March 28, 2022 – Matt Siebert of Horvath & Tremblay has successfully completed the sale of the leasehold interest in St. Mark’s Medical Office Building in La Grange, Texas. Horvath & Tremblay procured the buyer to complete the transaction at a sale price of $7,650,000.
The St. Mark’s Medical Office Building is located at 2 St. Mark’s Place in La Grange, Texas. The property is a leasehold interest, with 82+ years remaining on a 99-year ground lease. The property is improved with an office building anchored by St. Mark’s Medical Center (SMMC), which occupies 76% of the building. The balance of the Property is tenanted by Austin Heart and Tru-Skin Dermatology with both tenants recently exercising available renewal options, reaffirming their long-term commitment to the location. All of the leases are double net and feature 2 or 3 percent annual rent increases. The Property is a 31,203 square foot multi-tenant building, on-campus and adjacent to SMMC. The SMMC is a newer 65-bed, 100,000 square foot hospital. Residents from Fayette and Lee Counties (133,500 population) visit SMMC for neurology, neurosurgery, podiatry, otolaryngology, urology, outpatient rehabilitation, audiology, and orthopedic care. As the only on-campus office building in La Grange, the property is poised for long term occupancy and should continue to see rents increase.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.