San Antonio Medical Center Changes Ownership
The three-story, 42,000-square-foot medical facility was 95 percent leased to eight medical practices on triple-net leases.
By Anca Gagiuc
Connally Oaks Medical Center, San Antonio
Ridgeline Capital Partners acquired the Connally Oaks Medical Center in San Antonio, south of the Northeast Baptist Hospital. The deal marks the company’s seventh acquisition since its launch in early 2014.
Built in 2008, the three-story, 42,000-square-foot Connally Oaks Medical Center is situated a 2130 NE Loop 410. The class A asset is 95 percent occupied by eight medical practices on triple-net leases, anchored by a national oncology group. Other tenants include primary care, physical therapy, neurology, podiatry, dentistry and pain management specialists.
Compelling asset
“This acquisition was attractive for us due to the property’s strategic location, high visibility, strong tenants and institutional quality construction,” Jeff Axley, Ridgeline’s founder & managing principal, said in prepared remarks.
“The high-quality construction and highly specialized uses make this a compelling asset for us. The purpose-built cancer center, which includes a linear accelerator vault, offers leading-edge treatments in medical and radiation oncology and chemotherapy. The oncology group’s proven long-term commitment combined with other best-in-class providers on the second and third floors, makes this a very attractive asset,” added Hunter Cain, Ridgeline’s senior vice president.
The transaction falls under the company’s mission, which entails the acquisition of healthcare facilities in Texas and across the sun Belt with more than 40,000 square feet and occupancies ranging from 50 to 100 percent.
Image courtesy of Ridgeline Capital Partners
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