Medical office buildings rarely trade inside Park City proper, so a sourcing assignment for this asset class usually widens first to the clinic corridor near Round Valley and Quinns Junction, then out toward Heber City before a workable candidate surfaces. The scope of work starts with a supply survey, not a single listing, and it is built to hand off cleanly to a lender and a qualified intermediary once a target is named. Getting that survey right at the outset avoids resetting the search halfway through the forty-five-day window.
A sourcing package for this asset class covers single-tenant clinic buildings, multi-tenant medical office with shared imaging or lab space, and the occasional physician-owned condo unit inside a larger Park City mixed-use building. Square footage in the Basin tends to run smaller than metro medical office stock, so the search radius is set early rather than discovered late in diligence.
Tenant mix drives the bid comparison more than finish quality does. A single-specialty physician group lease reads differently than a hospital-system-backed lease, and that distinction changes how the replacement candidate is scored against the relinquished property's income and debt profile.
Comparable sales data for this asset class is thin locally, so a sourcing scope typically pulls in transactions from the broader Wasatch Back and Salt Lake Valley to build a credible pricing range rather than relying on the one or two Park City-area sales that may exist in a given year.
Before a candidate goes on the identification list, the sourcing package is assembled so the investor's lender and advisor team can move without waiting on a second document request. A typical package includes:
Each line item is dated and logged as it is received, since a missing document discovered on day forty is a much harder problem than one flagged on day ten.
Direct Park City stock is limited, so most sourcing work runs through the Snyderville Basin clinic corridor and out along US-40 toward Heber City. A wider radius is set from the start rather than discovered mid-diligence, which keeps the identification timeline from slipping.
Like-kind treatment applies to the real property itself, not the lease format, so net, modified gross, and full-service structures can all work. The lease structure still matters for underwriting and cash flow comparison, just not for exchange eligibility, and that distinction is worth confirming with the investor's advisor early.
A hospital-backed lease usually underwrites faster than a single physician group lease with a personal guarantee, which can shift how much diligence time is left before the forty-five-day identification deadline. Weaker tenant credit means the credit summary should be requested earlier, not later, so the lender has time to react.
A price or debt shortfall between the START EXCHANGE REVIEW and the replacement purchase can create boot, which is a question for the investor's CPA rather than something resolved during sourcing. The sourcing package flags the shortfall so the advisor conversation happens before closing, not after, while there is still time to adjust the purchase structure.
Third-party engineers and environmental consultants run those reports; the sourcing role is to schedule them early enough that findings land inside the diligence window rather than after an identification has already been filed. Reports ordered late tend to become the reason a candidate has to be dropped from the list.
Net lease, modified gross, and full-service structures all show up in this corridor, and the lease structure itself does not determine like-kind eligibility since that test applies to the real property, not the rent format. What matters for scope clarity is whether the tenant's covenant, renewal history, and improvement obligations line up with what the investor is trying to replace.
Physician group leases sometimes carry personal guarantees that expire with a retiring partner, and that detail belongs in the submittal package rather than surfacing after the identification window has already closed.
Renewal option language is read closely as well, since a below-market renewal right can suppress a building's resale value even while current rent looks strong on the rent roll.
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