NORTH CAROLINA-BASED FIRM ADDS 35,000 SF SAN ANTONIO ASSET TO PORTFOLIO
Staff Reports
Oaks Development Group recently closed on the purchase of the new
Shavano Oaks II, a 35,000 square foot MOB in north central San Antonio.
HREI™ photo
The Texas office of Cary, N.C.-based Oaks Development Group recently closed on the purchase of the new Shavano Oaks II, a 35,000 square foot medical office building in north central San Antonio.
Construction of the medical facility was completed in October, with tenant build outs slated for completion in early 2009.
Oaks Development Group placed the building under contract while it was under construction and started marketing the property to prospective tenants. About 70 percent of the space was preleased when Oaks Development closed on the acquisition.
According to a statement from Oaks Development, the firm plans to make ownership stakes available to tenants of the building.
Under the ownership plan, tenant-owners would receive pro-rata distributions from operations and refinancing as the value of their investment increases over time.
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