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6818 Austin Center BLVD, Au...

Updated Oct 29, 2024

Covenant Management Systems Leases 9757 SF Office Space In Austin
LEASEDOffice

Covenant Management Systems Leases 9757 SF Office Space In Austin

6818 Austin Center BLVD, Austin, TX...

Building Size

9,757 SF

Asset Type

Office

Closing

Feb 13, 2020

About this deal

AI

The RMR Group has signed a new, 10-year lease with Covenant Management Systems for 9,557 square feet at Austin Surgical Plaza, a 78,789-square-foot Class A medical office building in Austin, Texas located at 6818 Austin Center Blvd. Covenant’s affiliated Austin Regional Clinic will open a specialty office in the space. The property, built in 1994, is situated on 6 acres and is home to Northwest Hills Surgical Hospital, ARA Diagnostic Imaging, Central Texas Spine Institute, and Plastic Surgery Center of Austin. The building is 7 miles from downtown Austin and is in close proximity to the MoPac Expressway, offering various shopping and dining options within walking distance.

Summary of transation details:

The Transwestern team representing the landlord, Diversified Healthcare Trust, included Vice President Will Stewart and Associate Marshall Thurmond. On behalf of the tenant, Covenant Management Systems, George Baldwin of Peckar & Abramson facilitated the deal. Additionally, in January, The RMR Group, in collaboration with Office Properties Income Trust, secured two 10-year, full-building leases with government agencies in Boise, Idaho, covering more than 150,000 square feet of office space.

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Players

William Stewart Smith

Fuller Realty Interests

Broker

1 deal

Broker
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Austin Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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