Search
 

Hotel-Like Hospital Sells After Bankruptcy

ROUND ROCK, TX—The facility's design emulates the best of the hospitality industry—including 40 private in-patient suites with 12 VIP/family suites and 10 state-of-the-art operating rooms.

By Lisa Brown | lisabrown | | Updated on June 23, 2016
forest park Forest Park Medical Center sells for approximately $115 million.
ROUND ROCK, TX— Forest Park Medical Center–Austin was planned to be a physician majority-owned and governed hospital focused on providing the highest quality care with the latest technology in a luxurious environment. FPMC Austin Realty Partners , the property’s real estate entity, filed for Chapter 11 bankruptcy protection in January 2016, shortly after construction was completed. The 146,997-square-foot hospital, along with a 79,708-square-foot medical office building and 508-space parking garage, recently sold for approximately $115 million to St. David’s HealthCare . The seller was FPMC Austin Realty Partners. Scott Herbold , first vice president of CBRE capital markets’ investment properties team, teamed with Chris Bodnar, Lee Asher and Greg Greene of CBRE’s US healthcare capital markets team and KOA Partners to market the asset on behalf of the seller. Herbold tells GlobeSt.com: “This new high-profile campus mimics a high-end hotel more than a hospital. This was a unique opportunity for our client to select the initial hospital operator that will likely serve the white-hot north Austin/Round Rock sector for generations.” Built in 2015 in the fast-growing Austin suburb of Round Rock, TX, the campus is situated on 8.52 acres. Its design emulates the best of the hospitality industry—the hospital includes 40 private in-patient suites with 12 VIP/family suites, 10 state-of-the-art operating rooms, two procedure rooms and six intensive care rooms. The common areas and restrooms of the four-story on-campus medical office building have been completed along with the parking garage. “The sales process was complex and competitive, and yielded a great outcome for our client.  We are excited to have had a role in providing the Austin area a best-in-class hospital,” said Herbold.  

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.