SAN ANTONIO, June 27 /PRNewswire/ -- North Carolina-based Oaks Development Group announced today the company closed on 7.9 acres in Westover Hills on San Antonio's fast-growing west side. The site, located on the south east corner of 151 and Westover Hills Boulevard, will be home to a 95,000-square-foot Class A medical office building featuring Oaks' unique tenant-ownership model. The land, which is not subject to a ground lease and has no restrictions on the provision of ancillary services, is part of a mixed-use development by Great American Company that will include a Staybridge hotel, planned restaurant and retail.
This is Oaks' second San Antonio project in San Antonio and is expected to open early to mid 2009. Committed tenant owners already include Alamo Medical Group and Urology San Antonio, with a planned magnetic resonance imaging (MRI) facility on the first floor.
"The Westover Hills area has now become the center of the most dynamic growth area in San Antonio. Three major hospital systems -- CHRISTUS Health, Baptist and Methodist -- all have or will have a major presence in the area," says Marty Wender, Westover Hills developer. "I am excited about the new medical office building, and Oaks coming in to develop it," Wender adds.
Oaks' first San Antonio project in the Medical Center will include an ambulatory surgical center, the developer also announced today. That facility is a planned 105,000-square-foot, Class A medical office building located at the corner of Floyd Curl and Hamilton Wolfe. In addition, Oaks is under contract to purchase an existing building in Shavano Park and is assembling tenants for locations in Stone Oak, downtown and near Northeast Methodist Hospital. In April, Oaks closed on Post Oak Center North, a 29,724-square-foot medical office building in Austin, Texas.
Oaks' unique tenant ownership structure is set up as a single purpose
limited liability company (L.L.C.). Tenant partners split 50 percen
|SOURCE Oaks Development Group|
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