Oaks Development Group Closes on Third San Anton... ( SAN ANTONIO Dec. 9 /- The Texas offic...)

Oaks Development Group Closes on Third San Antonio Project

Date:12/9/2008

SAN ANTONIO, Dec. 9 /PRNewswire/ -- The Texas office of Oaks Development Group announced today the company closed on Shavano Oaks II, a 35,000 square-foot medical office building at 3603 Paesanos Parkway in north central San Antonio. The site, located just east of the intersection of Loop 1604 and Northwest Military Highway, will feature the company's unique tenant-ownership model that divides ownership of the building among the tenants, equity investors and the developer.

This is Oaks' third project in San Antonio. The building is ready for occupancy, and the company has received commitments for about 85 percent of the building with signed leases and letters of intent. Tenant owners include the Neurology Institute of San Antonio with Dr. Suzanne Gazda and Dr. R. Braden Neiman and the Spine & Pain Center of San Antonio with Dr. Dennis Karasek. There are also plans for a physical therapy, a sleep clinic and imaging on site, according to Sarah Teel of MSL Investments, broker/real estate agent for Oaks Development Group in Texas. "The building is in a convenient location with an easy flow to hospitals in both the medical center and Stone Oak," said Teel. "With its beautiful 'lifestyle' environment and strong tenant owner mix, only a small amount of space remains available."

The Oaks model is unique in that tenants acquire their ownership without an outlay of capital. "Oaks' structure provides tenant owners 50 percent of the building's ownership based on the size of their space," said Eric Perardi, developer in Oaks' Texas office. Tenant partners receive pro-rata distributions from operations and refinancing as the value of the investment increases over time. "As a partner in the deal, we remain involved long-term, professionally managing the asset," he added.

As a testament to the company's long-range vision, Oaks Development Group has built, acquired and retained in its portfolio more than
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