MedProperties Expands Texas MOB Portfolio
- Aug 23, 2018
MedProperties Realty Advisors LLC and has purchased three medical office buildings in the Austin metroplex. The portfolio comprises a 20,167-square-foot property in Round Rock, Texas, and a 27,554-square-foot building in Dripping Springs, Texas. In a partnership with Equity LLC, Med Properties also closed on the ground-up development of a two-story, 40,000-square-foot medical facility in Lakeway, Texas.
The Lakeway medical facility will be built on a 2.8-acre site about 21 miles northwest of Austin. Baylor Scott & White’s medical campus center is nearby. Security State Bank & Trust provided debt for the Lakeway project’s development costs. BSA LifeStructures is designing the building, with the property scheduled for completion in April 2019.
The Dripping Springs facility is fully leased with a weighted average lease term of 10 years. Tenants here include orthodontics, neurology, urology, pain management, diagnostic imaging and gastroenterology services. The facility in Round Rock is 93 percent leased with an average lease term of nine years and features plastic surgery, minimally invasive surgery, dental and primary care services. Capital One Healthcare Managing Director Erik Tellefson arranged debt financing for the Dripping Springs and Round Rock acquisitions.
“Austin is a desirable market that is dominated by strong healthcare systems such as Seton Healthcare Family, St. David’s Healthcare and a growing presence of Baylor Scott & White, one of the largest health systems in the country,” said Darryl Freling, managing principal of MedProperties, in a prepared statement.
In February, MedProperties also purchased the 32,987-square-foot Lakeside Professional Building in Bastrop, an Austin suburb. Currently, the company owns four properties in the area, totaling more than 120,000 square feet.