Transwestern Represented Seller, Was Retained by Buyer for Leasing and Management
(MAY 6, 2014 – SAN ANTONIO) – Transwestern’s San Antonio office today announces it completed the sale of Texas Center for Athletes on behalf of Sports SA Holdings LP. The 128,347-square-foot, state-of-the-art medical office building in San Antonio’s South Texas Medical Center was 98 percent leased at the time of sale. The four-story, Class A asset is located at 21 Spurs Lane, adjacent to the San Antonio Spurs training facility. Sports SA Holdings was represented in the sale by Transwestern’s Senior Managing Director Alan Grilliette and Executive Managing Director Russell T. Noll. A subsidiary of Senior Housing Property Trust (SNH) purchased the building.
“SNH was attracted to the asset’s quality, as well as the quality of its specialty practices and surgery center,” said Grilliette. “Medical office buildings are among the most sought-after investment classes today. We had a tremendous amount of interest in this high-quality asset, primarily from REITs and private equity investment funds.”
“It is rare for owners to time the sale of an asset to obtain the highest value possible in the life cycle of the real estate,” said Noll. “In the case of Texas Center for Athletes, we were able to assist the owners in accomplishing this goal.”
Built in 2006, Texas Center for Athletes includes a surgery center, various medical specialties, a pharmacy, therapeutic spa and an on-site deli. Transwestern was originally engaged by Sports SA Holdings to provide property management and leasing services in November 2012 when the building was 86 percent occupied. SNH retained Transwestern for commercial real estate services going forward.
Grilliette and Noll are part of Transwestern’s Central Texas Capital Markets Group, which is active in the Texas markets of Austin, San Antonio, Corpus Christi and the Rio Grande Valley.
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. As a member of the Transwestern family of companies, the firm capitalizes on market insights and operational expertise of independent affiliates specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 181 offices in 40 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit transwestern.com and follow us on Twitter: @Transwestern.
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