Texas Tech Physicians of El Paso at Transmountain. Picture courtesy of Huge Sky Medical
Huge Sky Medical has acquired Texas Tech Physicians of El Paso at Transmountain, a 110,465-rentable-square-foot medical workplace constructing in El Paso, Texas. Healthcare Realty Belief bought the asset, and the ability additionally turned topic to a $36 million mortgage set to mature in 2025, in keeping with El Paso County information. The property was beforehand topic to a $33 million mortgage issued in 2019 and supplied by WestStar Financial institution, CommercialEdge knowledge reveals.
The four-story Class A facility accomplished in 2016 sits on 4.7 acres. The property options three passenger elevators, managed entry and presents 600 parking areas. Medical providers supplied embody a wide selection of specialties, starting from household medication to surgical therapies. The property is anchored by Texas Tech Well being, whereas the remainder of the area is occupied by BHS Physicians and Tenet Healthcare, which holds a 65-year unsubordinated internet floor lease, expiring in 2080, in keeping with CommercialEdge data.
The property is situated at 2000 Transmountain Highway, inside the Hospitals of Windfall-Transmountain campus, 14.5 miles from downtown El Paso. Different medical amenities within the space embody College Medical Heart of El Paso – West, Kids’s Pediatric Observe and Windfall Medical Companions – Resler, amongst others.
Huge Sky Medical’s Texas presence
The present acquisition marks the corporate’s entry within the El Paso well being care sector. Presently, the market has a listing of 120 medical workplace buildings, a complete of roughly 6.3 million sq. toes, CommercialEdge knowledge reveals.
The corporate has been increasing its Texas footprint not too long ago, together with a number of acquisitions final yr. By way of a $190 million mortgage supplied by Capital One, Huge Sky Medical bought Westinghouse Constructing at Windfall Park, a 175,725-square-foot facility in Faculty Station, Texas, in November 2022. On that very same day, the corporate closed on one other asset, Greenpark One, a 134.910-square-foot medical workplace constructing in Houston, marking it as its second funding within the Houston market. Later within the month, the agency acquired, via the identical fund, a 122,942-square-foot facility inside the Texas A&M Well being Science Heart campus in Bryan, Texas.
New instructions for the corporate
Final week, it was introduced that Bahrain-based GFH Monetary Group bought a majority stake in Huge Sky Asset Administration. Huge Sky will proceed to personal the corporate alongside GFH. In a ready assertion, Nael Mustafa, co-chief funding workplace at GFH, stated that the corporate has already acquired two medical workplace portfolios via a three way partnership valued at greater than $800 million. Again in April, Newmark facilitated the formation of the partnership.
Up till now, Huge Sky was targeted on markets within the Southwest, Southeast, Midwest and Mid-Atlantic. A brand new technique is taking form in 2023, as the corporate not too long ago made its first enlargement into the far West, with the acquisition of Valley Orthopaedics, a medical workplace constructing situated in Modesto, Calif., 90 miles east of San Francisco.
