A joint venture between Healthcare Property Advisors and The Innovation Institute has sold 3601 21st St., a 20,880-square-foot, single-tenant, net-lease medical office property in Lubbock, Texas, to RealtyMogul. A sales price was not disclosed.
“Despite obvious challenges in the capital markets, single-tenant opportunities backed by investment-grade tenants remain a bright spot for investors looking for certainty of income,” said Nick Foster, who is part of the corporate finance team at JLL Capital Markets, which represented the seller. “This investment checked a lot of boxes and generated interest from single-tenant as well as healthcare-focused capital sources.”
3601 21st St. is fully leased to Covenant Health System, the dominant healthcare provider in the region and the largest health care institution in West Texas. Covenant Health System is a wholly owned subnetwork of Providence St. Joseph (Moody’s Aa3). The three-story property was completed in 1966 an
