Medtronic Office Building

18302 Talavera Ridge
San Antonio, TX 78257

Date Acquired: June, 2011
Property Type: Office
Industry: Healthcare
Square Feet: 145,025
Portfolio:
Cole Corporate Income Trust

Overview

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.

Property Highlights

  • Lead office for Medtronic’s integrated diabetes management system.
  • Mission critical office facility for Medtronic, with a capacity for 1,200 employees.
  • This location is a high-end 24-hour customer support center that supports doctors and nurses and focuses on client retention.
  • Strategically located to take advantage of the low cost of the labor force.
  • The property was recently constructed with Class A building materials and finishes and is Gold-level LEED certified (shell only).

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