August 8, 2017
A partnership consisting of Artemis Real Estate Partners, Ackerman & Co. and MLL Capital acquired a four-building medical office portfolio totaling 423,411 square feet in San Antonio. The seller was undisclosed, with public records showing the former owner as LHT San Antonio Realty LP, which is traced to Lillibridge Health Trust, a Chicago-based private REIT.
The portfolio consists of:
- 128,578-square-foot Santa Rosa Professional Pavilion, 315 N. San Saba
- 123,324-square-foot Rosa Verde Tower, 343 W. Houston St.
- 171,509-square-foot Northwest Towers I and II, 2829 and 2833 Babcock St.
Santa Rosa Professional Pavilion and Rosa Verde Tower are on the CHRISTUS Children’s Hospital of San Antonio campus. The Northwest Towers are on the CHRISTUS Santa Rosa Hospital-Medical Center Campus.
The purchase price was undisclosed, but the partners borrowed $39.7 million from Pacific Western Bank to buy the buildings, which were assessed at $22.2 million. The partners plan to spend $27 million renovating and leasing the properties.
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