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Big Sky Medical Expands Dallas-Fort Worth Footprint With Medical Office Building Acquisition

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Big Sky Medical has acquired Richardson Medical Center I, a 118,472-square-foot medical office building in Richardson, Texas, from Pillar Commercial.

Bank of America provided the acquisition loan, according to Collin County records. Newmark represented the seller.

The property previously traded in 2019 as part of a portfolio transaction that also included the 120,000-square-foot Richardson Office Center II, CommercialEdge data shows. Pillar Commercial bought the duo from Buchanan Street Partners with healthcare conversion in mind for both assets. That same year, Methodist Richardson Medical Center purchased RMC II to accommodate the expansion of the hospital’s campus.

Originally completed in 1998, the two-story RMC I underwent cosmetic renovations in 2017. The property features 60,000-square-foot floorplates, a passenger elevator, controlled access and offers 720 car parking spots at a ratio of six spaces per 1,000 square feet. Its repurposing into a medical office building began earlier this year.

Located at 3101 E. President George Bush Highway, the property is some 20 miles Northeast of downtown Dallas. Medical providers in the surrounding area include the 334-bed Methodist Richardson Medical Center, Breckenridge Medical Plaza, Nova Medical Centers and Texas Health Neighborhood Wellness Cityline.

The Newmark team representing the seller included Vice Chairmen Chris Murphy, Robert Hill and Gary Carr, Senior Managing Director John Nero and Executive Managing Director Ben Appel, alongside Senior Managing Directors Jay Miele and Michael Greeley.

Big Sky Medical’s Texas Presence

Big Sky Medical has invested in more than 7 million square feet of health-care assets, valued at more than $2.2 billion. Earlier this year, the company expanded its Texas medical office footprint with several other acquisitions. The firm purchased Texas Tech Physicians of El Paso at Transmountain, a 110,465-rentable-square-foot medical office building in El Paso.

More recently, Big Sky Medical acquired a three-property portfolio totaling 110,636 square feet in metro Houston, from Caddis Healthcare Real Estate. The buildings are fully leased to Memorial Hermann Health System.

 

 

Source: CPE

10 Texas Medical Office Building Updates From The First Half Of 2023

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The market for medical office buildings has been booming this year, as investors and real estate managers have touted their stability and upside potential.

Here are 10 Texas medical office building updates from 2023:

  1. A 40,000-square-foot building in Stafford, Texas, that sits on 3.4 acres was sold.
  2.  Ground was broken on a 60,000-square-foot office, the Frisco Medical Pavillion II, set to open in 2024.
  3. A 31,247-square-foot medical office building in Plano, Texas, anchored by Dallas Neurological and Spine, was acquired by Montecito Medical.
  4. Wolf Capital Partners acquired the newly rebranded HeightsMED building, launching renovations that are expected to be complete in mid-2023.
  5. Big Sky Medical acquired a 110,465-square-foot medical office building with rentable space in El Paso, Texas.
  6. The Memorial Hermann Medical Plaza in Houston was awarded an Energy Star certification by the U.S. Environmental Protection Agency.
  7. Remedy Medical Properties and Medical Facilities Holdings completed a 59,741-square-foot medical office building in San Antonio, Texas, that is anchored by a Physician Surgical Network Affiliates ASC.
  8. An 82,328-square-foot Methodist Southlake (Texas) medical office building outside of Fort Worth, Texas, attached to a Methodist hospital sold.
  9. The 61,660-square-foot medical office building the Medical Center of Tomball (Texas) has been purchased for $24.6 million.
  10. Two Texas residents are in custody for burning down a three-story medical office building under construction in Spring, Texas.

 

Source: Becker’s ASC Review

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

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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