Feb 23, 2018 — Off Market. - Bank Owned Selling below value.
This Smells Money.
Medical Practitioners - Investors - Speculators.
Buy at .50 on the Dollar
San Antonio, Texas
The medical center cost about $100M to build and is currently valued at $100M+. It consists of an office building, hospital outpatient center, and parking. It is on about 8.5 acres. Purchase price will likely be around $45 to 50 million - we would suggest a low ball all cash offer with a quick close for $35M. Note equipment on site is leased and is not part of the sale.
The story on this property is the doctors and operators only conducted business there for about a year and this period was spent under huge mismanagement. Reckless spending and poor business decisions led to a bank foreclosure.
The bank lent $68M and held first position, and foreclosed. The bank had a UCC on all the equipment which everything remains on premises. The facilities are maintained, all electricity remains on as well as air conditioning. In the office building, there are still 5 physicians as tenants.
Qualified Buyers Only, Must have POF's w/LOI for all offers
Must complete NDA to start the process. 3% Buyers Commission
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