Brand New Development Attracted Significant Investor Interest
CBRE’s U.S. Healthcare Capital Markets team has arranged the sale of Forest Park Medical Center – Austin, on behalf of FPMC Austin Realty Partners. St. David’s HealthCare purchased the 146,997-square-foot luxury hospital, along with a 79,708-square-foot medical office building and 508-space parking garage, for approximately $115 million.
Scott Herbold of CBRE Capital Markets' Investment Properties team, teamed with Chris Bodnar, Lee Asher and Greg Greene of CBRE’s U.S. Healthcare Capital Markets team and KOA Partners to market the asset on behalf of the seller.
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 completed.
“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 to serve its citizens for generations,” said Scott Herbold, First Vice President, CBRE.
Built in 2015 in the fast-growing Austin suburb of Round Rock, the campus is situated on 8.52 acres. Its design emulates the best of the hospitality industry—the hospital includes 40 private inpatient 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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
