Woodside Health JV Buys Austin Medical Campus

A joint venture between Woodside Health and Heitman has acquired Twelve Oaks Professional Center, a 42,500-square-foot medical office campus in Austin, Texas. KPG Commercial previously owned the asset, according to Yardi Research Data.

KPG had acquired the complex from Falcon Southwest in August 2017, the same source shows. The firm financed the purchase with a $6.1 million loan from Independent Bank.

Located at 11623-11645 Angus Road, some 13 miles from downtown Austin, the five-building campus has easy access to Interstate 183. Austin-Bergstrom International Airport is less than 19 miles southeast.

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Completed in two phases in 1978 and 1981, the buildings rise one and two stories. The property has two passenger elevators and about 200 parking spaces. Tenants include Elysian Plastic Surgery, Allergy & Asthma Center of Austin and Arboretum Vision Care Optometrists and Optical, according to Yardi Research Data.

Nationally, medical office building investment totaled $3.5 billion in the first half of the year, marking a 19 percent year-over-year decrease, according to a mid-year Cushman & Wakefield outlook. Single-asset sales outpaced portfolio deals by 50 percent.

Woodside’s recent MOB expansion

This deal marks Woodside’s 66th acquisition since its founding in 2008. The company has acquired more than 4 million square feet of office and health-care assets across the U.S., transactions amounting to roughly $1.5 billion.

Last month, the firm bought The Physicians Centre, a 126,059-square-foot medical outpatient facility in Bryan, Texas. A private investor sold the four-story asset.

In another recent deal, Woodside purchased two medical office buildings in Greater Orlando, Fla. The properties total almost 50,000 square feet and were fully leased at the time of sale.