RealtyMogul Buys Texas Medical Facility

Covenant Health System is the sole tenant of the 20,880-square-foot property in Lubbock.
3601 21st St. Image courtesy of JLL

RealtyMogul has purchased 3601 21st St., a 20,880-square-foot, single-tenant medical office building in Lubbock, Texas. The joint venture between Healthcare Property Advisors and The Innovation Institute sold the property, with the assistance of JLL.

Completed in 1966 and most recently renovated in 2003, the three-story building is fully leased to Covenant Health System under a triple-net contract. The multi-specialty physician group uses the facility to provide neurosurgery and spine-related services.

Located some 2 miles from the city center within the 200-acre Lubbock Medical District, the 1.2-acre property is across the road from the 394-bed Covenant Medical Center, the largest Covenant Health System hospital. The facility is also 7 miles from the $47 million short-stay hospital Covenant Health is building in partnership with Skiles Group.

The JLL Capital Markets team negotiating on behalf of the seller included Nick Foster, Evan Kovac, Andrew Milne, Matt DiCesare and Michael George. In addition, John Chun provided debt and structured finance advisory services.