story Building)
•All Clinical Specialty Provider Tenants
•Total Project Development Costs $5.2 Million
•Year One Annual Net Operating Income Before Debt Service $472,110
•Annual Free Cash Flow During Interest Only Period (First 2 Years) of $225,000 Per Year Available for Distributions to Investors (Sold However After First Six (6) Months of Operations – Sale Decision Elected by Equity Investors)
•All Leases Full Triple Net (NNN)
•Clinical Specialty Provider Tenants on 11 Year Leases
•3% Annual Rent Escalators on All Leases
•State-Of-The-Art Technology Throughout the Building
•Conversion and Adaptive Re-Use of Former OfficeMax Building
•Part of the Raymore Galleria Shopping Center, - Anchored by Walmart, Sam’s Club, Lowe’s, and Other Major Retailers in High Traffic Area
•$1.3 Million Total Equity Raised by Investors (25% of Total Development Costs)
•Construction Financing by Arvest Bank
•Sold to Crown Med Realty out of Kansas City, MO in October 2024 for $6,740,000- See www.crownmedrealty.com