Real estate investment firm 2GR Equity LLC of Grapevine in a joint venture with Equity Inc. acquired a 166,167-square-foot medical office building on 11 acres in San Antonio’s South Texas Medical Center. The largest tenant in the building, Methodist Ambulatory Surgical Hospital (MASH), operates the 48,000-square-foot, 28-bed, nine-operating room hospital. MASH is one of eight Methodist/HCA Healthcare System hospitals operating in San Antonio, and the area’s third largest private employer with 8,118 employees.
Equity Inc., an Ohio-based real estate development, brokerage, construction and property management company, will be responsible for overseeing minor interior and exterior upgrades as well as managing and leasing the property from its Austin office. “We feel Equity Inc. did a great job getting this building tied up at an attractive price. Equity’s ability to gain control of the asset off market created an excellent opportunity for our firm to invest in a quality MOB, in a healthy market, at a cost well below replacement,” said David Gregory, one of 2GR Equity’s principals. This is 2GR Equity’s second acquisition in the San Antonio market in fourth quarter 2014. The company previously made a joint venture investment in the development of a 138-room Hilton Garden Inn, including an attached 12,000-square-foot conference center. The deal is the 15th transaction closed by 2GR Equity since its formation in March 2011. The firm has now provided joint venture equity on commercial real estate transactions representing $145 million in total capitalization.
Betty Dillard bdillard@bizpress.net