Evergreen Medical Office

Location

Salt Lake City, UT

Investment Date

2012

Description

80,000 sq. ft. medical office building, dated construction and under 50% leased.

Status / Results

Project construction in process with over 50% of the building pre-leased. ICO Capital Finance providing construction financing. Anticipate >30% IRR.

Oppurtunity

Notes backing distressed, aged product, located adjacent to top 10 metro area hospital, available for purchase from bank. Project could be rehabilitated and marketed to medical professionals.

Investment Thesis

Demolish dated wings of the building, free up parking to allow for more user convenience, and rehab/modernize the building so upscale medical professionals would locate adjacent to one of the most successful hospitals in the Salt Lake City area.