The building at 2140 Babcock Rd. is leased for 10 years to Baptist Health System, a San Antonio-based health-care services provider. It operates five hospitals in the city. One of them, St. Luke's Hospital, is close to the newly acquired building. Baptist Health has no operations in the building, but subleases it to other companies.
Situated near Wurzbach Road, the building is on the edge of the University of Texas Health Science Center-San Antonio. Bohn calls the medical market in San Antonio strong. "There's not a whole lot of product and so much of it is institutionally owned," Bohn tells GlobeSt.com. "It doesn't get bought and sold much."
The northwest submarket's office space vacancy was 21.4% at the end of the first quarter. Negative absorption in the first quarter was 69,772 sf. The average rent for class A space was $20.53 per sf.
The asset was strengthened with two new subleases. Neurosurgical Associates of San Antonio took 8,058 sf and Horizon Medical took 3,000 sf. Bohn represented Baptist Health System in the transactions. Vicki Cade of the San Antonio office of Gubb & Ellis Co. acted on behalf of Neurosurgical Associates and Brad Hardy of Cross & Co. represented Horizon.
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