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$15M Plus Buys 203,600-SF Office Complex

SAN ANTONIO-Kinetic Concepts has sealed a modified sale/leaseback of its Northwest San Antonio property, acquired in 1992. The firm keeps 130,000 sf for the headquarters and gets 30,000-sf expansion option in the 10-year master lease.

By Jim McCartney | Updated on August 22, 2002

SAN ANTONIO-Kennedy-Wilson, in a partnership with Cargill Value Investment, has bought the KCI Tower and KCI Plaza in San Antonio, a 203,600-sf office and retail complex. The final selling price is hushed, but it brought well above $15 million for the seller, Kinetic Concepts, which will remain the lead tenant.

Kinetic Concepts has occupied the building since 1972 when it was bought for the corporate headquarters. The sale proceeds will be used to expand its medical healing systems business.

KCI occupies about 130,000 sf and now holds a 30,000-sf expansion option as part of its 10-year master lease. There are 12 other tenants in the 96%-occupied high-rise.

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