Caddis Healthcare Building 60K-Sq-Ft Medical Office In The Dallas-Fort Worth Suburb Of Frisco

/in , /by

One of the state’s largest medical-facility developers is bringing a new medical office to the DFW suburb of Frisco.

Caddis Healthcare Real Estate, whose portfolio includes over $1 billion in acquisitions and developments across the Lone Star State, is set to build a three-story, 60,000-square-foot medical office in Frisco for $12 million.

The project will start construction at the beginning of next year and is expected to be finished in early 2024. It will include a three-story core building and a shell medical building for staff and equipment ready for a tenant-specific buildout.

Investment in Texas healthcare real estate is hot this year. BMO Harris and Synovus Bank just provided $200 million in funding for a joint venture between Dallas-based Big Sky Medical and Bahraini investor GFH back in August. That project will include 13 medical office buildings across Texas and seven other states.

South Florida investor Salvan Capital also purchased a Dallas medical center for $7 million earlier this year to expand its now $26 million national medical portfolio.

Caddis currently has over 80 assets under management across Texas totaling 5 million square feet, across the state’s major metros.

 

Source: The Real Deal

Healthcare Realty Trust Buys Denver Metro Medical Office Building For $14.8M

/in /by

Healthcare Realty Trust has acquired Park Meadows Medical Center, a 34,685-square-foot medical office building in Lone Tree, Colo.

Gulftech International sold the property in an off-market transaction for $14.8 million.

According to CommercialEdge data, the asset last changed hands in 2008, when the previous owner paid $13.2 million for the building.

William Lucas, Stuart Thomas and Doug Wulf of Cushman & Wakefield represented the seller in the transaction.

The three-story building was completed in 2002 and hosts a surgery center. The property features two passenger elevators, has controlled access and offers 111 parking spots at a ratio of 3.2 spaces per 1,000 square feet. At the time of the transaction, the building was fully leased to a variety of medical users and practitioners.

Park Meadows Medical Center is located at 9218 Kimmer Drive, approximately 19 miles south of downtown Denver and has a strategic position near the Interstate 25 and E-470. Other medical facilities in the surrounding area include Reunion Rehabilitation Hospital Inverness, Mountain Medical and Willow Creek Dental, with Sky Ridge Medical Center 2.4 miles away.

CommercialEdge data shows that Healthcare Realty Trust owns another medical center in Lone Tree, less than one mile from Park Meadows Medical Center, which was acquired in 2021, for $7.7 million.

In July, Healthcare Realty Trust partnered with CBRE Investment Management for the purchase of a medical office portfolio in Mission Viejo, Calif., for which the joint venture paid $134.8 million.

 

Source: Commercial Property Executive

GFH Financial Group Acquires U.S. Medical Offices Portfolio In $400M Deal

/in /by

GFH Financial Group, an investment bank based in Bahrain, has acquired a portfolio of medical clinics in the US in a deal valued at $400 million, expanding its real estate portfolio in the world’s largest economy.

The income-yielding medical clinics portfolio consists of 11 assets with more than one million square feet of space and is spread across California, Texas, Maryland and Louisiana, GFH said.

“We are pleased to announce the acquisition of this prime, income-yielding medical clinic portfolio as part of GFH’s ongoing expansion in the medical office building sector in fast-growing cities across the US,” Nael Mustafa, co-chief investment officer of real estate at GFH, said. “We believe strongly in the long-term fundamentals in the healthcare sector and the dynamics that are supporting an increase in demand for high-quality medical office space.”

To date, GFH has built a portfolio of assets in the US medical office building sector valued at $1 billion. In December, it acquired a portfolio of medical offices in the US in a deal valued at $200M. The medical offices portfolio consists of 11 assets with more than 400,000 square feet of space spread across North Carolina, South Carolina, Georgia, Utah, Wisconsin, Ohio and Texas.

The latest portfolio is anchored by investment-grade credit tenancy through Baylor Scott & White (Moody’s Aa3), Texas A&M Health Science Centre (Fitch: AAA), Texas Tech University (Fitch AA+), Memorial Hermann (S&P A+) and Tidal Health (Moody’s Aa3), GFH said. The assets also offer unique specialisations within their respective submarkets, positioning them for high occupancy and rent growth, it added.

The medical clinics sector has been strong performing and proven to be highly resilient to economic downturns — with 99 per cent rent collection during the Covid-19 pandemic. The sector also benefits from population growth and the aging US population accompanied by an increase in healthcare expenditure, which accounted for nearly 19 per cent of the US GDP last year, GFH said.

“Aging populations and growth in outpatient care … continue to make the sector highly recession-resilient and unimpacted by economic cycles. We look forward to working with our partner Big Sky Medical to maximize the value of these assets,” Mr Mustafa said.

GFH’s partnership with Big Sky has resulted in a number of acquisitions totalling nearly $500M in the past six months. This transaction is the third in a series of joint acquisitions.

GFH Financial Group reported a 10 per cent increase in its second-quarter profit as investment banking income and income from co-investments rose as the company continues to boost its portfolio around the globe.

Net profit attributable to shareholders of the bank for the three months to the end of June climbed to $23.06M compared with $20.92M during the same period last year.

 

Source: The National News