April 27, 2022 10:30 AM
Newmark announces it has completed the $15.3 million sale of Cypress Surgery Center, a 33,620-square-foot outpatient surgery center located within the Cypress Medical Park in Wichita, Kansas. Newmark Executive Managing Director Ben Appel, in cooperation with Vice Chairman Bert Sanders, represented both the seller, DeSanto Realty Group, and the buyer, Montecito Medical Real Estate. Appel, along with Senior Managing Directors Jay Miele and Michael Greeley and Managing Director John Nero, collectively lead Newmark’s Healthcare Capital Markets group. Senior Managing Director Tim Brogan also provided support on the transaction.
“Investor interest in healthcare assets remains incredibly competitive throughout the U.S. especially for such high-quality and high-performing outpatient facilities, like this one,” said Appel. “We were pleased to assist both DeSanto Realty Group and Montecito Medical Real Estate.”
The outpatient surgery center is 100% leased to a joint venture between Surgery Partners (51%) and a group of 137 local physicians (49%) under a long-term lease. The surgery center contains six operating rooms, three pain rooms and two endoscopy suites.
Located at 9300 East 29th Street, Cypress Surgery Center is one of three buildings in Cypress Medical Park—an 8.93-acre, 117,777-square-foot campus. Cypress Medical Park benefits from its location on Highway K-96, along what is known as the “Northeast Medical Corridor” of Wichita, within minutes of the University of Kansas School of Medicine, the Kansas Heart Hospital and the Kansas Spine Center.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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