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5/07/14
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A subsidiary of Senior Housing Property Trust (SNH) has purchased the Texas Center for Athletes, a 128.3k sf, state-of-the-art medical office building in San Antonio’s South Texas Medical Center. The price was not disclosed.
The four-story, Class A asset is located at 21 Spurs Lane, adjacent to the San Antonio Spurs training facility. Built in 2006, Texas Center for Athletes includes a surgery center, various medical specialties, a pharmacy, therapeutic spa and an on-site deli. The property was 98 percent leased at the time of sale.
The seller, Sports SA Holdings, was represented in the sale by Transwestern’s Senior Managing Director Alan Grilliette and Executive Managing Director Russell T. Noll. Transwestern was originally engaged by Sports SA Holdings to provide property management and leasing services in November 2012 when the building was 86 percent occupied. SNH retained Transwestern for commercial real estate services going forward.
“SNH was attracted to the asset’s quality, as well as the quality of its specialty practices and surgery center,” said Grilliette. “Medical office buildings are among the most sought-after investment classes today. We had a tremendous amount of interest in this high-quality asset, primarily from REITs and private equity investment funds.”
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