Newmark Completes $15M Sale of Wichita Surgery Center
Newmark has completed the $15.3 million sale of Cypress Surgery Center, a 33,620-square-foot outpatient surgery building 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.
“Investor interest in healthcare assets remains incredibly competitive throughout the U.S.—including in tertiary markets,” said Appel. “We were pleased to assist both DeSanto Realty Group and Montecito Medical Real Estate execute their strategic visions in relation to this asset.”
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.
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