Greenway Park. Picture courtesy of Vitalis
Advenir has acquired Greenway Park, a 109,000-square-foot medical workplace and scientific analysis facility in San Antonio. Gemini Rosemont bought the Class B property which traded for $179 per sq. foot, CommercialEdge knowledge reveals. The ability was totally leased on the time of the sale.
The customer financed the acquisition with assist from a $30 million acquisition mortgage, offered by Financial institution of America, in accordance with the identical supply. Vitalis brokered the transaction.
Accomplished in 1983, the three-story constructing underwent beauty renovations in 2002. The 5-acre property consists of 374 parking areas at a ratio of three.4 per 1,000 sq. ft, managed entry and two passenger elevators.
Worldwide Medical is anchoring the constructing and has been doing so since 2005, occupies 85 p.c of the house and has invested $5 million within the facility. The analysis group consists of 200 beds for in a single day research, a cGMP pharmacy, pattern processing lab and Class 10,000 clear room. WellMed is occupying the remaining house and has made a capital funding as properly to be able to accommodate 12 suppliers on the clinic.
Greenway Park is subsequent to Interstate 410 at 2455 SE Loop 410, 11 miles from downtown San Antonio. Medical suppliers within the surrounding space embody Brident Dental & Orthodontics, Webb Eye Associates, Medico MD Medical and Dental and Dixon Well being & Wellness Heart, amongst others.
Well being-care funding in Texas markets
A number of corporations made investments within the Texas health-care actual property sector for the reason that starting of the 12 months. In early 2023, Massive Sky Medical made its first buy in El Paso, Texas, with the acquisition of Texas Tech Physicians of El Paso at Transmountain, a 110,465-rentable-square-foot medical workplace constructing. Round that very same time, Montecito Medical continued to broaden, including a 31,247-square-foot medical facility in Plano, Texas, to its Dallas-Fort Value portfolio.
Within the second quarter of 2023, FI Actual Property Capital Administration purchased a 49,320-square-foot medical workplace constructing in Mission, Texas. MedProperties Realty Advisors additionally bought the newly constructed Medical Heart of Tomball by way of its Fund IV.
Final month, Lincoln Property Co., in partnership with Virtus Actual Property Capital, acquired Methodist Southlake Medical Workplace Constructing, an 82,238-square-foot facility in Southlake, Texas.
