FLOWOOD, MS (May 17, 2018)
Mission Capital Advisors, a leading national real estate capital markets solutions firm, announced that its Asset Sales Group is marketing Riverchase Medical Suites, a 70,773-square-foot medical office property in Flowood, Mississippi, a suburb of Jackson, Mississippi. The Mission Capital team of Will Sledge, Kyle Kaminski and Tom Karras is marketing the property on behalf of the seller, a CMBS special servicer. The property will be auctioned on the RealINSIGHT Marketplace, with the bidding window opening on June 5 and closing on June 7.
The four-story property is occupied by a wide mix of medical office tenants, several of which serve the Merit Heath River Oaks Hospital. Constructed in 2003, the building is among the newer medical office properties in the market and is located directly across the street from the hospital.
“This asset is currently 99-percent occupied, however tenant roll in 2018 and 2019 presents investors with a unique, value-add opportunity in this supply-constrained market,” said Sledge. “This building’s prominence and strong location will make it extremely alluring to prospective tenants. We expect this offering to be attractive to both local buyers and national investors.”
The building sits on a 5.95-acre site, and features ample parking and inviting landscaping.
Added Kaminski: “Although a number of leases at the property are set to mature in the near future, there is a significant amount of demand for space in this market, so the property is unlikely to suffer vacancy issues for any protracted period of time. Medical office remains a relatively strong asset class nationwide, and opportunities to acquire a quality asset of this nature remain an infrequent occurrence.”