Matthews Real Estate Investment Services facilitated the sale of a Radiology and Imaging of South Texas portfolio in Corpus Christi, Texas. Montecito Medical Real Estate acquired the properties for $7.1 million.
Matthews associate vice president and director Michael Moreno, associate vice president and director Rahul Chhajed, and associate Kyle Mackulak brokered the transaction.
The healthcare assets are located at 3226 South Alameda Street and 2825 Spohn South Drive in Corpus Christi. The tenant, Radiology and Imaging of South Texas is the largest area provider of imaging services and has contracts with most major local hospitals.
The Spohn Drive location is directly across from the Christus Spohn Hospital Corpus Christi-South, off Saratoga Boulevard. The South Alameda drive location is one block from the Corpus Christi Medical Center and the W.B. Ray Highschool. The South Alameda property was built in 1970 and consists of 13,179 square feet and The Spohn Drive location has 15,338 square feet and was built in 2007.
“This particular transaction shows the strong investor interest in physician-backed real estate and the ability for healthcare operators to monetize their real estate,” said Mackulak. “This was a very complicated deal with many moving parts; however, we were able to successfully manage the various challenges that arose during escrow.”
Healthcare properties are extremely sought-after investments for their resistance to downturns in the economy and e-commerce trends that affect traditional retail properties.
The seller, Radiology and Imaging of South Texas wanted to pull capital out and find a strong institutional partner. The buyer, Montecito Medical Real Estate was sourced by Matthews agents and is one of the most active buyers of medical real estate in the nation.
“A few items came up during the escrow process that almost got in the way of closing. For instance, we needed to receive a parking variance, which meant getting approval from the city,” said Moreno. “Our tenacity, deal-making experience, and never say no attitude allowed us to keep pushing the rock up the hill and pivot as needed to ensure we reached our target goal.”