The SOBO Medical Building was developed by a local San Antonio team. Alamo Capital Advisors served as an advisor for the development from the early stages, underwriting the financial feasibility and outlining potential capital structuring (raising debt and equity) for the project. Wiegand also represented the developer on the acquisition of the land, recruitment of physician partners and lease up of the project.
Once the development team identified Boerne as a strategic growth opportunity, locating land became a critical component/ element. The team prioritized sufficient land size to accommodate the building footprint (~17,000 SF) and requisite parking requirements (4-5/1000 SF) but also wanted to have great visibility to attract the rapidly growing patient population along the I-10 corridor.
The team identified the current site located along the I-10 frontage road that offered both visibility from the highway as well as great accessibility along the frontage road and proposed Herff Road extension. We also structured a period of exclusive development/use rights with the land transaction to protect the development team from the risk of additional competition in the immediate area.
Once the developer controlled the land site, we created momentum with the physician community to support the surgery center and worked to pre-lease the medical office space. The development targeted specific specialties for the surgery center, and we focused on recruiting both these physicians and other groups to create a comprehensive medical offering for the South Boerne community. Furthermore, the developer offered strategic physician partners with equity investment opportunities which helped advance and differentiate the project.
Once the construction was complete and the tenants’ leases had commenced, the developer progressed toward a sale to monetize the development value. A sale process was executed, and the project achieved a very successful outcome, closing in the 2nd half of 2020.