AUSTIN – The facility housing the Veterans Affairs outpatient clinic at 7901 Metropolis Dr. has been purchased for $142 million.
The new owner is an entity called Austin TX VII FGF LLC. The seller, Health Care Property Advisors, was represented by CBRE. The VA will continue to be a long-term tenant, with a lease that extends into the next decade with no termination options.
The Metropolis Dr. property is a two-story, 272,636-sf building on 35 acres. It was sold for about $521/sf. For tax purposes, the property was most recently appraised at $122.7 million.
The facility offers physical therapy, mental health counseling, radiation treatments, prosthetic replacements, cardiology, neurology, and more.
More than 300,000 veterans visit the clinic per year, and that number is expected to grow as the area grows.