|Last Updated Date||26 Jun 2020|
West Texas Medical Associates Medical Office Building (“MOB”) is for sale, located in San Angelo, Texas. The property is strategically located on the campus of the 171-bed San Angelo Community Medical Center and less than 10 minutes from downtown San Angelo in a highly-desirable area surrounded by many of San Angelo’s upscale residential neighborhoods.
The Building is a single-story medical office building constructed in 2004 and consists of approximately 59,466 rentable square feet. The building is currently 100% occupied by two tenants including the region’s dominant independent multi-specialty physician group, West Texas Medical Associates and its 27 providers, and the neighboring hospital, San Angelo Community Medical Center. The Building features complementary specialties and service lines, including orthopedics, ENT, OB/GYN, ophthalmology, urology, imaging, laboratory, family medicine, pediatrics, allergy and asthma, psychology and dermatology, as well an ambulatory surgery center with four operating rooms and two procedure rooms, with 24 credentialed physicians averaging over 400 cases per month. The offering is a desirable opportunity to acquire a well-positioned medical office building aligned with the area’s dominant independent physician group and neighboring hospital. Investors will benefit from strong initial cash flow with limited landlord responsibilities.
- On-campus multi-tenant medical office building is 100% leased
- Fee simple interest and clear of any mortgage debt
- Significant tenant investment by WTMA within its space as part of recent consolidation of operations into the building
- Large independent multi-specialty clinic offering complementary service lines
- Stable cash flow with 5.3 years of weighted average lease term with annual CPI escalations
- Competitive set is 100% occupied and/or controlled by health systems
- Excellent visibility and accessibility for patients, with immediate proximity to the hospital
- No use restrictions