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| The Jefferson medical office building, 1600 West 38th Street, Austin, TX |
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| John Smelter |
AUSTIN,
TX, Jan. 8, 2014 – Marcus & Millichap Real Estate Investment Services, the
nation’s largest real estate investment services firm, has arranged the sale of
The Jefferson, a 97,552-square-foot office building leased to
healthcare, medical and other professional tenants in Austin, Texas. The terms
of the sale were not released.
John Smelter, a senior
director of Marcus & Millichap’s Healthcare Real Estate Group in San Diego,
represented the seller, Velocis Jefferson LP. The buyer is Healthcare Realty
Trust Inc. Timothy Speck, first vice president, is Marcus &
Millichap’s broker of record in the state of Texas.
“The Jefferson is an extremely
well located medical and professional office building with a stable cash flow
and significant value-add potential,” says Smelter. “The previous owner spent
approximately $700,000 in capital expenditure improvements in the last two and
a half years.”
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| Timothy Speck |
“Based on the projected year one
NOI, the cap rate for the sale is 7.05 percent,” adds Smelter.
Located at 1600 West 38th St.
in Austin, the building is near three hospitals: the 425-bed Seton Medical
Center, the 89-bed Seton Shoal Creek Hospital and the 58-bed Heart Hospital of
Austin.
The
University of Texas at Austin is less than three miles away. Seton Medical
Center is Austin’s largest medical/surgical acute care center and was recently
named the top hospital in Austin on U.S. News & World Report’s Best
Hospitals 2013-2014 list.
The Jefferson’s two major tenants
are Seton Healthcare, which leases 24 percent of the building, and Austin
Radiological Association, which leases 14 percent of the building.
The
remainder of the property is leased to various medical and professional tenants
on three-to-five- year leases. The Seton Healthcare Family is a member of
Ascension Health, the nation’s largest nonprofit hospital system.
For
a complete copy of the company’s news release, please contact:
Gina
Relva
Public
Relations Manager
(925)
953-1716
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