Post Bankruptcy, Austin Hospital Sells for $115M

The asset includes a 147,000-square-foot hotel-like hospital, a 79,708-square-foot medical office building and 508 parking spaces.
Forest Park Medical Center Austin

Forest Park Medical Center Austin

Austin, TexasSt. David’s HealthCare had been looking to expand its North Austin Medical Center for a while now and it recently announced the acquisition of Forest Park Medical Center – Austin for approximately $115 million from FPMC Austin Realty Partners.

The 146,997-square-foot luxury hospital, along with a 79,708-square-foot medical office building and 508-space parking garage were marketed on behalf of the seller by Schott Herbold, first vice president of CBRE Capital Markets’ investment properties team. Herbold worked alongside Chris Bodnar, Lee Asher and Greg Greene of CBRE’s US Healthcare Capital Markets team and KOA Partners.

Forest Park Medical Center – Austin, originally planned to be a physician-majority owned and governed hospital, filed for Chapter 11 bankruptcy protection in January this year, shortly after the construction was finalized.

The hospital is located on 8.5 acres in the suburb of Round Rock and includes 40 private inpatient suites with 12 VIP/family suites, 10 operating rooms, 2 procedure rooms and 6 intensive care units. The common areas and restrooms of the four-story on-campus medical office building have been completed, along with the parking garage. St. David’s HealthCare intends to operate the facility, which will house the campus of St. David’s North Austin Medical Center as a specialty surgery hospital.

Image courtesy of Neal Richards Group