Fort Wayne Eye Investors, LLC
Acquisition & Disposition (Sale/Leaseback)
Overview of Tenant & Property
Ophthalmology Consultants of Fort Wayne, Indiana, provides ophthalmology and optometry care for the whole family, from routine eye exams to specialized medical and surgical care. As the largest eye clinic in the Fort Wayne market, they operate in two fully leased medical office buildings with a combined 31,000 SF and value of $8.7 million.
In 2015, the founding physicians of the ophthalmology practice were approaching retirement age and had planned on using the equity in the two medical office buildings as a tool in their succession planning. They wanted to structure a deal that would allow the younger physicians in the practice to buy into the buildings without having to take full ownership.
Crown MedRealty specializes in helping physician groups with succession planning for just this situation. Our team met with the physicians and proposed a sale/leaseback arrangement. Crown MedRealty structured a deal to buy the buildings from the physician owners and set up a 15-year lease for the practice to continue operating in the same two medical office buildings. This change of property ownership freed up the physicians’ equity so they had more liquidity in their assets to develop a sound structure for the foreseeable future for all the partners.