Plano Medical Building Goes To Tennessee Investor

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A medical real estate investment firm has purchased a new Plano medical office building

The Plano Medical Pavilion is near Preston Road and Bush Turnpike across the street from Baylor Scott & White Heart Hospital Plano.

4825 Alliance Blvd., Plano, Texas

Heady Investments developed the 3-story, 20,000-square-foot building on Alliance Boulevard which was fully leased to U.S. Surgical Partners.

Tennessee-based Healthcare Realty Trust purchased the building. The real estate investment trust owns more than 2.4 million square feet of properties in North Texas, its top market.

“There were many, many buyers diligently pursuing the acquisition of this asset,” developer Randy Heady said.

Evan Kovac with JLL brokered the sale.

 

Source: Dallas News

Five Fast Facts: A Quick Shot Of Healthcare Trends

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Cushman & Wakefield’s Healthcare Advisory Practice presents five trends related to medical office investment. From sale activity to leasing and absorption to GDP spending, this growing sector plays a significant role in the country’s economy.

The trend toward lower cost outpatient care and an aging MOB inventory are fueling everything from a rise in Urgent Care centers to growth in medical office rents to consistent construction output. The sector continues to look strong through the end of 2019. See below for Cushman & Wakefield‘s summary of Q3 medical office trends.

Source: HREI

Plano, Texas, Healthcare Facility Looks For A Buyer

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Cushman & Wakefield’s US Healthcare Capital Markets team is representing Dallas-based Cawley Partners in the sale of a 101,608-square foot three-story class-A healthcare facility at 5120 Legacy Drive.

The property is currently on the market with offers due later this month. The property was completed in 2016 as a speculative office project. Denver-based Eating Recovery Center/ERC has committed to an 18-year lease on the entire building, which will house both inpatient and outpatient services.

The property is currently undergoing more than $22 million in landlord and tenant improvements that will allow ERC to operate 72 inpatient hospital beds licensed by the Texas Department of State Health. Upon completion, ERC will be the only provider in the state with licensed inpatient hospital beds dedicated exclusively to the treatment of eating disorders.

ERC is planning to move into the building in the first quarter of 2020.The facility will complement ERC’s existing locations in the Dallas/Fort Worth area.

The property sits on 7.25 acres within Legacy Business Park, a 2,600-acre business, retail and residential community along the Dallas North Tollway. The world-class development is a distinctive address for many top corporate firms including JC Penney, Frito-Lay, PepsiCo, JP Morgan Chase and Toyota.

 

Source: GlobeSt.