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Cole Buys $33M Mission-Critical Medtronic Facility

SAN ANTONIO-The firm makes its first office acquisition in the Alamo City, buying a 142,000-square-foot, class A office property.

By Jennifer Duell Popovec | Updated on March 02, 2011

SAN ANTONIO-Cole Real Estate Investments has made its first office acquisition in the Alamo City, paying $32.8 million for a 142,000-square-foot, class A office property leased to Medtronic Inc.

Cole bought the property in an off-market transaction from a joint venture comprised of Transwestern Commercial Services and Lincoln National Corp. The property, located in The Rim mixed-use development in northwest San Antonio, was built in 2008 as a speculative project. However, Medtronic leased the entire building prior to completion, turning it into a quasi-build-to-suit, according to Boyd Messmann, senior vice president of acquisitions for Cole.

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