Big Sky Medical just made another big buy, this time in San Antonio.
The company bought a 38,370-square-foot office building, Alamo Quarry Center, just north of Alamo Heights along Highway 281. While the terms of the deal were not disclosed, Big Sky borrowed about $192 million from BMO Harris Bank, related to the property, county records show. The property at 250 East Basse Road was appraised for tax purposes this year at over $12 million.
The seller, Mohr Capital, bought the building last year. A spokesperson for the Dallas-based commercial real estate investor told the San Antonio Business Journal that the sale was part of a strategic shift to redirect capital into other projects. She said the firm would be liquidating some of its assets in the medical field and putting that capital toward industrial projects in its pipeline.
“We like San Antonio and are currently pursuing a couple of industrial, office and hotel opportunities,” she said.
Read more
Development
Houston
Houston plans TMC BioPort to complete life-science hub
Land of this size doesn’t change hands often in the Alamo Quarry, the outlet reports. The only other two deeds of trust changing hands this year didn’t command nearly as high a price as the medical offices.
The building’s location and strong medical occupancy made it attractive for Big Sky, according to Todd Mills, who heads the Cushman & Wakefield’s Central Texas capital markets team.
The building, which is 99 percent occupied, has five medical offices as well as a Salata restaurant location. Its medical tenants range from emergency services, women’s health, pain management and eating disorder treatment.
— Maddy Sperling