A regional lender has engaged The McEnery Company on multiple occasions to provide an AS IS opinion of the market value of the former Garden Park Hospital in Gulfport, MS. The facility is a 126,388 square foot former regional hospital located just outside Downtown Gulfport. In its current state, the property has been re-purposed as a multi-tenant medical and educational facility with three main tenants including Canon Hospice, Select Specialty Hospital, and Memorial Hospital. The current configuration of the space includes extensive office area, a full service long-term acute care hospital (LTACH) wing, as well as intensively design medical purpose space. During our first appraisal, the property was temporarily anchored by the University of Southern Mississippi Gulf Coast Campus on a short-term basis. Our analyses included extensive market area and highest and best use studies necessary to gauge a realistic stabilized occupancy with due consideration for current and projected income potential.
