CBRE Helps Seller Spin Off $142M VA Facility

CBRE has facilitated the $142 million sale of a 272,636-square-foot outpatient clinic in Austin, Texas. The facility is operated by the U.S. Department of Veterans Affairs. Will Pike led a CBRE team who represented the seller, Health Care Property Advisors, in the transaction. The buyer was not disclosed. 

The two-story property is fully leased by the VA. Originally constructed in 2013, the outpatient clinic replaced older VA facilities in Austin, and at the time of completion was the largest freestanding medical clinic serving veterans in the country. The facility offers a myriad of services including physical therapy, mental health counseling, and neurology among many others. These services attract more than 300,000 patients to visit this clinic annually. 

“The healthcare demand drivers in Austin promote the long-term viability of this build-to-suit facility for the Department of Veterans Affairs and add to the appeal of this stable investment property in a turbulent capital markets environment,” said Mr. Pike.