AUSTIN-- Southwest Medical Village, a recently constructed class A medical outpatient facility in the southwest submarket, has been sold. CBRE Capital Markets' Institutional Properties Group announced the sale; Denver-based EverWest Real Estate Partners LLC worked with the buyer to purchase the asset for an undisclosed price. Gary Carr, Eric Mackey, John Alvarado and Robert Hill, with CBRE's Dallas office, represented the seller, Harrod Healthcare Development.
Completed in January 2014, the fully leased asset has approximately 70,000 square feet of medical office space and offers above-code parking. The property, at 5625 Eiger Road, is anchored by Premier Family Physicians, an independent, physician-owned family medicine practice, and also includes 18 other specialty practices.
“Southwest Medical Village is the premier outpatient facility in Travis County,” Eric Mackey, CBRE senior vice president, told GlobeSt.com “It was designed around the innovative 'medical village' concept—a medical office building with a large central family medicine practice, surrounded by selected specialists that agree to offer one-of-a-kind patient access for quality patient care.”
The southwest submarket is “poised for sustained demand and rental rate growth as it follows the upward trajectory of the technology sector,” according to CBRE. The property is located within Lantana, a 500-acre mixed-used development that is home to corporate campuses for Advanced Micro Devices and Freescale Semiconductor, as well as two class A apartment communities, 139 condominium units and 330 single-family homes.
As of the fourth quarter of last year, the southwest Austin submarket had a vacancy rate of 8.4 percent.
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