This recently developed Class A, three-story office building is 100% leased to Medtronic and located in The Rim, an 800-acre mixed-use development located in the northwest growth corridor of San Antonio, Texas. This property serves as the lead office for Medtronic’s integrated diabetes management systems, where employees focus on medical device sales, patient retention, technical support and financial services. The building consists of 145,025 square feet and is fully leased through October 31, 2020.
Medtronic is the world’s largest independent medical technology company, redefining how technology is used in the management of chronic disease. The company reported $15.8 billion in revenue in 2010 and has an S&P rating of "AA-".
We believe this acquisition fits Cole’s business model of purchasing high-quality, single-tenant core real estate, leased to a high-credit quality tenant, under a long-term net lease.