Valeo Purchases 97,552 SF Austin Medical Office BuildingMay 5, 2015
Dallas-based Valeo Commercial Real Estate, LLC, an affiliate of Valeo Real Estate Fund, has purchased the Jefferson Building, a 97,552-square-foot medical office building in Austin, Texas. The purchase price was $13.5 million.
Hale Umstattd of Transwestern Austin represented Valeo in the transaction, and Doug Rauls of The Kucera Company represented the seller. Valeo Real Estate Fund Advisory Board Member Webber W. Beall III provided strategic counsel on the transaction, and JPMorgan Chase Dallas provided financing.
This is the first investment by Valeo Commercial Real Estate, which was launched in 2010.
Previously owned by The Kucera Companies, an Austin-based commercial real estate firm, The Jefferson Building is in the Austin Medical District. Built in 1972, it is currently 85 percent leased by tenants including Seton Healthcare, Austin Radiological Association, Austin Neuropsychiatric Clinic as well as private doctors and medical service firms.
Valeo’s immediate plans for the facility include making renovations to common areas and increasing tenant occupancy rates.
“We expect to see more of this type of opportunity moving forward as the U.S. real estate market recovers,” said Steve Lipscomb, Valeo Real Estate Fund Co-founder and Managing Director.