Sale of San Antonio medical office complex closes
JLL Capital Markets facilitated the sale of the Legacy Oaks Medical Office Complex on behalf of Velocis
DALLAS – March 24, 2022 – JLL Capital Markets announced today that it has facilitated the sale of the Legacy Oaks Medical Complex, a seven-building medical office campus totaling 227,657 rentable square feet in San Antonio, Texas.
JLL marketed the property on behalf of the seller, Velocis, a Dallas-based private equity fund manager. A joint venture between Altera Fund Advisors and Harrison Street acquired the property.
Situated on 13.6 acres, the Legacy Oaks Medical Office Complex consists of a six-story medical office tower and six plaza buildings totaling 227,657 rentable square feet. The complex is occupied by a desirable tenant mix, including primary care, pediatrics, rheumatology, ophthalmology, optometry, radiology, pain management and outpatient rehabilitation.
The property is ideally positioned for outpatient services with adjacency to the 900-acre South Texas Medical Center, the region’s premier medical district consisting of over 75 medically related institutions and 12 hospitals with over 4,200 patient beds.
“We were able to execute our plan of adding value to this exceptional property that directly led to increased occupancy,” said Jim Yoder, Co-Founder and Partner at Velocis. “One of our core values at Velocis is to pursue value-add assets in business-friendly environments. Legacy Oaks is great example of this.”
The JLL Healthcare Capital Markets team representing the seller was led by Senior Managing Director Brian Bacharach and Vice President Vasili Davos, with local market expertise from Managing Director John Taylor.
Dallas-based Velocis has been active in real estate since 2010, purchasing 35 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, Tennessee and the Washington, D.C. Metro Area. Velocis is led by a team of five seasoned partners who are directly responsible for the acquisition, asset management and disposition of assets. Velocis partners include Fred Hamm, Mike Lewis, Jim Yoder, Paul Smith and David Seifert.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Velocis is a private equity real estate investment firm, active in the acquisition, operation/management and disposition of commercial real estate in the United States. Additional information about Velocis can be found at velocis.com.
This does not constitute an offer to sell, or a solicitation of any offer to buy any securities or investment advice, nor is it intended to be a description of all material factors an investor should consider before making any investment.
About Altera Fund Advisors
Since inception in 2005, Harrison Street has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. They have invested $53 billion across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Their experience includes investments on or near 188 universities and deep relationships with 30 top healthcare systems and 70+ best-in-class operating partners. They continue to innovate with this unrivaled network throughout North America and Europe.