275K-SF VA Center Sells at Asking Price

Cullinan Properties, headquartered in Illinois, sold the Austin Veterans Administration outpatient at 7901 Metropolis Dr. in Austin, TX. The buyer is affiliated with the Innovation Institute in La Palma, CA. Ryan Butler, Brad Moulder and Anne Perrault of Stan Johnson Company represented the property’s seller and developer. James McGrade of HPA Realty, Inc. represented the buyer.

The three-year-old, 275,000-square-foot asset was placed on the market at a $160 million ask, according to CoStar. CoStar also indicated that the transaction represented the largest healthcare asset sold in the United States in 2016.

The asking price was met in the sale, amid a great deal of interest. “The profile of this asset appealed to a multitude of investors – both foreign and domestic,” Butler said. “Ultimately, we were pleased to help our client achieve excellent pricing, and to see the buyer acquire a legacy asset of generational quality.”

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