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1/17/17
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The Austin VA Outpatient Clinic, a 275k sf, freestanding outpatient clinic in Austin, TX, was purchased by an investor who is affiliated with The Innovation Institute, based in La Palma, CA. The sale represents the largest healthcare asset sold in the United States in 2016, per CoStar records.
The property, located at 7901 Metropolis Dr, was completed in 2013. The LEED Silver-equivalent facility is in one of the fastest growing cities in the United States. Adjacent to the 35-acre property is the Austin-Bergstrom International Airport, which had an all-time record of more than 11 million travelers in 2015, growing 11% year-over-year versus 2014.
The Austin VA Clinic is part of the Central Texas Veteran Health Care System, a network supporting more than 1.68 million Texas-resident servicemen and women. Upon its completion, the facility represented the largest freestanding medical clinic of its kind in the nation. Today, the Austin VA Clinic accommodates more than 300,000 patient visits annually and draws from 39 counties in central Texas, a region with more than 3.5 million people. A full spectrum of specialty and routine primary care is provided, including audiology, cardiology, mental health, neurology, oncology, radiation, prosthetics and rehabilitation treatments.
Ryan Butler, Brad Moulder and Anne Perrault of Stan Johnson Company represented the seller and developer, Cullinan Properties. James McGrade of HPA Realty Inc repped the buyer in the deal. According to Butler, the listing received multiple offers and ultimately sold at full asking price.
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