Caddis Closes on Acquisition of Northeast Medical Plaza in San Antonio
February 19, 2013 Caddis Partners announced this week the acquisition of the 22,865 square feet Northeast Medical Plaza located directly across Village Drive from the 379-bed Northeast Baptist Hospital in San Antonio, Texas.
“The medical plaza is located directly across the street from the hospital’s main entrance,” said Jason Signor, CEO of Caddis Partners. “This purchase is a smaller ‘on-campus’ building in the shadow of a large, vibrant hospital.”
Signor added that the project has been recapitalized, providing for significant capital improvements to modernize the building and improve its curb appeal.
“The property caught our attention not only because of the excellent location, but also because it is unique in that due to the topography of the site, it essentially has two ground floors,” Signor said. “The parking deck allows for covered parking along Village Drive and walk-in access into the building’s second floor.”
The entire ground floor is available and will likely be marketed to a large physician practice that wants ease of access and close proximity to Northeast Baptist, Signor said. Additionally, the property is not deed or use restricted against any uses commonly found in on-campus medical office buildings, affording the project maximum flexibility in leasing.
Gardner Peavy of Peloton Commercial Real Estate will be marketing the property for lease.
Caddis Partners, LLC is a Dallas-based real estate development, management and investment firm focused exclusively on healthcare real estate. The firm is comprised of experienced real estate professionals across various disciplines that provide clients with expertise in development, acquisition, financing, construction management, leasing, tenant representation, property management and accounting. Since its inception, Caddis has developed or acquired over one million square feet of medical assets valued in excess of $300 million.