NEW YORK-BASED REAL ESTATE ENTITY BUYS STONETERRA MEDICAL PLAZA
By John Mugford
Because potential buyers of medical office buildings (MOBs) have become more selective about their transactions in the current economy, some properties are sitting on the selling block a bit longer than they would have just a year or so ago. But eventually, professionals in the industry say, good properties will end up in a new buyer’s hands.
The recently sold Stoneterra Medical Plaza – located near two hospitals in San Antonio, North Central Baptist and Methodist – is a good example, according to Alex Zylberglait, who is with Marcus & Millichap Real Estate Investment Services in Miami.
He and business partner Ryan Shaw represented both the buyer and seller of Stoneterra, which was on the market since mid-September before being sold on April 1.
In that time, the former BOMA San Antonio “The Office Building of the Year” (TOBY) award winner, went from an occupancy in the low 90s to 100 percent.
“This is a good example that there is interest in a good property,” says Mr. Zylberglait. “It’s a newer building that was completed in 2006 and is now fully stabilized, it’s within minutes of two hospitals, is fully occupied with tenants signed to long-term triple net leases, and it’s an area where household incomes are in six figures.”
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE