SoCal Buyer Ends 10-Year Hold, Sells Medical Asset

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A private partnership based in Los Angeles ended its 10-year hold on a 41,616-square-foot medical office building in north central San Antonio. The Central Texas buyer paid an undisclosed amount for the 100%-leased asset at 8307 Gault Lane. The assessed value of the asset is $3.6 million.

Joshua Swank with NAI Partners marketed the property on behalf of the seller, and secured the buyer. Swank noted that, while the asset was stable, “the range in value offered to acquire the property was fairly wide, as there were several different investment strategies planning to be used by different prospective purchasers, due to the short-term nature of the lease in place.”

He added that there was plenty of interest in the asset. “Essentially, investors are actively seeking real estate investments in high-growth markets,” he said, noting that San Antonio’s North Central submarket is forecast to grow north of 9% over the next five years.

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