JV Nabs Bastrop’s Lakeside Professional Building

Med Properties Holdings LLC partnered with Equity LLC to acquire the 32,987-square-foot Lakeside Professional Building in Bastrop, TX, a suburb of Austin. The Dallas-based MedProperties, and Equity, which is headquartered in Ohio, regard the medical office building as a value-add play, with plans to possibly expand the facility at 3101 SH 71 E by 12,000 square feet.

The seller is listed as GSS Lakeside Properties Ltd. The sales price was not disclosed.
MedProperties’ Darryl Freling noted that St. David’s Healthcare, which owns ER services next door to the Lakeside Professional Building, is planning to expand services. This would “create the need for additional medical office space for the surgeons working there,” Freling said. Other positives with the facility, he went on to say, are a 93% occupancy rate and strong tenancy, which includes the Family Health Center of Bastrop, one of the largest family practice groups in the area.

The deal is the fourth for the joint venture.

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