A German investor represented by International Capital, purchased a 15-year ground lease with CareNow Urgent Care at the end of January. CareNow is part of HCA Healthcare (NYSE: HCA), one of the largest US hospital operators with more than 180 hospitals, 120 surgery centers and 120 clinics under management.
The property is located on the southeast corner of I-35 and SH-29, the hub for Georgetown. It is on the same intersection as Wolf Ranch Center with its over 600,000 square feet of retail. The new 42-acre retail development known as Wolf Crossing is a combination of national, regional, and local businesses that reflect the Georgetown personality. The tenant mix include Aldi, Austin Regional Clinic, Olive Garden, Firestone, Jason’s Deli, First Watch Cafe, Verizon, Willie’s, P.Terry’s, Jersey Mike’s and a planned Fairfield by Marriott.
The excellent location in this growing northern Austin submarket in combination with the tenant’s credit worthiness were the main reasons for the investor to pursue the acquisition. The cash transaction closed within 45 days from going under contract.
The purchase represents the second ground lease acquisition of the client in Texas.
Martina Crevecoeur, CCIM, Senior Vice President Acquisitions / Dispositions represented the investor on behalf of International Capital.
ABOUT INTERNATIONAL CAPITAL, LLC
International Capital, LLC is a boutique real estate advisory firm with over 40 years experience representing more than 100 legal entities in its capacity as asset manager and as property manager. The company handles a portfolio of more than 50 properties in the southwestern United States. Offering a wide range of commercial real estate services, specialties include the acquisition, disposition, management and administration of commercial investment properties. Land and property development, funds conception, mezzanine financing and cash management are also integral parts of the company’s portfolio.