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SAN ANTONIO—The three-story 42,000-square-foot Connally Oaks Medical Center, which was built in 2008, is located at 2130 NE Loop 410, directly south of the 371-bed Northeast Baptist Hospital. The building is a class-A asset and 95% occupied by eight medical practices on triple-net leases, anchored by a national oncology group. Other tenants in the building include primary care, physical therapy, neurology, podiatry, dentistry and pain management specialists.
Ridgeline Capital Partners recently completed the acquisition of the building. Ridgeline says its mission is to acquire healthcare facilities in Texas and across the Sun Belt with more than 40,000 square feet of space and occupancies ranging from 50% to 100%. The company has now made seven acquisitions since its launch in early 2014.
“The highly specialized uses make this a compelling asset for us,” Hunter Cain, senior vice president of Ridgeline Capital Partners, tells GlobeSt.com. “The purpose-built cancer center, which includes a linear accelerator vault, offers leading-edge treatments in medical/radiation oncology and chemotherapy. The oncology group's proven long-term commitment, combined with other best-in-class providers on the second and third floors, make this a very attractive asset.”
Ridgeline is a private real estate investment firm specializing in acquiring and operating healthcare real estate assets. The firm has experience in acquisitions of value-add investments, management, development and capital markets. Ridgeline's investment philosophy is based on an understanding of asset values and capital, and the inherent inefficiencies in the real estate industry. In addition to value-add investments, Ridgeline's investment strategies are primarily focused on providing joint venture equity for new development.
“This acquisition was attractive for us due to the property's strategic location, high visibility, strong tenants and institutional-quality construction,” said Jeff Axley, Ridgeline's founder and managing principal.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
