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| Single-tenant on-campus medical office building at 3601 21st Street Lubbock, TX |
LOS
ANGELES, CA, July 22, 2020 –
JLL Capital Markets announced today that it has closed the sale of 3601 21st
Street, a 20,880-square-foot, single-tenant, net-lease medical office property in
Lubbock, Texas.
JLL
represented the seller, a joint venture between Healthcare Property Advisors
and The Innovation Institute. The buyer was Los Angeles-based RealtyMogul.
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| Nick Foster |
3601
21st St. is fully leased to Covenant Health System, the dominant healthcare
provider in the region and the largest health care institution in West Texas.
Covenant
Health System is a wholly owned sub-network of Providence St. Joseph (Moody’s
Aa3).
The three-story property was completed in 1966 and most recently
renovated in 2003.
Situated on 1.21 acres, the building is within the 200-acre Lubbock Medical
District and at the front door of the 394-bed Covenant Medical Center, the
largest hospital by both bed count and revenue in the Covenant Health System
network.
The property is in Lubbock, which is the
Southwest’s preeminent medical center between the Dallas-Fort Worth Metroplex
and Phoenix.
 |
| Evan Kovac |
The JLL
Capital Markets team representing the seller, included Nick Foster, who
is part of the Corporate Finance Team; Evan Kovac, Andrew Milne and Matt
DiCesare from the National Healthcare Capital Markets Team; and Michael
George from the Dallas office of the Corporate Finance Team.
Additionally,
John Chun, who is a member of the National Healthcare Capital Markets
Team, advised from a debt and structured finance perspective.
“Despite
obvious challenges in the capital markets, single-tenant opportunities backed
by investment-grade tenants remain a bright spot for investors looking for
certainty of income,” Foster said.
“This
investment checked a lot of boxes and generated interest from single-tenant as
well as healthcare-focused capital sources.”
JLL
Capital Markets is a full-service global provider of capital solutions for real
estate investors and occupiers.
 |
| Andrew Milne |
The firm's
in-depth local market and global investor knowledge delivers the best-in-class
solutions for clients — whether investment advisory, debt placement, equity
placement or a recapitalization.
The firm has more than 3,700 Capital Markets
specialists worldwide with offices in nearly 50 countries.
Deal secured by Holliday GP Corp. (“HFF”) prior to being
acquired by JLL on July 1, 2019. HFF is now part of JLL. Real estate brokerage
services now provided by Jones Lang LaSalle Americas, Inc.
About
Healthcare Property Advisors
Healthcare Property Advisors (HPA) is a
national, full-service and vertically integrated medical office building
developer and investor specializing in healthcare real estate.
 |
| Matt DiCesare |
HPA partners with health systems, acute care,
pediatric and senior care hospitals and medical groups, across the United
States.
HPA
specializes in acquiring, developing, leasing and managing medical office
buildings, specializing in ambulatory care centers, clinics and parking
structures with the backing of institutional capital through our discretionary
Growth Fund and other joint ventures.
HPA’s efficient, hands-on management and ability
to enhance these properties with attractive economic returns for its investors,
while being mindful in delivering an asset that serves the purpose of the
community and its health systems.
Healthcare real estate requires more efficient
ways of delivering outpatient services, and with HPA’s background and
expertise, it is able to assist health systems in their future growth of
outpatient strategies.
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| Michael George |
About
The Innovation Institute
The Innovation Institute is an independent,
for-profit LLC structured to cultivate innovative solutions to transform
healthcare delivery. The Innovation Institute is owned by non-profit health
systems.
This collaboration taps into physicians,
employees and industry business partners to incubate and commercialize new
medical products and ideas through its Innovation Lab.
Comprised of three distinct elements – an
innovation lab, an investment fund, and a shared services group (Enterprise
Development Group), The Innovation Institute strives to “do more, with less,
for more people.”
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| John Chun |
About RealtyMogul
RealtyMogul
is a private equity firm with investments in over $2 billion of real estate.
The company directly acquires predominantly multifamily assets for its
portfolio as well as connects commercial real estate companies to capital from
individual investors through its industry leading online platform.
Backed by
leading VCs, RealtyMogul is one of the largest, most recognizable brands in
online real estate crowdfunding, with nearly 200,000 users investing over $500
Million in capital into hundreds of real estate projects nationwide.
The
RealtyMogul platform offers a wide variety of commercial real estate investment
opportunities: two public non-traded REIT offerings allow all members access to
commercial real estate opportunities with a minimum investment of $5,000, while
accredited investors enjoy access to REITs, individual private placement
transactions and investments eligible for 1031 exchanges.
For further
information, please visit realtymogul.com.
For more news, videos and research resources on
JLL, please visit our newsroom.
CONTACT:
Kimberly Steele
JLL Senior Associate
Public
Relations
Phone: +1 713 852 3420
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