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Feb. 7, 2012

Duke Buys Medical Buildings; Oak Manor Apartments Renovated

By Camelia Bulea, Associate Editor

Duke Realty added 110,739 square feet to its Texas healthcare portfolio with the acquisition of two properties located on the CHRISTUS Santa Rosa Alamo Heights campus. The two properties, which currently are 100 percent leased, are:

  • A 57,360-square-foot hospital;
  • A three-story, 53,379-square-foot medical office building.

This is Duke’s second acquisition this year of properties affiliated with CHRISTUS Health, as earlier this month the company acquired three medical office buildings on the CHRISTUS St. Catherine campus in Katy, a western suburb of Houston. With the acquisition of the San Antonio properties, Duke now owns and manages a healthcare portfolio of more than 1.2 million square feet in Texas, according to a company news release.

CHRISTUS Santa Rosa Hospital opened earlier this month after an extensive renovation and a 7,000-square-foot expansion to convert the facility to a new, state-of-the-art hospital.

In other real estate news, the renovation of the Oak Manor Apartments in North Central San Antonio was recently completed. The upgrade cost $25.8 million and made the facility suitable for persons with disabilities–including both physical disabilities and hearing and vision impairments.

According to the San Antonio Business Journal, the NGO also constructed a new 4,500-square-foot community facility, complete with office and meeting space. The renovation project was funded partly through the federal tax credit exchange program. Additional funding was provided through the city of San Antonio HOME Rental Rehabilitation program as well as other lenders.

San Antonio-based Galaxy Builders Ltd. completed the construction work on the complex, the San Antonio Business Journal reported.

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