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Stockdale Capital Companions has acquired 1401 Philomena @ Mueller, a 130,000-square-foot medical workplace constructing in Austin, Texas. Gemdale USA bought the asset, in accordance with CommercialEdge.
The five-story property got here on-line in 2023. Constructed on 1.7 acres, the mission was topic to a $35 million development mortgage that BMO Financial institution supplied in 2021, the identical supply signifies. STG Design was the constructing’s architect, with Rogers – O’Brien Development as common contractor.
The medical workplace sector continues to fare nicely in what’s presently a difficult financial panorama. Excessive occupancy and tenant stability are among the many key elements attracting traders. However, specialists discovered that asset values have certainly decreased over the course of 2023.
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The LEED-Gold licensed constructing options managed entry, broad column spacing and better deck-to-deck heights, with floorplates ranging between 20,000 and 29,000 sq. ft. The health-care middle additionally features a 559-stall parking storage. In accordance with the brand new proprietor, the asset marks the primary non-affiliated, purpose-built Class A medical workplace constructing to be developed in Central Austin since 2023. GROW Pediatrics and Adolescent Drugs are among the many property’s tenants.
Situated at 1401 Philomena St., the health-care middle is a part of Mueller Austin, a 700-acre master-planned neighborhood. The city village is a redevelopment of the previous Robert Mueller Municipal Airport.
The constructing is adjoining to Dell Kids’s Medical Middle, has entry to Interstate 35 and is lower than 5 miles north of downtown Austin. Different medical suppliers within the surrounding space embrace Austin Emergency Middle, CommUnity Care: David Powell Well being Middle and St. David’s Medical Middle.
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