Dallas-based Lincoln Property Company and PGIM acquired the SOBO Medical Building, a 52,410-square-foot outpatient medical building and surgery center in Boerne, Texas.
The building opened in 2019, is about 93% leased, and its anchor tenants are Baptist Health System and Surgery Center of Boerne.
Its tenants offer primary care, ambulatory surgery, orthopedics, pain management, physical therapy, mammography, gastroenterology, diagnostic imaging and clinical research.
Lincoln announced the deal Oct. 27. CBRE represented the seller. The release did not name the seller, the purchase price or the lender.
“Boerne’s favorable demographics and rapid population growth continue to drive demand for convenient, high-quality outpatient care, and SOBO Medical Building is well-positioned to meet that need,” said Alastair Barnes, vice president of healthcare investments at Lincoln Property Company.
Mr. Barnes called the building a strong addition to the company’s growing Texas portfolio with PGIM. Lincoln said the deal expands its healthcare real estate presence in Texas and fits its strategy of buying high-quality properties in growing markets.
Lincoln is one of the largest private real estate firms in the U.S., with a management and leasing portfolio of more than 720 million square feet for institutional clients. PGIM is the asset management business of Prudential Financial.
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.
