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6/15/16
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In a Texas medical property buy, St. David’s HealthCare purchased Forest Park Medical Center – Austin, a 147k sf luxury hospital along with a 79.7k sf medical office building and a 508-space parking garage in a transaction valued at about $115 mil. The assets were sold by FPMC Austin Realty Partners.
Forest Park Medical Center – Austin was planned to be a physician majority-owned and governed hospital focused on providing the highest quality care with the latest technology in a luxurious environment. FPMC Austin Realty Partners, the property’s real estate entity, filed for Chapter 11 bankruptcy protection in January 2016, shortly after construction completed.
Built in 2015 in the fast-growing Austin suburb of Round Rock, the campus is situated on 8.52 acres. Its design emulates the best of the hospitality industry—the hospital includes 40 private inpatient suites with 12 VIP/family suites, 10 state-of-the-art operating rooms, two procedure rooms and six intensive care rooms. The common areas and restrooms of the four-story on-campus medical office building have been completed along with the parking garage.
Scott Herbold of CBRE Capital Markets' Investment Properties team, teamed with Chris Bodnar, Lee Asher and Greg Greene of CBRE’s U.S. Healthcare Capital Markets team and KOA Partners to market the asset on behalf of the seller.
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