Advenir Buys San Antonio Medical Office Asset

Greenway Park. Image courtesy of Vitalis

Advenir has acquired Greenway Park, a 109,000-square-foot medical office and clinical research facility in San Antonio. Gemini Rosemont sold the Class B property which traded for $179 per square foot, CommercialEdge data shows. The facility was fully leased at the time of the sale.

The buyer financed the purchase with help from a $30 million acquisition loan, provided by Bank of America, according to the same source. Vitalis brokered the transaction.

Completed in 1983, the three-story building underwent cosmetic renovations in 2002. The 5-acre property includes 374 parking spaces at a ratio of 3.4 per 1,000 square feet, controlled access and two passenger elevators.

Worldwide Clinical is anchoring the building and has been doing so since 2005, occupies 85 percent of the space and has invested $5 million in the facility. The research organization includes 200 beds for overnight studies, a cGMP pharmacy, sample processing lab and Class 10,000 clean room. WellMed is occupying the remaining space and has made a capital investment as well in order to accommodate 12 providers at the clinic.

Greenway Park is next to Interstate 410 at 2455 SE Loop 410, 11 miles from downtown San Antonio. Medical providers in the surrounding area include Brident Dental & Orthodontics, Webb Eye Associates, Medico MD Medical and Dental and Dixon Health & Wellness Center, among others.

Health-care investment in Texas markets

Several companies made investments in the Texas health-care real estate sector since the beginning of the year. In early 2023, Big Sky Medical made its first purchase in El Paso, Texas, with the acquisition of Texas Tech Physicians of El Paso at Transmountain, a 110,465-rentable-square-foot medical office building. Around that same time, Montecito Medical continued to expand, adding a 31,247-square-foot medical facility in Plano, Texas, to its Dallas-Fort Worth portfolio.

In the second quarter of 2023, FI Real Estate Capital Management bought a 49,320-square-foot medical office building in Mission, Texas. MedProperties Realty Advisors also purchased the newly built Medical Center of Tomball through its Fund IV.

Last month, Lincoln Property Co., in partnership with Virtus Real Estate Capital, acquired Methodist Southlake Medical Office Building, an 82,238-square-foot facility in Southlake, Texas.