Austin VA Clinic Trades for $142M
Healthcare Property Advisors sold the asset in a deal arranged by CBRE.
7901 Metropolis Drive. Image courtesy of CBRE
Boyd Watterson Asset Management has acquired a 272,636-square-foot outpatient clinic in Austin, Texas, CommercialEdge data shows. Healthcare Property Advisors sold the asset for $142 million and was represented by CBRE in the transaction. U.S. Department of Veterans Affairs is operating the property.
According to CommercialEdge, the facility last traded in 2016, when Healthcare Property Advisors purchased the clinic from Cullinan Properties with the help of a $121.5 million acquisition loan by Wells Fargo Bank.
The Class A building rises two stories on 35 acres and came online in 2013. The property features 138,000-square-foot floorplates, five passenger elevators, controlled access and offers 1,238 parking spaces.
At the time of its construction, the facility was the largest freestanding medical clinic serving veterans in the metro. The clinic provides medical services such as physical therapy, radiation treatments, prosthetic replacements, cardiology, neurology and mental health counseling.
Located at 7901 Metropolis Drive, the property is near the Austin-Bergstrom International Airport and 7 miles southeast of downtown Austin. Other medical providers in the surrounding area include D&A Medical Center in Austin, Nova Medical Centers, Next Door Health and Central Texas Allied Health Institute.
The CBRE team representing the seller included Vice Chairman and Managing Director Will Pike, Vice Chairman Lee Asher, Executive Vice President Brian Pfohl, Investment Sales Director Cyrus Felfeli and First Vice President Jordan Selbiger.
Over a 12-month period ending in July, 10 medical office buildings changed hands in the Austin market, totaling 421,773 square feet, CommercialEdge data shows.
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