For Immediate Release
Healthcare Realty acquires medical office park over 90% leased
SAN ANTONIO, TX, January 5, 2022 – Cushman & Wakefield announced the firm has represented Stream Realty Partners in the disposition of a 117,597 square foot Class A medical office park in San Antonio, Texas. The 3-building portfolio is 93% leased to a variety of tenants representing diverse medical specialties including larger anchor tenants in the fields of oncology, radiology and orthopedics.
Located at the intersection of E. Sonterra Boulevard and Stone Oak Parkway near Loop 1604, the Sonterra Medical Park was completed in 2004. Comprised of three two-story medical office buildings, the property is adjacent to North Central Baptist Hospital, operated by Baptist Health System, part of Tenet Healthcare Corporation (NYSE: THC) and Methodist Hospital Stone Oak, part of HCA Healthcare (NYSE: HCA). The proximity to these major hospital campuses and affluent demographic of Northern San Antonio makes Sonterra Medical Park an ideal location for medical office tenants.
Travis Ives and Gino Lollio of Cushman & Wakefield’s Healthcare Capital Markets Team collaborated with Todd Mills, Carrie Caesar and Hunter Mills of Cushman & Wakefield’s Central Texas Capital Markets Team on the assignment.
“Sonterra Medical Park checked all the boxes medical office investors are looking for: proximity to major hospital campuses, a synergistic mix of strong medical tenancy and the right combination of a dependable income stream with opportunities for growth over time,” said Ives. “We were not surprised to see the level of interest in the property given the amount of capital chasing medical office at this time. We’re seeing unprecedented pricing for assets like Sonterra all over the country right now.”
“The combination of our Central Texas Capital Markets and Healthcare Capital Markets Teams provided the horsepower to create a highly competitive process for the best execution for our client,” said Mills. “The Stream medical leasing team of Julie King and Lee McKenna did a tremendous job on executing the business plan and stabilizing this great project in 18 months. The duo were successful in bringing occupancy up to 93% over Stream’s relatively short hold.”
This is the third time Cushman & Wakefield has sold the property having brought it to Stream in October of 2019 at about 71% leased.
San Antonio’s healthcare market is resilient as the asset class has remained steady over the last 18-24 months. The Life Science and Healthcare Sector has an annual $40 billion economic impact on San Antonio.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
For Further Information Contact:
Blakely Despres
Communications Manager, Texas
Cushman & Wakefield
+1 972 663 9685
blakely.despres@cushwake.com
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
