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Key Facts
Year Built | 1981 |
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Property Description
• Seven buildings totaling 227,657 square feet on 13.64 acres, providing a critical mass of high quality, medical office product in the desirable South Texas Medical Center market
• Conveniently located on Fredericksburg Road, less than one mile from the Loop 410 and Interstate 10 interchange
• Fredericksburg Road, with traffic counts exceeding 37,000 VPD, is the primary north-south thoroughfare accessing the South Texas Medical Center, which is less than one half of a mile from the Property
• 1,300 linear feet of frontage on Fredericksburg Road, offering tenants remarkable visibility and exceptional access for patients
• Ideally positioned to meet the rapidly growing demand of healthcare services in the area, supported by the South Texas Medical Center’s 12 hospitals and 4,200 inpatient beds
• Recent capital investments have greatly enhanced the Property’s curb appeal and solidified its position as a highly desirable medical office destination in the market
• Ample surface parking surrounding each building, allowing convenient and direct access for all tenants and visitors
Investment Highlights
• Highly sought after medical office building complex located on Fredericksburg Road, adjacent to the South Texas Medical Center
• Credit tenants including Baptist Health System, MEDNAX, BB&T, EEOC (GSA), and the Center for Healthcare Services
• Weighted average lease term of 5.1 years
• Substantial economic upside through lease-up and continued transition to medical uses
• Medical tenancy accounts for 73% of current occupancy
• 100% of rent was collected from May 2020 until January 2021 demonstrating the financial strength of the tenancy and the asset’s resiliency through the COVID-19 pandemic
• Strategic healthcare location adjacent to the 900-acre South Texas Medical Center
• Superior visibility and access from a major seven-lane road with 1,300 feet of frontage
• Substantial recent capital improvements in excess of $1.0M and over $9.0 million since 2012
• Acquisition well below replacement cost
• Convenient access to and from the Interstate 10 and Loop 410 interchange with traffic counts exceeding 435,000 VPD
• Top 25 MSA with over 2.6 million residents and projected growth of 8% in the next 5 years
• Population of approximately 383,000 within a 5-mile radius
• Excellent tenant mix with primary care, pediatrics, rheumatology, ophthalmology, optometry, radiology, pain management, and outpatient rehabilitation
• Over 13.6 acres of infill land

