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Oaks Development Group Closes on Second San Antonio Project

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 percent ownership interest based on how much space they occupy. While there is no capital outlay required for pro rata ownerships, tenant partners may acquire additional ownership through capital investment. Oaks retains only 25 percent ownership and is responsible for professionally managing the asset over the long term. Tenant partners receive distributions from operations and refinancing as the value of the investment increases over time.

Sarah Teel, MSL Investments, represented Oaks and is the leasing agent for all Oaks' projects in San Antonio. The seller was self-represented.

As a testament to Oaks' long-range vision, the company has built and acquired 44 assets and retained them all in its portfolio. Over the years, Oaks has carefully structured its model to minimize costs and maximize returns on the assets it owns for its partners.

Such refinements include:

-- limiting partner risk by starting to build only after 50 percent of the building is pre-leased;

-- requiring a minimum of five parking spaces for every 1,000 square feet of building;

-- focusing on properties without restrictions or other limiting covenants that would prevent the provision of ancillary services by tenants

-- multi-tiered exit strategies;

-- nesting of complimentary professions to create synergy, increased patient flow; and

-- designing buildings and practice combinations that enhance patient care.

The company has found the model works equally well for new construction as well as in the acquisition of existing facilities.

"Our approach relieves doctors of having to take time away from their practices to manage property, while still offering tax benefits and investment income," says Kerry Angus, partner in Oaks' Texas office. "We believe when doctors focus on what they do best, they create value in the asset. Shouldn't they be the ones to benefit?" he adds.

About Oaks

Oaks Development Group,, is a private equity funded real estate investment group specializing in the acquisition, construction, conversion, restructuring and management of medical/professional properties to achieve a consistent long term and stable return for private investments. The Oaks model involves strategically sharing equity in transactions with individual tenants. Oaks Development Group is headquartered in Cary, North Carolina; with offices in Boston; Chicago; San Antonio, TX; Austin, TX; Savannah, GA; Tampa, FL; and Wilmington, NC.

SOURCE Oaks Development Group
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