CBRE facilitated the sale of a 272,636-square-foot outpatient clinic in Austin, Texas for $142 million. The facility is operated by the U.S. Department of Veterans Affairs and was represented by CBRE’s Will Pike who led a team on behalf of seller Health Care Property Advisors. The buyer remains undisclosed.
The two-story property is fully leased to VA and was originally constructed in 2013 as the largest freestanding medical clinic serving veterans in the country at that time; offering physical therapy, mental health counseling, neurology services and more to attract over 300,000 patients annually.
“Austin’s healthcare demand drivers promote long-term viability for this build-to suit facility for VA while adding appeal as a stable investment property amid turbulent capital markets,” said Mr Pike about this transaction which provides an opportunity to capitalize on strong fundamentals within an attractive market like Austin..
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