Vitalis closed on a 109,000 SF specialty facility located in San Antonio, TX for $179 PSF. Greenway Park is 100% leased and anchored by Worldwide Clinical and WellMed (Optum) on long term leases.
Worldwide Clinical Trials (WWCT) is a leading global Contract Research Organization (CRO) that conducts clinical trials for pharmaceutical and biotechnology companies. Since taking up occupancy in 2005, WWCT more than doubled their presence at Greenway Park (85% of the building) and recently invested over $5 mm in tenant improvements. The mission critical facility conducts over 100 studies annually and includes 200 beds for overnight studies, Class 10,000 clean room, cGMP Phase I pharmacy and a full-service sample processing lab, which delivers +600,000 samples per year.
The balance of the building is occupied by WellMed. Greenway Park was one of WellMed’s first locations at its inception in the early 90’s. Today, WellMed is partnered with Optum Health and services more than 1 million older adults with over 16,000 doctors’ offices in Texas and Florida. WellMed has demonstrated commitment to this location through investing significant capital in their space reconfiguring their layout to accommodate 12 providers.
San Antonio marks the fourth closing for Vitalis in the past week.
“Closing four deals with four different owners within a week is remarkable given the volatility in the debt markets.” Said Managing Director Elliot LaBreche. “Most banks are on the sidelines, yet our investors are eager to increase exposure to healthcare real estate. Patience paid off as we waited for private markets to reprice. This tranche has a blended cap rate of 7.9% and 8.5 year of WALT.”
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About Vitalis: Elliot LaBreche is the founder of Vitalis, a vertically integrated real estate investment company focused on medical office and life science investment sales, acquisitions, and leasing across the US.
About Advenir: Stephen Vecchitto, founded Advenir in 1996 and serves as the company’s Managing Director. Advenir acquires, develops, and manages multi-family and single-family rental communities on behalf of high net worth and institutional investors. Advenir’s current multi-family portfolio consists of 15,000 units valued at over $3 Billion.
Media Contact: Abigail Kind, 802.881.9278
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