Overview
Matthews™ is pleased to present the opportunity to acquire a fully occupied medical office building located at 140 Stonecrest Road in Shelbyville, Kentucky. The property totals approximately 11,338 square feet and is 100% leased to a mix of regional and system-affiliated healthcare providers including Baptist Health Medical Group, SENTA, and Pulmonary Care Service. The tenancy reflects a balanced cross-section of medical specialties including primary care, ENT, allergy, and pulmonary medicine that serve the growing Shelby County and eastern Louisville markets.
Strategically positioned within the Louisville MSA, the property benefits from direct access to Interstate 64, providing connectivity to both Louisville and Lexington patient bases. The surrounding area includes several Baptist Health outpatient facilities, nearby retail such as Walmart, Lowe’s, Harbor Freight Tools, Arby’s, Wendy’s, and Save A Lot, and strong local demographics supported by nearby schools such as Shelby County High School and Martha Layne Collins High School.
With full occupancy, reliable credit tenancy, and proximity to one of Kentucky’s fastest growing healthcare corridors, this property offers a stable, income-producing medical investment with long-term growth potential.
Investment Highlights
- Anchored by Baptist Health – A Leading Regional Healthcare System – Baptist Health Medical Group occupies two suites totaling about 60 percent of the building. The tenant is a wholly owned subsidiary of Baptist Health (Fitch A+), Kentucky’s largest nonprofit healthcare system. The group has a long operating history at this address with renewals in place and continuing occupancy across both suites, including one term that extends to 2030.
- 100% Leased Multi-Specialty Medical Tenancy – The building is fully occupied by a complementary mix of specialties including primary care, ENT and allergy, pulmonary care, and general medical users. This balanced lineup keeps referral activity on site and supports stable long-term occupancy and income.
- Established Medical Corridor Location – Situated along Stonecrest Road in Shelbyville, the property benefits from proximity to multiple Baptist Health outpatient sites, including urgent care, primary care, occupational medicine, and other complementary medical practices. The corridor draws patients from the broader Shelby and Oldham County submarkets, providing excellent long-term positioning for healthcare tenancy.
- Excellent Market Fundamentals – Shelbyville offers stable suburban growth with expanding households, a rising service and healthcare employer base, and comparatively lower occupancy costs than core Louisville. Limited medical office supply in the immediate submarket supports sustained demand and tenant retention.
- Attractive Basis Relative to Replacement Cost – At a price of approximately $170 per square foot, the property offers an appealing basis well below current replacement cost for comparable medical office construction. Given rising land, material, and labor costs, acquiring a fully leased, stabilized asset at this pricing provides a compelling value compared to new development.
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